Lucid Motors appoints new CEO, secures $750M from Uber and Saudis
Original: Lucid Motors names new CEO, lands more money from Uber and Saudis
Why This Matters
Leadership change and major funding boost critical for struggling EV maker's production ramp
Electric vehicle maker Lucid Motors named Silvio Napoli as CEO after year-long search following Peter Rawlinson's departure. Company secured $200M from Uber for 25,000 robotaxis and $550M from Saudi PIF, totaling $750M in new funding.
Lucid Motors appointed Silvio Napoli, a veteran industrial executive from Schindler Group, as CEO after searching for over a year since Peter Rawlinson's sudden resignation in February 2025. Uber committed additional $200 million for 25,000 robotaxi-ready mid-size vehicles, bringing total Uber investment to $500 million and vehicle orders to 35,000. Saudi Arabian Public Investment Fund, Lucid's majority owner, purchased another $550 million in shares. The company is ramping production of its Gravity SUV and preparing a $50,000 mid-size platform vehicle. Lucid laid off 12% of workforce in February and reduced contractor headcount at its Arizona factory for cost efficiency. Interim CEO Marc Winterhoff oversaw operations during quality issues with Gravity SUV rollout.