Lucid Group Inc. named a new chief executive and announced $750 million of fresh investment from its two biggest backers as the electric-car maker looks to shore up operations at a crucial juncture.
Silvio Napoli, the former head of Swiss elevator manufacturer Schindler Holding AG, will become Lucid’s CEO in the coming weeks after approval of a U.S. work visa, the automaker said Tuesday. Marc Winterhoff, who has served as Lucid’s interim CEO since February 2025, will return to the role of chief operating officer.
“My job is to come in and make a sustainable business out of this incredible company,” Napoli said in an interview with Bloomberg Television. He acknowledged his goal of making Lucid more resilient will be “a lot of work.”
Separately, on Tuesday, Lucid said it received a commitment for another $550 million from an affiliate of Saudi Arabia’s Public Investment Fund, the EV maker’s majority shareholder. Lucid also expanded its relationship with robotaxi partner Uber Technologies Inc., which will invest another $200 million and purchase more vehicles than it initially agreed to last year.
Lucid also announced a $300-million stock offering and preliminary first-quarter results. The company expects revenue of $280 million to $284 million in the period and a loss from operations of about $1 billion.
The automaker continues to navigate a tough demand environment after a turbulent 2025 marked by production challenges, supply shortages and massive trade and EV policy shifts under the Trump administration. At the same time, oil prices have spiked due to the ongoing war in Iran, potentially giving Lucid an opportunity to appeal to consumers newly concerned about fuel efficiency.
“When fuel prices in the U.S. are over $4 a gallon, that makes the total cost of ownership for EV customers a lot more affordable,” Napoli said.
Lucid Chair Turqi Alnowaiser, along with other representatives of the Public Investment Fund, were involved in the CEO discussion, Napoli said. The additional investment is “confirmation of their continued support” and belief in Lucid and its future, he said.
As part of the funding deal, Lucid is expanding its existing robotaxi partnership with Uber to at least 35,000 vehicles, a number that will include its upcoming midsize vehicle platform launching at the end of the year. The deal builds on a partnership Uber first announced in July to buy at least 20,000 Lucid Gravity SUVs equipped with technology from self-driving tech startup Nuro to use as robotaxis. At the time, Uber also announced $300 million in funding for Lucid to upgrade its assembly lines.
In March, Uber President Andrew Macdonald had said the companies were looking to expand the partnership, and also unveiled a two-seater robotaxi prototype without a steering wheel or pedals. Uber began early test rides of Gravity SUV robotaxis in the San Francisco Bay Area this month using safety drivers.
Napoli said the partnership with Uber and Nuro represents a massive opportunity “that goes beyond the addressable market you have today in automotive and EV.”
Lucid aims to produce 25,000 to 27,000 Air sedans and Gravity SUVs this year, below what Wall Street was expecting. The measured outlook would still be an increase of as much as 51% from the year before. Lucid produced 5,500 vehicles in the first quarter.
Lucid’s forthcoming midsize vehicle, which is expected to start around $50,000 and will be aimed at the mass market, is scheduled to go into production late this year.
Carlson and Ludlow write for Bloomberg.
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