Lucid Names New CEO, Raises $750 Million

Electric vehicle maker Lucid secures funding boost and expands robotaxi partnership with Uber.

Apr. 14, 2026 at 5:05pm by

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Sweeping, abstract streaks of vibrant color and motion, conceptually representing the dynamic future of electric vehicles and transportation.Lucid's new leadership and funding aim to propel the electric vehicle maker forward amid shifting consumer demands and policy changes.San Francisco Today

Lucid Group Inc. has named Silvio Napoli, the former head of Swiss elevator manufacturer Schindler Holding AG, as its new CEO. The company also announced $750 million in fresh investment from its two biggest backers, including a $550 million commitment from Saudi Arabia's Public Investment Fund. Lucid is expanding its existing robotaxi partnership with Uber, which will purchase at least 35,000 vehicles. The automaker expects to produce 25,000 to 27,000 vehicles this year, below previous expectations.

Why it matters

Lucid is navigating a challenging demand environment after production issues and supply shortages in 2025. The new CEO and additional funding aim to shore up operations and make the company more resilient. The expanded Uber partnership also represents a significant opportunity for Lucid to expand beyond the traditional automotive market.

The details

Silvio Napoli will become Lucid's new CEO in the coming weeks after approval of a U.S. work visa. Marc Winterhoff, who had served as interim CEO since February 2025, will return to the role of chief operating officer. Lucid also announced a $300 million stock offering and preliminary first-quarter results, expecting revenue of $280 million to $284 million and a loss from operations of about $1 billion.

  • Napoli will become Lucid's new CEO in the coming weeks.
  • Lucid expects to produce 25,000 to 27,000 vehicles this year.
  • Lucid's forthcoming midsize vehicle is scheduled to go into production late this year.

The players

Silvio Napoli

The former head of Swiss elevator manufacturer Schindler Holding AG, who will become Lucid's new CEO.

Marc Winterhoff

Lucid's interim CEO since February 2025, who will return to the role of chief operating officer.

Lucid Group Inc.

An electric vehicle maker that has named a new CEO and secured $750 million in fresh investment.

Public Investment Fund

Saudi Arabia's sovereign wealth fund, which is Lucid's majority shareholder and has committed an additional $550 million in funding.

Uber Technologies Inc.

The ride-hailing company that is expanding its robotaxi partnership with Lucid, agreeing to purchase at least 35,000 vehicles.

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What they’re saying

“My job is to come in and make a sustainable business out of this incredible company.”

— Silvio Napoli, Lucid's new CEO

“When fuel prices in the US are over $4 a gallon, that makes the total cost of ownership for EV customers a lot more affordable.”

— Silvio Napoli, Lucid's new CEO

What’s next

Lucid is expected to receive approval for Silvio Napoli's U.S. work visa in the coming weeks, allowing him to officially take over as the company's new CEO.

The takeaway

Lucid's new leadership and additional funding aim to stabilize the company's operations and position it for growth, particularly as high fuel prices could boost demand for its electric vehicles. The expanded partnership with Uber also represents a significant opportunity for Lucid to expand beyond the traditional automotive market.