Lucid Motors has appointed Silvio Napoli as its new CEO, following his exit from Schindler last year. The EV maker is also securing fresh funding, with Uber and Saudi Arabia’s Public Investment Fund (PIF) committing $750 million.
Silvio Napoli succeeds interim CEO Marc Winterhoff, who temporarily took over the management of Lucid after former CEO Peter Rawlinson departed earlier this year. Winterhoff will remain with the company, assuming the role of Chief Operating Officer (COO) at Lucid.
Silvio Napoli brings more than three decades of experience from his time at Schindler, where he most recently held the dual role of CEO and Chairman until early 2025. During his tenure, the company pushed ahead with the electrification of its fleet at scale.
In Germany, Schindler’s local subsidiary reached a milestone last year with the delivery of its 1,000th Škoda Enyaq. Turqi Alnowaiser, Chairman of the Board of Directors at Lucid, said Napoli is a proven global leader with deep experience leading complex, technology-driven organizations through periods of rapid growth and operational scaling.
Lucid has launched models such as the Lucid Air and Lucid Gravity, which have been widely praised by automotive testers. However, these vehicles come with a high price tag and are produced in limited volumes, resulting in the company yet to achieve profitability, accumulating a cumulative loss of $15.6 billion since its founding by the end of 2025.
Recently, interim CEO Winterhoff initiated several measures, including the layoff of 12% of the workforce in February. High hopes are also pinned on the launch of the company’s first mid-range models and a partnership with Uber.
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The partnership with Uber is now being expanded, bringing additional capital into Lucid Motors. Uber has raised its purchase commitment from at least 20,000 to a minimum of 35,000 vehicles, which are to be used exclusively in Uber’s planned global robotaxi network.
The first robotaxis, based on the Lucid Gravity, are scheduled to go into service in the San Francisco Bay Area later this year, with a broader rollout to additional cities already planned. As part of the expanded agreement, Uber is investing a further $200 million in Lucid Motors, bringing its total commitment to $500 million.
In parallel, Ayar Third Investment – a subsidiary of Saudi Arabia’s Public Investment Fund (PIF) – has pledged an additional $550 million. Ayar/PIF is already the largest single shareholder in Lucid and played a key role in establishing the company’s production facility in Saudi Arabia.
The fresh capital from Uber and Ayar/PIF is intended to strengthen Lucid’s financial position and support the further development of its software-defined vehicles and broader platform strategy.
According to the filing, Napoli said Lucid will focus on ‘strengthening customer engagement, operating with consistency and accountability, achieving cost competitiveness and streamlining our organisation and processes.’ The company’s future plans and strategies will be closely watched by industry observers and investors.