Lucid Motors has lastly discovered a brand new CEO in long-time industrial govt, Silvio Napoli, marking the tip of a greater than year-long search following the sudden resignation of its former chief, Peter Rawlinson.
The corporate on Tuesday mentioned that Napoli, who has spent the previous couple of many years in varied management positions at elevator and escalator firm Schindler Group, may even be a part of its board of administrators.
Alongside the CEO appointment, Lucid mentioned it has obtained one other $200 million dedication from Uber, which has agreed to purchase an extra 25,000 robotaxi-ready variations of Lucid’s upcoming mid-size car. That brings Uber’s whole dedicated investments in Lucid Motors to $500 million, and its minimal car order to 35,000.
Lastly, Lucid’s majority proprietor, the Saudi Arabian Public Funding Fund, is buying one other $550 million of its shares.
The bulletins come throughout an all-important 12 months for Lucid Motors. The corporate is at the moment making an attempt to ramp up manufacturing and gross sales of its second mannequin, the Gravity SUV, after struggling to seek out a big marketplace for its Air sedan. Lucid can be planning on releasing the primary of three autos constructed on its mid-sized platform, which can permit it to focus on consumers trying to spend round $50,000 on a brand new automotive.
The corporate has taken robust measures to make sure it will get that car into manufacturing. In February, it determined to lay off 12% of its workforce, TechCrunch reported. On Tuesday, Lucid Motors mentioned in a regulatory submitting that it has lately “decreased contractor headcount” at its Arizona manufacturing facility “to enhance price effectivity.”
Lucid Motors has been with no everlasting CEO since February 2025, when long-time chief Rawlinson all of the sudden left the corporate. Its chief working officer, Marc Winterhoff, has served as interim CEO since, and had designs on taking on the CEO function, as TechCrunch previously reportedwhereas the corporate solid a particularly huge web for a substitute. However Winterhoff’s oversight coincided with multiple quality points in the course of the rollout of its Gravity SUV.
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Napoli won’t begin as CEO instantly. He nonetheless must obtain “the best to work within the U.S.,” based on a regulatory submitting. Till that occurs, he might be an “govt director” of Lucid Motors’ board below a Swiss employment settlement (the place he lives). Lucid expects Napoli to obtain permission to work within the U.S. “within the coming weeks,” after which Winterhoff will resume his function as chief working officer.
Napoli stands to make some huge cash as Lucid’s new CEO. He’s beginning with a base wage of $1.5 million, and is being given $1 million to maneuver to the U.S. He’s additionally being awarded a bonus bundle, a grant of shares price practically $10 million, in addition to a performance-based inventory bundle that could possibly be price tens of tens of millions of {dollars}.
Uber’s new dedication comes only a day after the ride-hail large and its autonomous car companion Nuro began testing modified Lucid Gravity SUVs for a luxurious robotaxi service launching in San Francisco later this 12 months. Uber first partnered up with Lucid Motors and Nuro last Julywhen it made a $300 million funding and agreed to purchase at the very least 20,000 Gravity SUVs.
Lucid Motors revealed at an investor day event earlier this year that it was close to an settlement with Uber to make an analogous association for its extra inexpensive mid-size autos. The finalized settlement unveiled Tuesday reduces the minimal variety of Gravity SUV orders to 10,000.
The Saudi funding is the most recent in an extended line of money injections from the Kingdom into Lucid that began off as a company-saving funding in 2018.
