Lucid is naming a new CEO and raising $750 million from Saudi Arabia and Uber
Silvio Napoli, former head of elevator maker Schindler, will take over from interim CEO Marc Winterhoff in the coming weeks
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Lucid $LCID Group named Silvio Napoli as its next CEO and announced $750 million in fresh investment from its two biggest backers, Saudi Arabia's Public Investment Fund and Uber $UBER Technologies.
A board seat at Lucid will accompany the CEO role for Napoli, who built his career over several decades at Schindler Group, the Swiss elevator and escalator manufacturer, most recently as its chairman and CEO. Marc Winterhoff, who stepped into the interim CEO role in February 2025, will step back down to chief operating officer after Napoli is formally installed.
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Napoli needs the right to work in the U.S. before he can officially become CEO, according to TechCrunch. For now, he is covered by a Swiss employment contract and serves on the board as an "executive director," with Lucid anticipating visa clearance within a matter of weeks. Napoli is relocating from Switzerland to the U.S., Lucid said.
"My job is to come in and make a sustainable business out of this incredible company," Napoli told Bloomberg Television.
The $750 million investment comes in two parts. Ayar Third Investment Company, a PIF affiliate and Lucid's majority owner, is investing $550 million through convertible preferred stock. Uber is adding $200 million, bringing its total commitment to Lucid to $500 million.
The capital raise also came bundled with a broader commercial agreement: the floor on Uber's vehicle purchase obligation under the robotaxi program has been lifted from 20,000 units to a minimum of 35,000. The expanded order will include vehicles from Lucid's upcoming midsize platform in addition to the Gravity SUV, the company said.
Self-driving startup Nuro is supplying the autonomous technology for the service. Early pilots using Gravity SUVs fitted with Nuro's software kicked off in the San Francisco Bay Area this month, according to TechCrunch, ahead of a planned commercial debut later this year.
The three-way arrangement among Lucid, Uber, and Nuro dates to July 2025, when a $300 million funding commitment from Uber accompanied a purchase agreement covering a minimum of 20,000 Gravity SUVs outfitted for autonomous operation. At the time, some analysts raised concerns about Lucid's ability to scale production fast enough to meet the commitment.
A production target of 25,000 to 27,000 vehicles has been set for 2026, according to Bloomberg. The midsize model entering the lineup is priced to open below $50,000 and is intended to reach both retail customers and fleet operators.
Lucid stock was up 11% in premarket trading Tuesday.