Lucid has made two major announcements on Tuesday, naming a new CEO while also securing over $1 billion in new funding.
The luxury electric vehicle maker confirmed that Silvio Napoli will take over as Chief Executive Officer, replacing interim CEO Marc Winterhoff, who will transition into the role of Chief Operating Officer. Napoli, who previously led global industrial giant Schindler Group, brings decades of experience in manufacturing, operational efficiency, and scaling complex international businesses—skills Lucid is betting will be critical as it looks to expand production and move closer to profitability.
The leadership change comes alongside a significant financial boost. Lucid announced it is set to raise more than $1 billion through a combination of new and existing investors. That includes a $550 million investment from Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund (PIF).
In addition, Uber is committing another $200 million to Lucid, bringing its total investment in the company to $500 million. Lucid is also launching a public offering expected to generate approximately $300 million.
The new capital is expected to support Lucid’s broader strategy, which extends beyond traditional EV sales. The company has been increasingly focused on software-defined vehicles, autonomous driving partnerships, and new revenue streams tied to mobility services.
As part of that shift, Lucid also confirmed an expansion of its partnership with Uber, with the ride-hailing giant now planning to deploy at least 35,000 Lucid vehicles into its future robotaxi network. The agreement builds on ongoing work with Nuro, which is leading the autonomous driving development for the program.
Lucid’s upcoming midsize platform is expected to play a key role in that effort. Designed to be more affordable while maintaining the brand’s range and performance, the new lineup is targeting a starting price below US$50,000—making it better suited for high-volume fleet applications like robotaxis than its Air and Gravity vehicles.
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