Lucid Secures New CEO and Funding from Saudi PIF, Uber

EV maker Lucid announces leadership change and major investments to fuel its next phase of growth.

Apr. 14, 2026 at 1:10pm by

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An abstract, blurred image of a sleek, futuristic electric vehicle in motion, with vibrant streaks of color representing the speed and dynamism of the automotive industry's technological advancements.Lucid's new partnership with Uber and fresh funding from Saudi Arabia's PIF signal the electric vehicle maker's ambitions to accelerate its autonomous driving technology and expand its global reach.San Francisco Today

Lucid, the electric vehicle company, has made several significant announcements, including naming Silvio Napoli as its new CEO and securing $750 million in new investments from Saudi Arabia's Public Investment Fund (PIF) and Uber. The company also expanded its autonomous vehicle partnership with Uber, committing to provide at least 35,000 Lucid vehicles for Uber's robotaxi program.

Why it matters

These developments are crucial for Lucid as it aims to ramp up production of its Gravity SUV, develop new EV models, and advance its autonomous driving technology in partnership with Uber. The fresh funding and leadership change come at a critical time for the company, which has seen its stock price drop significantly over the past year.

The details

Lucid named Silvio Napoli, the former CEO of Schindler Group, as its new chief executive, replacing interim CEO Marc Winterhoff. Napoli will join Lucid as an executive director and board member, effective April 15, 2026. Separately, Lucid announced it will receive $750 million in new investment, with Ayar Third Investment Company, an affiliate of Saudi Arabia's PIF, purchasing $550 million in Lucid preferred stock, and Uber subsidiary SMB Holding Corporation investing $200 million in Lucid common stock. Lucid and Uber also expanded their autonomous vehicle partnership, with Uber's total fleet commitment now encompassing at least 35,000 Lucid vehicles, including the Gravity SUV and an upcoming mid-size model, all equipped with autonomous driving technology from Nuro.

  • Napoli will join Lucid as CEO on April 15, 2026.
  • Uber and Lucid's robotaxi program is expected to launch in San Francisco later in 2026, before expanding to dozens of global markets over the following 6 years.

The players

Silvio Napoli

The new CEO of Lucid, previously served as CEO of the Schindler Group.

Marc Winterhoff

The former interim CEO of Lucid, who will return to his role as COO.

Ayar Third Investment Company

An affiliate of Saudi Arabia's Public Investment Fund (PIF), which is investing $550 million in Lucid preferred stock.

SMB Holding Corporation

An Uber subsidiary that is investing $200 million in Lucid common stock.

Nuro

The autonomous vehicle software provider that will power the self-driving technology in Lucid's vehicles for Uber's robotaxi program.

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What they’re saying

“Fresh funding from PIF and Uber are a shot in the arm for Lucid, as it ramps up Gravity SUV production, develops its upcoming mid-size EV, and works with Uber on a new robotaxi effort.”

— Pras Subramanian, Lead Auto Reporter for Yahoo Finance

What’s next

The robotaxi program is expected to make its commercial debut in San Francisco later in 2026, before expanding to dozens of global markets over the following 6 years.

The takeaway

Lucid's new leadership, fresh funding, and expanded partnership with Uber represent a significant turning point for the company as it seeks to accelerate its electric vehicle and autonomous driving initiatives. These developments could help Lucid regain momentum and market share in the highly competitive EV industry.