Lucid Taps New CEO and Secures $1B+ Funding to Stabilize Business
Staying Competitive
Lucid is an interesting brand, taking the premium EV side of the business. This came after it initially served as a battery and powertrain builder for other manufacturers, including EV buses in China and Formula E teams. In fact, some of the brain trust from Lucid came from industry rival, Tesla.
Lucid has managed to survive and maintain its position as the luxury EV provider and is eager for stability. To achieve this, a key position was restructured, as well as a fresh batch of investment.
Sustainable Business
Lucid is naming a new CEO, and what makes this news surprising is that he comes from outside the company. Reported by Automotive News, Silvio Napoli is set to take the pivotal role for the company. He was formerly employed by Swiss Elevator maker Schindler Holding AG. The interim CEO, Mark Winterhoff, will return to his role as the COO of Lucid Motors.
Napoli says that his main role is to create a sustainable business out of the "incredible company" that Lucid is. He goes on to say that making Lucid Motors more resilient as an EV automaker will take a lot of work.
Napoli's experience runs deep, having seen Schindler through a successful turnaround in his last three years at the company, and he also helped with the digitization of his former employer.
Along with a new CEO, Lucid Motors just received a fresh capital injection from two groups. One is from the Saudi Investment Fund, the biggest shareholder of Lucid, totaling at $550 million, and $200 million from Uber. Uber and Lucid have a partnership for a robotaxi fleet. Another $300 million in stock offering has also been announced by the brand, all of this in an effort to keep the business thriving despite recent declines in EV demand.
Optimisim
Most EV makers are now trying to capitalize on surging fuel prices, with more buyers looking to lower the cost of personal mobility. Napoli says that when fuel prices breached $4 per gallon, the cost of ownership of an EV became much more affordable than that of an ICE.
Lucid is also expanding its involvement with Uber for the robotaxi initiative, with a planned production of 35,000 vehicles. This comes after Uber bought an initial 20,000 units back in July 2025. Lucid is also planning to expand the model range with a rumored mid-sized model set to launch at the end of the year, and to update the assembly lines.
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This story was originally published April 18, 2026 at 7:45 AM.