EV maker Lucid (LCID) made a flurry of major announcements on Tuesday, naming a new CEO and securing much-needed investment, as the company sets itself up for its next evolution.
Lucid named Silvio Napoli as its next chief exec, replacing interim CEO Marc Winterhoff, who will return to his role as COO. Napoli, who most recently served as CEO of the industrial company Schindler Group, will join Lucid as an executive director and board member beginning April 15.
Separately, Lucid also revealed it will receive $750 million in new investment. Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund (PIF), will purchase $550 million of Lucid preferred stock, with Uber (UBER) subsidiary SMB Holding Corporation investing $200 million via common stock.
Lucid stock was trading higher in early trade, though shares are down a whopping 60% in the past year.
The PIF investment is not a surprise, given that the fund holds significant stakes in both Lucid and Uber, effectively tying two of its major bets in the EV and autonomous vehicle space.
Concurrently, Lucid and Uber announced a significant expansion of their autonomous vehicle partnership.
The two companies first joined forces in July 2025, when Uber invested $300 million in Lucid and committed to purchasing at least 20,000 Lucid Gravity SUVs for use as robotaxis over six years, working with AV software provider Nuro.
Under the new agreement, Uber’s total fleet commitment bumped up to at least 35,000 EVs, encompassing both the Gravity SUV and Lucid’s upcoming midsize model. All vehicles will be outfitted with autonomous driving technology from Nuro.
The robotaxi program is expected to make its commercial debut in San Francisco later in 2026, before expanding to dozens of global markets over the following six years.
Fresh funding from PIF and Uber is a shot in the arm for Lucid as it ramps up Gravity SUV production, develops its upcoming midsize EV, and works with Uber on a new robotaxi effort.
Pras Subramanian is Lead Auto Reporter for Yahoo Finance. You can follow him on X and on Instagram.
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