Lucid Motors has named Silvio Napoli, a long-time industrial executive from the Schindler Group, as its new Chief Executive Officer, concluding a search that began in February 2025. The announcement on Tuesday also revealed significant new financial commitments: a further $200 million from Uber and a $550 million share purchase by its majority owner, the Saudi Arabian Public Investment Fund (PIF).
The leadership change and capital injection come at a pivotal moment for the electric vehicle manufacturer, which is attempting to ramp up production of its Gravity SUV and develop new, more affordable models to compete in a challenging market.
New Leadership and Financial Lifelines
Silvio Napoli, who has spent decades in leadership roles at the Swiss elevator and escalator company Schindler Group, will also join Lucid's board of directors. He succeeds Peter Rawlinson, who resigned suddenly last year, after which Chief Operating Officer Marc Winterhoff served as interim CEO.
Alongside the CEO appointment, Lucid confirmed Uber has committed an additional $200 million and agreed to purchase 25,000 robotaxi-ready versions of Lucid’s upcoming mid-size vehicle. This brings Uber’s total investment to $500 million and its minimum vehicle order to 35,000 units.
Simultaneously, the Saudi Arabian PIF is purchasing another $550 million of Lucid shares, continuing its role as the company's primary financial backer since a crucial 2018 investment.
A Critical Year for Production and Strategy
The company is in the midst of a difficult operational phase. After struggling to find a large market for its luxury Air sedan, Lucid is now focused on increasing production and sales of its second model, the Gravity SUV. It is also developing three vehicles on a new mid-sized platform, targeting a more accessible price point of around $50,000.
To manage costs, Lucid has implemented significant workforce reductions. In February, it laid off 12% of its employees, and a recent regulatory filing noted it has "reduced contractor headcount" at its Arizona factory to improve efficiency.
Interim CEO Marc Winterhoff’s tenure was marked by multiple quality issues during the Gravity SUV rollout, as previously reported by TechCrunch.
Transition Details and Executive Compensation
Napoli will not assume the CEO role immediately. According to a regulatory filing, he first needs to obtain "the right to work in the U.S." He currently lives in Switzerland and will serve as an "executive director" on Lucid's board under a Swiss employment agreement until his U.S. work authorisation is secured, which the company expects "in the coming weeks." Marc Winterhoff will then resume his role as Chief Operating Officer.
The compensation package for the new CEO is substantial. Napoli will receive a base salary of $1.5 million, a $1 million relocation payment to move to the United States, a bonus package, a share grant worth nearly $10 million, and a performance-based stock package potentially worth tens of millions more.
Strategic Partnerships and Future Outlook
Uber's renewed investment follows the start of tests for a luxury robotaxi service in San Francisco, using modified Lucid Gravity SUVs in partnership with autonomous vehicle company Nuro. Uber first partnered with Lucid and Nuro in July of last year with a $300 million investment.
The latest agreement for mid-sized vehicles, which Lucid hinted at during an investor day earlier this year, appears to adjust some of the prior commitments for Gravity SUV orders.
The continued support from the Saudi PIF underscores its long-term commitment to Lucid's strategy, providing essential capital as the company navigates a competitive and capital-intensive industry landscape.