Lucid Motors is peppering the public with press releases this morning, sharing a slew of exciting updates. In addition to naming its next CEO, Lucid has confirmed a new funding raise totaling over 1 billion dollars, consisting of a registered public offering of common stock, plus increased investments from existing partners like Uber.
There is a TON to unpack this morning, so we will skip the usual recap. First things first, Lucid Group ($LCID) began the morning by announcing a new CEO, Silvio Napoli.
Napoli was previously Chairman and CEO of Schindler Group – a global manufacturer of elevators, escalators, and moving walks (hey, that’s still electric mobility in a way, right?) As you may recall, Lucid’s original CEO, Peter Rawlinson, stepped down in early 2025 and remains the EV automaker’s CTO.
Since then, Marc Winterhoff has been carrying the torch as Lucid’s interim CEO while the Board of Directors sought a new, permanent figure for the role. Napoli is the new Lucid CEO following a vote of confidence. Per Lucid’s Chairman, Turqi Alnowaiser:
On behalf of the Board, we are pleased to welcome Silvio as Lucid’s next CEO. Silvio is a proven global leader with deep experience leading complex, technology‑driven organizations through periods of rapid growth and operational scaling. He brings a strong track record of global manufacturing excellence, operational discipline, driving growth across global markets and leading state-of-the-art customer service. 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.
Lucid shared that Napoli will relocate from Switzerland to the US, and once he takes the helm as the new CEO, Marc Winterhoff will transition to the role of COO. You can read more about Silvio Napoli here.
Moving on! Did we mention that aside from a new CEO, Lucid just got fresh investments from Uber and Saudi Arabia? Wait, there’s more.
Lucid’s new CEO will join a company fresh with funding
A new CEO at the helm is usually big enough news for one day, but Lucid was not even close to being finished. At the same time, the American EV automaker shared that it will expand its existing robotaxi partnership with Uber Technologies to at least 35,000 vehicles.
Just yesterday, we reported that Uber had begun (employee) test drives in the new Lucid Gravity robotaxis equipped with Nuro’s level 4 autonomous driving systems. This work is part of an agreement announced last summer between Lucid, Uber, and Nuro, in which the rideshare network committed to purchasing up to 20,000 robotaxis as part of a $300 million investment in the automaker.
Today, Lucid announced that Uber has committed an additional $200 million, bringing the total investment to $500M, with plans to purchase and deploy up to 35,000 Gravity and Midsize robotaxis globally.
Additionally, Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF), Saudi Arabia’s primary sovereign wealth fund, has committed to purchasing $550 million of Lucid’s convertible preferred stock. Lucid’s new CEO obviously hasn’t gotten up to speed on everything yet, but in the meantime, the current Chief, Marc Winterhoff, spoke to both fresh investments from existing partners:
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. 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. This is yet another milestone in our partnership with Uber and Nuro, and we look forward to building on our momentum together in the years to come
Last but not least, Lucid followed up with a third press release this morning, announcing the pricing of its underwritten public offering of common stock for gross proceeds of $300 million. The underwritten offering is expected to close on or about April 15, 2026 (subject to customary closing conditions).
When you combine the increased investment from Uber Technologies, the investment in convertible preferred stock from Ayar Third, and the gross proceeds from the underwritten public offering, Lucid Group just raised about $1.05 billion.
Not bad for a Tuesday morning.
That’s all for now, congrats to Silvio Napoli as the new Lucid CEO. I’m looking forward to interviewing him!
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