Lucid Motors has lastly appointed longtime trade govt Silvio Napoli as its new CEO, ending a greater than year-long seek for a CEO following the sudden departure of former CEO Peter Rawlinson.
The corporate introduced Tuesday that Mr. Napoli, who has held varied management positions at elevator and escalator firm Schindler Group over the previous a number of a long time, may even be part of its board of administrators.
Along with the CEO appointment, Lucid mentioned it has acquired a further $200 million dedication from Uber, which has agreed to purchase a further 25,000 robotaxis-enabled variations of Lucid’s subsequent midsize car. This brings Uber’s whole funding in Lucid Motors to $500 million, with a minimal order of 35,000 automobiles.
Lastly, Lucid’s majority proprietor, the Saudi Arabian Public Funding Fund, plans to buy a further $550 million in shares within the firm.
This announcement is available in an important 12 months for Lucid Motors. The corporate is presently trying 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 additionally plans to launch the primary of three automobiles constructed on the midsize platform, which is able to permit it to focus on consumers trying to spend about $50,000 on a brand new automobile.
The corporate is taking strict measures to make sure its automobiles are mass produced. In response to a report from TechCrunch, the corporate determined to put off 12% of its staff in February. On Tuesday, Lucid Motors mentioned in a regulatory submitting that it had not too long ago “decreased contractor headcount” at its Arizona plant “to enhance value efficiencies.”
Lucid Motors has been and not using a everlasting CEO since February 2025, when longtime chief Rawlinson abruptly stepped down. As TechCrunch beforehand reported, the corporate’s chief working officer, Mark Winterhoff, had been serving as interim CEO ever since and had plans to take over the CEO position, however the firm was casting a really vast internet for his successor. Nevertheless, Winterhof’s oversight coincided with a number of high quality points through the Gravity SUV’s rollout.
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Napoli will not be taking on as CEO instantly. He ought to nonetheless obtain “the correct to work in the US,” in line with regulatory filings. Till that occurs, he shall be an “govt officer” of Lucid Motors’ board beneath his employment settlement in Switzerland (the place he resides). Lucido expects Napoli to be cleared to work in the US “inside the subsequent few weeks,” after which Winterhoff will resume his position as chief working officer.
Napoli stands to make some huge cash as Lucid’s new CEO. His base wage will begin at $1.5 million, with $1 million to fund his transfer to the US, a bonus package deal, inventory grants value almost $10 million, and a performance-based inventory package deal value tens of hundreds of thousands of {dollars}.
Uber’s new initiative comes simply someday after the ride-hailing big and its self-driving automobile companion Nuro started testing a modified Lucid Gravity SUV for a luxurious robotaxi service launching in San Francisco later this 12 months. Uber first partnered with Lucid Motors and Nuro final July, after they agreed to speculate $300 million and purchase not less than 20,000 Gravity SUVs.
Lucid Motors mentioned at an investor occasion earlier this 12 months that it was nearing a cope with Uber for the same deal for extra inexpensive midsize automobiles. The ultimate settlement introduced Tuesday will scale back the minimal order amount for the Gravity SUV to 10,000 models.
The Saudi funding is the most recent in an extended line of Saudi capital injections into Lucid that started in 2018 as a company financial savings funding.
