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

Lucid Group named Silvio Napoli as its new chief executive after his departure from Schindler last year, and the company simultaneously moved to secure fresh funding with Uber and Arabia Saudí’s Fondo de Inversión Pública (PIF) committing $750 millones.

“Skip to main content Lucid Motors Lucid slashes jobs for second time in 2026 as EV demand wanes Gift Article Share Expand”

Automotive News

The new CEO succeeds interim chief Marc Winterhoff, who had taken temporary charge after Peter Rawlinson left earlier this year, and Winterhoff will remain at Lucid as COO.

Automotive News

In parallel with the leadership transition, Lucid said Uber raised its purchase commitment of at least 20.000 vehicles to a minimum of 35.000 vehicles for use exclusively in Uber’s planned global robotaxi network.

Lucid also said the first robotaxis, based on the Lucid Gravity, are expected to enter service in the area of the bahía de San Francisco a finales de este año, with a broader rollout to other cities already planned.

The company’s board president Turqi Alnowaiser said Napoli brings “a solid historial de excelencia en la fabricación global,” as Lucid seeks to scale products including Lucid Air and Lucid Gravity while pursuing its strategy.

Lucid said in an SEC filing that it will reduce its U.S. workforce by approximately 18%, and CNBC reported the company also said COO Marc Winterhoff is leaving the company effective immediately as the COO role is eliminated.

CNBC said the company expects to incur cash charges of approximately $32 million related to severance, employee benefits and employee transition, and it also said Lucid is eliminating the second shift of production at its AMP-1 factory in Arizona.

CNBC

InsideEVs reported the restructuring plan would save around $158 million and described the layoffs as part of eliminating the second production shift at its AMP-1 factory in Arizona.

Electrek said the cuts are the first major move by Silvio Napoli, who took over as CEO earlier this year and formally assumed the role on June 1, and it said Lucid reported the restructuring will “simplify the company, sharpen execution, and position Lucid to become more competitive over time.”

The Economic Times framed the job cuts as affecting around 1,500 employees globally and said Lucid’s restructuring is part of Napoli’s effort to “simplify the company, sharpen execution, and position Lucid to become more competitive over time,” as quoted by TechCrunch.

Lucid’s restructuring comes as the company continues to report large losses, with CNBC saying it lost $2.7 billion on revenue of $1.35 billion in 2025 and had negative free cash flow of $3.8 billion last year, roughly 31% larger than the year earlier.

“Lucid Motors is laying off 18% of its workforce, roughly 1,500 employees, just four months after the EV maker cut 12% of its staff”

Electrek

CNBC also said Lucid’s spokesperson linked the changes to aligning production with demand, reducing inventory, and adapting to declining market conditions, while the company said the moves are part of a broader effort to simplify and sharpen execution.

L’Automobile Magazine said Lucid’s stock opened at $9.52 on February 23, 2026 and slipped to $9.12 intraday, and it said the stock has fallen 98.6% from its peak reached in 2021.

That same outlet said the company posted a net loss of $978.4 million on revenue of $336.6 million in the third quarter of 2025, and it described Lucid as remaining dependent on external capital to continue its expansion.

With the company betting on a more affordable SUV around $50,000 and a robotaxi partnership with Uber and Nuro, the immediate stakes in the sources are Lucid’s ability to reduce costs while meeting demand and sustaining its cash position through the next vehicle and robotaxi timelines.