It’s a tough market for EVs in the U.S. right now, but Lucid is hoping a new CEO and a fresh pile of cash from Uber and Saudi Arabia’s sovereign wealth fund can help turn things around.
The California-based luxury EV maker announced a slate of major updates Tuesday, including the appointment of Silvio Napoli, former head of Switzerland’s Schindler Group, as its new CEO, along with $750 million in new funding.
The company said in a press release that Napoli was chosen for the role due to his operational expertise and financial discipline. He’ll take the reins as Lucid tries to scale production of its Gravity SUV and Air sedan, while moving ahead on a more affordable midsize lineup. Napoli previously served as CEO of Schindler Group, a manufacturer of elevators and escalators, for two separate stints since 2014, totaling about six years.
Lucid also said it secured an additional $550 million investment from Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund. Ayar Third had previously committed over $1 billion to Lucid in 2024.
Uber is also doubling down on its investment in the company. The ride-hailing app giant is investing another $200 million in Lucid, bringing its total investment to $500 million. The companies first announced their partnership last summer, when Uber said it would deploy a fleet at least 20,000 Lucid Gravity SUVs equipped with Nuro’s self-driving technology over the next five years. That number has now grown to at least 35,000 vehicles, including future midsize models.
The news comes as the EV industry in the U.S. has been hit with major challenges following policy changes in the U.S., including the easing of fuel-efficiency regulations and the expiration of federal EV subsidies, as well as growing competition from China. This has left several car makers rethinking their EV strategy in the country. Lucid itself announced in February that it was laying off over 300 employees.
Now, some EV makers like Lucid are hoping that growing interest in robotaxis could be the lifeline they need.
“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,” said Lucid’s interim CEO, Marc Winterhoff, in a press release. “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.”
Beyond Lucid, Uber announced in March that it was partnering with Rivian to deploy 50,000 of its vehicles for its robotaxi services by 2031.
And more recently, Uber announced it is testing robotaxis in Los Angeles with MOIA America, the autonomous mobility subsidiary of Volkswagen. That test involves on-road validation of a custom-built autonomous ID. Buzz vans, an electric reboot of Volkswagen’s iconic 1960s microbus. The companies say they plan to scale this fleet to more than 100 vehicles during the testing period.
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