Lucid Motors Appoints New CEO, Secures Funding from Uber and Saudi Investors
Lucid Motors has appointed Silvio Napoli as its new CEO, concluding a search that lasted over a year. Napoli, known for his extensive experience in leadership roles, will also join the company’s board of directors.
Funding Commitment from Uber and Saudi Investors
Alongside Napoli’s appointment, Lucid Motors secured an additional funding of $200 million from Uber. This new investment is part of Uber’s commitment to purchase another 25,000 robotaxi-ready versions of Lucid’s upcoming mid-size vehicle, increasing their total commitment to Lucid Motors to $500 million. In total, Uber has ordered 35,000 vehicles.
Furthermore, the Saudi Arabian Public Investment Fund, which is Lucid’s majority owner, will purchase an additional $550 million of shares. These financial moves come during a vital period for Lucid Motors as it aims to enhance production and sales.
Strategic Challenges in Production
Lucid is currently focused on ramping up production for its Gravity SUV while facing challenges with sales for its Air sedan. The company is also preparing to launch three vehicles based on a mid-sized platform aimed at buyers looking for cars around the $50,000 mark.
To facilitate production, Lucid Motors implemented cost-reducing measures earlier this year. This included laying off 12% of its workforce and reducing contractor headcount at its Arizona factory, according to recent regulatory filings.
Transitioning Leadership
Since February 2025, Lucid Motors has not had a permanent CEO following the unexpected departure of Peter Rawlinson. Marc Winterhoff, the interim CEO, faced challenges, including quality issues with the Gravity SUV during his leadership.
Napoli’s appointment is pending the approval of his work authorization in the U.S. Until this is finalized, he will serve as an “executive director” under a Swiss employment agreement. He is expected to receive permission to work soon. Once authorized, Winterhoff will revert to his role as chief operating officer.
Compensation and Incentives for Napoli
As Lucid’s new CEO, Napoli will receive an annual base salary of $1.5 million. Additionally, he will receive $1 million to facilitate his relocation to the U.S., along with a bonus package and stock grants potentially valued in the tens of millions.
Collaboration with Uber and Future Plans
This funding announcement follows Uber’s recent testing of modified Lucid Gravity SUVs for a luxury robotaxi service set to launch in San Francisco later this year. In July, Uber made a $300 million investment in Lucid Motors, committing to at least 20,000 Gravity SUV purchases.
Lucid Motors is optimistic about future collaboration with Uber, aiming to secure similar arrangements for its more affordable mid-size vehicles. The finalized agreement on Tuesday reduced the minimum order for Gravity SUVs to 10,000, marking a significant step in their partnership.
