Lucid Motors appoints new CEO, secures major investments from Uber for robotaxis and Saudi Arabia for continued funding
San Francisco: Lucid Motors has a new boss and more money. The electric car company named Silvio Napoli as its new chief executive officer to replace the last one who left in 2025.
Napoli worked for decades at Schindler Group making elevators and escalators. He will also join Lucid’s board of directors. The company said Napoli needs approval to work in the United States first. Until then, he will be an executive director in Switzerland.
Uber gave Lucid Motors another $200 million to buy 25,000 robotaxi cars. These will be smaller electric vehicles that can drive themselves. This brings Uber’s total commitment to $500 million.
Saudi Arabia’s Public Investment Fund is buying $550 million more of Lucid shares. Saudi Arabia already owns most of the company and has helped keep it running since 2018. The new money will help Lucid make more cars and try to sell them for lower prices.
Lucid has had a hard time finding customers for its expensive Air sedan. Now it wants to make mid-size cars that cost around $50,000. The company cut 12 percent of its workers in February to save money. It also told contractors at its Arizona factory to work less.
Marc Winterhoff who has been running things will go back to being chief operating officer once Napoli can start. Napoli will make $1.5 million per year plus other bonuses. He will also get money to move to the United States.