Lucid names new CEO
Lucid Group Inc. has named a new leader, secured additional investment and expanded its robotaxi partnership with Uber and Nuro, the electric vehicle maker announced Tuesday.
California-based Lucid (Nasdaq: LCID), which manufactures its vehicles south of Phoenix in Casa Grande, appointed Silvio Napoli as chief executive officer. He succeeds interim CEO Marc Winterhoff, who will return to his previous role with the company as chief operating officer, according to a regulatory filing.
“Silvio is a proven global leader with deep experience leading complex, technology‑driven organizations through periods of rapid growth and operational scaling,” Turqi Alnowaiser, Lucid’s board chair, said in a statement. “… His expertise in capital allocation, operational efficiency and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy.”
Most recently, Napoli was CEO of Schindler Group, the Swiss elevator and escalator manufacturer. He joined Schindler Group in 1994 and served in a variety of roles at the company, including director of corporate development, president and CEO of Schindler India and president of Asia-Pacific. Prior to Schindler Group, he spent four years with Dow Chemical Co. in Germany.
Napoli will begin employment with Lucid as an executive director based in Switzerland and join the company’s board and executive committee on April 15. Then, he’ll be appointed as the company’s CEO in the coming weeks after he obtains the right to work in the U.S., according to the regulatory filing.
$1.5M base salary for new Lucid CEO
As part of his employment agreement with Lucid, Napoli will receive an annual base salary of $1.5 million, a target annual incentive bonus equal to 200% of his base salary and is eligible for a combination of incentive grants and performance-based restricted stock units.
Napoli is eligible to receive a $25,000 monthly reimbursement for temporary housing expenses, company vehicles, security protection and tax and financial planning. He’ll also receive a $1 million lump sum payment to cover moving expenses to the U.S., the regulatory filing shows.
“Lucid has established a strong foundation built on technology leadership and an expanding product portfolio, including Lucid Air, Lucid Gravity, and the upcoming midsize vehicles,” Napoli said in a statement. “Working with Marc and the executive team, my focus will be on consistent execution, financial discipline and helping translate Lucid’s breakthrough innovations into long-term value.”
Lucid expands Uber robotaxi partnership, secures $750M investment
In addition to its leadership transition, Lucid announced expansion of its robotaxi partnership with Uber and Nuro.
Under the agreement, Uber increased its purchase commitment to 35,000 autonomous vehicles, which will be produced and equipped with Nuro’s hardware at Lucid’s Casa Grande factory in Pinal County, according to the company.
Lucid, which manufactures its Lucid Gravity SUVs and Lucid Air sedans at the Arizona facility, announced the joint effort with Nuro and Uber last July to deploy at least 20,000 robotaxis in dozens of markets worldwide over six years, beginning with San Francisco in mid-2026, the Business Journal previously reported.
To support the robotaxi expansion, Uber subsidiary SMB Holding Corp., is investing $200 million in Lucid via common stock, raising the company’s total backing in Lucid to $500 million.
Uber CEO Dara Khosrowshahi said in a statement that the ride-hailing company is deepening its commitments because both Lucid and Nuro are delivering against an aggressive development timeline. He said Lucid’s upcoming midsize platform provides a clearer path to improved unit economics as Uber works to deploy autonomous vehicles globally.
What’s more, Ayar Third Investment Co., an affiliate of Saudi Arabia’s Public Investment Fund — Lucid’s largest shareholder — is buying $550 million worth of Lucid’s convertible preferred stock.
“Today’s announcement demonstrates the growing strength of our relationship with Uber, our continued partnership with the PIF, and the benefits our software-defined EV platforms bring to next-generation mobility networks,” Winterhoff said in a statement. “Building on the rapid progress of our collaboration with Lucid Gravity, our midsize platform will enable autonomous mobility at scale through cost efficiency, manufacturing simplicity, and a technology-forward user experience.”
The company declined to comment on whether it would initially test the robotaxis in Arizona.
Lucid also announced announcing pricing of its underwritten public offering of common stock for proceeds of $300 million. The underwritten offering is expected to close on April 15. When combined with its backing from Uber and the PIF, Lucid’s total investment is expected to exceed more than $1 billion.
The investment comes a month after Lucid highlighted plans during a March 12 investor day to achieve profitability by the end of the decade by increasing its software, subscription services and technology offerings and market expansion for midsize vehicles and robotaxis.
The mixed bag of news Tuesday initially sent Lucid shares sharply higher in early trading, but as investors assessed the continued dilution of shares with the new Saudi investment and the slow advancement toward profitability, the shares went into reverse.
Lucid shares lost 44 cents, or 4.8%, to close at $8.80 in extremely heavy trading volume as more than 27 million shares changed hands.
In 2026, Lucid is focused on further scaling its Lucid Gravity SUVs, expanding its global commercial reach, and accelerating material cost and manufacturing efficiencies, while maintaining “strict capital allocation” to achieve positive free cash flow, according to the company.
Lucid in February revealed plans to cut its workforce by 12%, stating it would save the company more than $500 million over three years as it seeks to break even on gross margins and support its next stage of growth, the Business Journal previously reported.
Lucid reported revenue of $522.7 million in Q4, up 123% compared to the prior year quarter. Lucid delivered 5,345 cars in Q4, up 72% over the prior year quarter. The company ended Q4 with $4.6 billion in liquidity, extending its cash runway into the first half of 2027.
Lucid will host a conference call to discuss its first quarter financial results on May 5.