Lucid Motors names new CEO, lands more money from Uber and Saudis

Lucid Motors has appointed Silvio Napoli as its new CEO, concluding an extensive search that lasted over a year following the abrupt departure of Peter Rawlinson.

The company announced on Tuesday that Napoli, who has held various leadership roles at Schindler Group, a company specializing in elevators and escalators, will also become a member of Lucid’s board of directors.

In addition to the CEO announcement, Lucid disclosed a new $200 million investment from Uber. This agreement includes Uber’s purchase of an additional 25,000 robotaxi-ready versions of Lucid’s forthcoming mid-size vehicle. Uber’s total investment commitment to Lucid now totals $500 million, with a minimum purchase order of 35,000 vehicles.

Furthermore, Lucid’s majority stakeholder, the Saudi Arabian Public Investment Fund, is acquiring an additional $550 million in shares.

These announcements come at a pivotal time for Lucid Motors. The company is focused on boosting production and sales of its second model, the Gravity SUV, after facing challenges with its Air sedan. Lucid also plans to launch the first of three vehicles based on its mid-sized platform, targeting consumers willing to spend approximately $50,000 on a new car.

To facilitate production, Lucid has implemented cost-cutting measures. In February, the company laid off 12% of its workforce, as reported by JS. On Tuesday, a regulatory filing revealed that Lucid recently reduced contractor numbers at its Arizona factory to enhance cost efficiency.

Lucid has been without a permanent CEO since February 2025, when Rawlinson unexpectedly left. During this time, Marc Winterhoff, the chief operating officer, served as interim CEO and was considered for the permanent position. However, his tenure coincided with quality issues during the Gravity SUV rollout.

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Napoli will not immediately assume his CEO duties, as he must first acquire the right to work in the U.S., according to a regulatory filing. Until then, he will serve as an executive director on Lucid’s board through a Swiss employment agreement. Lucid anticipates that he will receive U.S. work authorization in the coming weeks, at which point Winterhoff will return to his role as chief operating officer.

Napoli’s compensation package includes a base salary of $1.5 million, a $1 million relocation allowance to move to the U.S., a bonus package, and a grant of shares valued at nearly $10 million. He is also eligible for a performance-based stock package potentially worth tens of millions of dollars.

Uber’s renewed investment comes shortly after the ride-hailing giant and its autonomous vehicle partner Nuro began testing modified Lucid Gravity SUVs for a luxury robotaxi service set to launch in San Francisco later this year. Uber initially partnered with Lucid Motors and Nuro last July, committing $300 million and agreeing to purchase at least 20,000 Gravity SUVs.

Earlier this year, Lucid Motors indicated at an investor event that it was nearing an agreement with Uber for its more affordable mid-size vehicles. The finalized agreement announced on Tuesday reduces the minimum number of Gravity SUV orders to 10,000.

The Saudi investment marks the latest in a series of financial infusions from the Kingdom into Lucid, dating back to a crucial company-saving investment in 2018.