Uber is investing hundreds of millions of dollars into Lucid and autonomous vehicle technology startup Nuro in a bid to launch its own robotaxi service.

That makes Uber a logical partner for autonomous vehicle (AV) companies. CEO Dara Khosrowshahi sees robotaxis as at $1 trillion opportunity in the U.S. alone, and he recently told analysts, "Uber can deliver the lowest operational costs for our AV partners because we are leaps and bounds ahead on every aspect of the go-to-market capabilities."

Lucid Revs Its Engine Lucid Group (NASDAQ:LCID) saw its stock soar 36% to $3.12 per share following a $300 million partnership with Uber Technologies (NYSE:UBER) and autonomous driving startup Nuro to deploy 20,

Uber Technologies UBER will partner with Chinese internet search leader Baidu BIDU to offer robotaxis in several markets outside of the U.S. and China this year, the companies announced Tuesday. Both Uber stock and U.S.-listed Baidu stock gained following the news.

Uber and Baidu join forces in the self-driving taxi market, combining Uber's network with Baidu's Apollo Go robotaxi fleet that has completed over 11 million rides across 15 cities.