Essentially, Lucid will consolidate its shares, and investors will receive one new share for every 10 of the old shares, and the price per share will multiply by 10. The value investors own is the same, and Lucid's market capitalization won't change; it'll simply boost the trading price of Lucid shares.

As part of their announced deal, Uber will invest hundreds of millions of dollars in Lucid and Nuro, which supply self-driving technology to carmakers, the joint statement said. Of that, $300m will go to Lucid, the EV maker said in a separate filing to the US Securities and Exchange Commission on Thursday.

Ross Gerber is pushing back against a partnership between rideshare service Uber Technologies Inc. and automaker Lucid Group Inc.

Lucid's new OTA update adds hands-free driving to Air and Gravity models with DreamDrive Pro, enabling Level 2 hands-free lane changes. The update, available July 30 for Air and 2025 for Gravity, requires drivers to initiate lane changes using the turn signal.