Lucid Motors (LCID) has announced significant updates on Tuesday, including the appointment of a new CEO and securing vital funding as the company gears up for its next steps in the electric vehicle (EV) market.
Silvio Napoli, previously the CEO of industrial firm Schindler Group, will take over as the new CEO of Lucid, replacing interim CEO Marc Winterhoff, who will revert to his role as Chief Operating Officer. Napoli will formally begin his new role on 15 April.
In addition, Lucid has secured $750 million in new investments. The Ayar Third Investment Company, associated with Saudi Arabia’s Public Investment Fund (PIF), will invest $550 million through preferred stock, while SMB Holding Corporation, a subsidiary of Uber (UBER), will contribute $200 million via common stock.
While Lucid’s stock experienced a positive response in early trading, it has faced a significant downturn of around 60% over the past year. The PIF’s investment aligns with its strategy, as it holds substantial stakes in both Lucid and Uber, thus interlinking its investments in the electric and autonomous vehicle sectors.
Lucid and Uber have also expanded their partnership to include a larger commitment to autonomous vehicles. Initially, their collaboration began in July 2025 when Uber invested $300 million in Lucid, committing to purchase at least 20,000 Lucid Gravity SUVs for its robotaxi fleet over six years, partnering with AV software provider Nuro.
The new agreement has raised Uber’s fleet commitment to a minimum of 35,000 EVs, which will encompass both the Gravity SUV and Lucid’s forthcoming midsize model. All these vehicles will integrate Nuro’s autonomous driving technology.
The launch of the robotaxi service is slated for San Francisco in late 2026, with plans for further expansion into numerous global markets within the subsequent six years.
The fresh capital from PIF and Uber provides Lucid with a much-needed boost as it steps up production of the Gravity SUV, advances its new midsize EV development, and collaborates with Uber on the robotaxi initiative.
