Lucid Motors names Silvio Napoli as CEO, secures new funding

Lucid Motors has appointed industrial executive Silvio Napoli as its new CEO, marking the end of a search following the sudden resignation of its former chief, Peter Rawlinson, in February 2025. Alongside the leadership transition, the electric vehicle manufacturer secured fresh capital commitments from both Uber and its majority owner, the Saudi Arabian Public Investment Fund.

The financial commitments announced on Tuesday include:

• A $200 million commitment from Uber, which agreed to purchase an additional 25,000 robotaxi-ready versions of Lucid’s upcoming mid-size vehicle. This brings Uber’s total committed investments in Lucid to $500 million and its minimum vehicle order to 35,000.
• A $550 million share purchase by the Saudi Arabian Public Investment Fund, continuing a series of capital injections that began in 2018.

Napoli, who previously held leadership roles at the elevator and escalator company Schindler Group, will not assume the CEO role immediately. According to a regulatory filing, Napoli must first receive the right to work in the U.S. Until then, he will serve as an executive director—a temporary board role while he awaits work authorization. Once Napoli receives permission, interim CEO and chief operating officer Marc Winterhoff will resume his role as chief operating officer. Napoli’s compensation package includes a $1.5 million base salary, a $1 million relocation payment, and a share grant worth nearly $10 million, alongside performance-based stock options.

The expanded agreement with Uber builds on a partnership established last July, when Uber, Lucid, and autonomous vehicle firm Nuro partnered on a luxury robotaxi service. That initial deal included a $300 million investment and a commitment to purchase at least 20,000 Gravity SUVs. Under the finalized terms announced on Tuesday, the minimum order for Gravity SUVs was revised to 10,000 units as Uber shifts focus toward the upcoming mid-size vehicles. This comes as modified Gravity SUVs are currently being tested with Nuro in San Francisco.

The leadership transition comes as Lucid attempts to stabilize its operations. The company has faced recent turbulence, including a decision in February to lay off 12% of its workforce. Additionally, a recent regulatory filing revealed that Lucid reduced contractor headcount at its Arizona factory to improve cost efficiency. These cost-cutting measures coincide with operational challenges under Winterhoff’s interim leadership, which was marked by multiple quality issues during the rollout of the Gravity SUV. The company is currently working to scale production of the Gravity SUV and plans to release a mid-sized vehicle platform targeting a price of around $50,000.

Why it matters

The leadership change and capital injection are critical for Lucid as it attempts to scale the Gravity SUV and mid-size platform following a period of instability and quality challenges.