Lucid Motors names new CEO, lands more money from Uber and Saudis

Lucid Motors has appointed Silvio Napoli as its new CEO, concluding a lengthy search that began after the unexpected departure of former leader Peter Rawlinson. Napoli, who brings decades of experience from his roles at Schindler Group, will also join the company’s board of directors. In conjunction with this leadership change, Lucid Motors announced that it has secured an additional $200 million from Uber, which plans to acquire 25,000 robotaxi-ready versions of the company's upcoming mid-size vehicle. This latest investment raises Uber's total commitment to Lucid Motors to $500 million, with a minimum order of 35,000 vehicles. Moreover, Lucid's primary stakeholder, the Saudi Arabian Public Investment Fund, is set to purchase another $550 million in shares. This funding comes at a crucial time for Lucid Motors as it works to enhance production and sales of its new Gravity SUV, following challenges in marketing its Air sedan. The company is also gearing up to launch the first of three vehicles based on its mid-sized platform, aiming to attract buyers looking for vehicles priced around $50,000. To streamline operations, Lucid has made difficult decisions, including laying off 12% of its workforce earlier this year. Recent regulatory filings indicate that the company has also reduced contractor numbers at its Arizona facility to optimize costs. Since Rawlinson's exit in February 2025, Marc Winterhoff, the company’s chief operating officer, has served as interim CEO, although his tenure has been marred by quality control issues during the Gravity SUV’s rollout. Napoli, however, will not assume the CEO role immediately as he awaits authorization to work in the U.S.; until then, he will serve as an executive director under a Swiss employment agreement. Once he receives work permission, expected soon, Winterhoff will revert to his role as COO. Napoli's compensation package includes a base salary of $1.5 million, relocation funds of $1 million, a bonus package, and a stock grant valued at nearly $10 million, alongside a potential performance-based stock package worth even more. Uber's latest investment coincides with the testing of modified Lucid Gravity SUVs for a new luxury robotaxi service set to debut in San Francisco later this year. This collaboration follows a previous investment from Uber last July, where the ride-hailing giant agreed to purchase at least 20,000 Gravity SUVs. The finalized agreement announced on Tuesday seems to adjust some of those Gravity SUV orders, highlighting the evolving partnership between the companies. The Saudi investment continues a trend of significant financial support for Lucid Motors that began in 2018, initially aimed at stabilizing the company.