Lucid Taps New CEO, Secures $750M Amidst EV Production Push

Lucid Group Inc. has appointed Silvio Napoli as its new Chief Executive Officer, with the move pending approval of his U.S. work visa in the coming weeks. Napoli, formerly the head of Schindler Holding AG, stated his primary objective is to establish Lucid as a sustainable business. Marc Winterhoff will resume his role as Chief Operating Officer after serving as interim CEO since February 2025.

Concurrently, Lucid announced a commitment for an additional $550 million from an affiliate of Saudi Arabia's Public Investment Fund, its majority shareholder. The company is also enhancing its collaboration with robotaxi partner Uber Technologies Inc., which will invest $200 million more and significantly increase its vehicle purchase commitment.

This strategic infusion of capital and leadership change occurs as Lucid navigates a challenging market for electric vehicles. The automaker aims to produce between 25,000 and 27,000 vehicles this year, a projected increase of up to 51% from the previous year, with 5,500 vehicles produced in the first quarter.

The expanded partnership with Uber includes a commitment for at least 35,000 total vehicles, incorporating Lucid's upcoming midsize vehicle platform. This builds upon Uber's prior announcement to purchase at least 20,000 Lucid Gravity SUVs for robotaxi services, supported by an initial $300 million investment from Uber.

Napoli highlighted the significant opportunity presented by the partnership with Uber and Nuro, extending beyond the current automotive and EV markets. He also noted the potential advantage of high oil prices, which could make electric vehicles a more attractive and affordable option for consumers concerned about fuel efficiency.