Lucid names new CEO, raises $750 million from PIF and Uber

Lucid Group named Silvio Napoli arsenic its adjacent CEO and announced $750 cardinal successful caller concern from its 2 biggest backers, Saudi Arabia's Public Investment Fund and Uber Technologies.

A committee spot astatine Lucid volition travel the CEO relation for Napoli, who built his vocation implicit respective decades astatine Schindler Group, the Swiss elevator and escalator manufacturer, astir precocious arsenic its president and CEO. Marc Winterhoff, who stepped into the interim CEO relation successful February 2025, volition measurement backmost down to main operating serviceman aft Napoli is formally installed.

Napoli needs the close to enactment successful the U.S. earlier helium tin officially go CEO, according to TechCrunch. For now, helium is covered by a Swiss employment declaration and serves connected the committee arsenic an "executive director," with Lucid anticipating visa clearance wrong a substance of weeks. Napoli is relocating from Switzerland to the U.S., Lucid said.

"My occupation is to travel successful and marque a sustainable concern retired of this unthinkable company," Napoli told Bloomberg Television.

The $750 cardinal concern comes successful 2 parts. Ayar Third Investment Company, a PIF affiliate and Lucid's bulk owner, is investing $550 cardinal done convertible preferred stock. Uber is adding $200 million, bringing its full committedness to Lucid to $500 million.

The superior rise besides came bundled with a broader commercialized agreement: the level connected Uber's conveyance acquisition work nether the robotaxi programme has been lifted from 20,000 units to a minimum of 35,000. The expanded bid volition see vehicles from Lucid's upcoming midsize level successful summation to the Gravity SUV, the institution said.

Self-driving startup Nuro is supplying the autonomous exertion for the service. Early pilots utilizing Gravity SUVs fitted with Nuro's bundle kicked disconnected successful the San Francisco Bay Area this month, according to TechCrunch, up of a planned commercialized debut aboriginal this year.

The three-way statement among Lucid, Uber, and Nuro dates to July 2025, erstwhile a $300 cardinal backing committedness from Uber accompanied a acquisition statement covering a minimum of 20,000 Gravity SUVs outfitted for autonomous operation. At the time, immoderate analysts raised concerns astir Lucid's quality to standard accumulation accelerated capable to conscionable the commitment.

A accumulation people of 25,000 to 27,000 vehicles has been acceptable for 2026, according to Bloomberg. The midsize exemplary entering the lineup is priced to unfastened beneath $50,000 and is intended to scope some retail customers and fleet operators.

Lucid banal was up 11% successful premarket trading Tuesday.