Lucid Motors has finally appointed longtime industry executive Silvio Napoli as its new CEO, ending a more than year-long search for a CEO following the sudden departure of former CEO Peter Rawlinson.
The company announced Tuesday that Mr. Napoli, who has held various leadership positions at elevator and escalator company Schindler Group over the past several decades, will also join its board of directors.
In addition to the CEO appointment, Lucid said it has received an additional $200 million commitment from Uber, which has agreed to buy an additional 25,000 robotaxis-enabled versions of Lucid’s next midsize vehicle. This brings Uber’s total investment in Lucid Motors to $500 million, with a minimum order of 35,000 vehicles.
Finally, Lucid’s majority owner, the Saudi Arabian Public Investment Fund, plans to purchase an additional $550 million in shares in the company.
This announcement comes in a very important year for Lucid Motors. The company is currently looking to ramp up production and sales of its second model, the Gravity SUV, after struggling to find a large market for its Air sedan. Lucid also plans to release the first of three cars built on the midsize platform, which will allow it to target buyers looking to spend about $50,000 on a new car.
The company is taking strict measures to ensure its vehicles are mass produced. As reported by TechCrunch, the company decided to lay off 12% of its workforce in February. On Tuesday, Lucid Motors said in a regulatory filing that it had recently “reduced contractor headcount” at its Arizona plant “to improve cost efficiencies.”
Lucid Motors has been without a permanent CEO since February 2025, when longtime leader Rawlinson abruptly stepped down. As TechCrunch previously reported, the company’s chief operating officer, Mark Winterhoff, had been serving as interim CEO ever since and had plans to take over the CEO role, but the company was casting a very wide net for his successor. However, Winterhof’s oversight coincided with multiple quality issues during the rollout of the Gravity SUV.
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Napoli won’t be taking over as CEO right away. He should still receive “the right to work in the United States,” according to regulatory filings. Until that happens, he will be an “executive officer” of Lucid Motors’ board of directors under his employment agreement in Switzerland (where he resides). Lucido expects Napoli to be cleared to work in the United States “within the next few weeks,” after which Winterhoff will resume his role as chief operating officer.
Napoli stands to make a lot of money as Lucid’s new CEO. His base salary will start at $1.5 million, with $1 million to fund his move to the United States, a bonus package, stock grants worth nearly $10 million, and a performance-based stock package worth tens of millions of dollars.
Uber’s new initiative comes just one day after the ride-hailing giant and its self-driving car partner Nuro began testing a modified Lucid Gravity SUV for a luxury robotaxi service launching in San Francisco later this year. Uber first partnered with Lucid Motors and Nuro last July, when they agreed to invest $300 million and buy at least 20,000 Gravity SUVs.
Lucid Motors said at an investor event earlier this year that it was nearing a deal with Uber for a similar deal for more affordable midsize cars. The final agreement announced Tuesday will reduce the minimum order quantity for the Gravity SUV to 10,000 units.
The Saudi investment is the latest in a long line of Saudi capital injections into Lucid that began in 2018 as a corporate savings investment.
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