Lucid Motors has appointed Silvio Napoli as its new CEO, concluding a lengthy search that followed Peter Rawlinson’s sudden departure in February 2025. Napoli, a seasoned executive with extensive experience at Schindler Group, will also join Lucid’s board of directors.
In conjunction with this leadership change, Lucid Motors has secured an added $200 million investment from Uber, who plans to acquire an additional 25,000 of Lucid’s upcoming mid-size vehicles, bringing their total investment to $500 million and vehicle orders to 35,000.
Moreover, the Saudi Arabian Public Investment Fund, Lucid’s majority shareholder, is set to invest an additional $550 million. These developments come at a crucial time for Lucid, as it strives to increase production and sales of its Gravity SUV, having previously struggled with the market performance of its Air sedan. The company is also preparing to unveil the first of three models based on its mid-sized platform, aimed at consumers interested in vehicles around the $50,000 mark.
To enhance production efficiency, Lucid has undertaken significant cost-reduction measures, including a workforce reduction of 12% earlier this year, as reported by TechCrunch. Recent regulatory filings indicate further headcount cuts among contractors at its Arizona facility.
While Napoli is set to lead the company, he will start as an executive director until he secures the necessary work authorisation for the U.S. He is expected to gain this permission within a few weeks, after which Marc Winterhoff, who has acted as interim CEO during this transition, will revert to his role as COO. Napoli’s compensation includes a hefty base salary of $1.5 million, a $1 million relocation allowance, and a stock package potentially worth tens of millions.
Uber’s renewed commitment coincides with its testing of modified Lucid Gravity SUVs intended for a luxury robotaxi service launching in San Francisco later this year. This partnership with Lucid began last July when Uber invested $300 million and placed an initial order for 20,000 Gravity SUVs.
The recently announced agreements reflect Lucid’s efforts to stabilise its operations amid a challenging market environment and highlight ongoing financial support from both Uber and Saudi investors, continuing their partnership that started with a significant investment back in 2018.
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