Lucid Appoints Industrial Veteran as CEO, Secures $750 Million in New Funding

Lucid Group has pivoted its leadership strategy by appointing Silvio Napoli, the former CEO of Schindler Group, as its new chief executive. Napoli, an industrial machinery veteran with over three decades of experience, replaces founder Peter Rawlinson, who departed the company in February 2025. Marc Winterhoff, who served as interim CEO, will transition to the role of chief operating officer. The appointment signals a strategic shift toward operational discipline and capital efficiency. Napoli, who also serves on the board of Eaton Corp., is expected to lead the company's scaling efforts, focusing on upcoming midsize EV models and new autonomy initiatives. Lucid Chairman Turqi Alnowaiser noted that Napoli's expertise in capital allocation and operational efficiency will be critical as the company executes its growth strategy. Alongside the leadership change, Lucid announced a $750 million capital injection. This funding consists of $550 million from an affiliate of Saudi Arabia's Public Investment Fund (PIF), the company's largest shareholder, and $200 million from Uber Technologies. The partnership with Uber has expanded significantly in scope. Uber has committed to purchasing at least 35,000 Lucid vehicles specifically designed for its future global robotaxi service, a substantial increase from the 2,000 vehicles previously announced in July. Investors reacted positively to the news, with Lucid shares rising approximately 5% in premarket trading. The combination of fresh capital and a concrete high-volume order for autonomous vehicles provides a clearer path toward scaling production and achieving operational stability.