Lucid Group (NASDAQ: LCID) soared in value following the announcement of its partnership with Uber Technologies. According to the deal’s terms, Uber will invest $300 million in the electric vehicle (EV) maker. Uber also committed to purchase 20,000 vehicles from Lucid to kick-start its robotaxi division.
Wall Street veteran Jim Cramer recently weighted in on the deal, and his take was surprising to many. He compared Lucid’s deal with Uber to a partnership Rivian Automotive (NASDAQ: RIVN), another EV stock, made earlier this year.
If you’re invested in either Lucid or Rivian, you’ll want to give Cramer’s comments some consideration.