Lucid Motors Names Silvio Napoli CEO, Raises $750 Million From Saudi PIF And Uber

Lucid Motors named Silvio Napoli as its new CEO, ending a year-long search after the sudden resignation of founder Peter Rawlinson.

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Arab News

Napoli will join the board and relocate from Switzerland to the U.S., pending visa approval.

CNBC

The announcement came alongside a $750 million funding package: $550 million from Saudi Arabia's PIF affiliate, and $200 million from Uber.

Uber increased its vehicle purchase commitment from 20,000 to 35,000 units, including the Gravity SUV and an upcoming mid-size model.

Lucid also priced a $300 million public stock offering, bringing total new capital to over $1 billion.

Napoli's appointment marks a strategic shift for Lucid, bringing in an industrial executive with a track record of operational discipline.

Lucid is trying to ramp up production and sales of its Gravity SUV while developing a more affordable mid-size platform.

Electrek

The expanded Uber partnership will integrate Nuro's autonomous driving technology.

Commercial deployment is targeted to begin later this year in the San Francisco Bay Area.

Lucid has struggled to find a large market for its Air sedan.

“Lucid Motors is peppering the public with press releases this morning, sharing a slew of exciting updates”

Electrek

The company laid off 12% of its workforce and reduced contractor headcount.

Quality issues have plagued the Gravity SUV rollout.

Analysts have questioned Lucid's ability to scale production fast enough to meet Uber's commitments.

The Saudi investment is the latest in a long line of cash injections.

Lucid's shares rose over 11% in premarket trading after the CEO announcement.

The company aims to produce 25,000 to 27,000 vehicles in 2026.

marketscreener

The robotaxi program is expected to debut in San Francisco later this year.

The new leadership, fresh funding, and expanded partnership represent a significant turning point.