Lucid Secures $750 Million in Funding, Names New CEO

Electric vehicle maker Lucid Group announces major investments from Saudi fund and Uber, along with leadership change.

Apr. 14, 2026 at 4:58pm by

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An abstract, motion-blurred image of a Lucid electric vehicle in vibrant shades of blue, red, and yellow, conveying a sense of speed and modern engineering.Lucid's new funding and leadership changes signal the electric vehicle maker's ambitions to accelerate its growth and expand into the autonomous mobility market.San Francisco Today

Lucid Group, the electric vehicle manufacturer, has secured $750 million in new funding commitments from Saudi Arabia's sovereign wealth fund and Uber Technologies. The company also named Silvio Napoli as its new CEO, replacing Marc Winterhoff who had been serving in an interim capacity. Lucid plans to use the funds to fuel its next phase of growth, including the development of new models and technologies, as well as its expansion into the robotaxi market.

Why it matters

The new funding and leadership changes at Lucid come at a critical time for the company, which has faced challenges in recent years including layoffs and a steep drop in its stock price. The partnership with Uber, which will purchase at least 35,000 additional vehicles from Lucid for its future robotaxi service, represents a significant opportunity for the EV maker to expand into the autonomous mobility market.

The details

As part of the new funding package, Ayar Third Investment, an affiliate of Saudi Arabia's Public Investment Fund, has committed $550 million, building on its previous $1 billion investment in Lucid. Uber has also contributed an additional $200 million, bringing its total stake in the company to $500 million. In addition, Lucid plans to sell $300 million worth of its stock in a public offering. The company also announced that Silvio Napoli, the former CEO of Schindler Group, will take over as Lucid's new chief executive, replacing Marc Winterhoff who will become the chief operating officer.

  • Lucid reported having 9,000 workers globally as of Dec. 31, 2025, according to its most recent annual report.
  • Earlier this year, Lucid said it would lay off about 12% of its U.S. workforce in an effort to cut costs and reconfigure growth plans.
  • For 2026, the automaker previously said it anticipates production of 25,000 to 27,000 vehicles.

The players

Ayar Third Investment

An affiliate of Saudi Arabia's Public Investment Fund, which previously invested $1 billion in Lucid in early 2024.

Uber Technologies

The ride-hailing company that has contributed an additional $200 million investment in Lucid, bringing its total stake to $500 million.

Silvio Napoli

The new CEO of Lucid Group, who was previously the CEO of industrial-technology company Schindler Group.

Marc Winterhoff

The former interim CEO of Lucid, who will now assume the role of chief operating officer.

Lucid Group

The electric vehicle manufacturer that has secured $750 million in new funding commitments.

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What they’re saying

“The new funding agreements demonstrate the growing strength of our relationship with Uber, our continued partnership with the Public Investment Fund, and the benefits our software-defined EV platforms bring to next-generation mobility networks.”

— Marc Winterhoff, Chief Operating Officer, Lucid Group

What’s next

Lucid, Uber and autonomous-technology company Nuro are preparing for the commercial launch of their next-generation robotaxi service later this year in the San Francisco Bay Area and are already in the process of on-road testing. The service is expected to begin later this year.

The takeaway

Lucid's new funding and leadership changes represent a critical step forward for the company as it looks to navigate the challenges it has faced and capitalize on the growing opportunities in the electric vehicle and autonomous mobility markets. The partnership with Uber in particular could be a significant driver of growth for Lucid as it expands its reach and technology into the robotaxi space.