Lucid Group has selected Silvio Napoli as its next CEO, alongside announcing approximately $1.05bn in total fresh funding commitments and a larger vehicle supply agreement with Uber.
Napoli, who is currently based in Switzerland, will move to the US and take a seat on Lucid’s board.
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He previously held the roles of chairman and CEO at Schindler Group.
Marc Winterhoff, who has been serving as interim CEO, is set to become chief operating officer once Napoli assumes the top job.
Commenting on his appointment, Napoli said: “Working with Marc and the executive team, my focus will be on consistent execution, financial discipline and helping translate Lucid’s breakthrough innovations into long-term value.”
On its partnership with Uber, Lucid said it has broadened its existing relationship with the ride hailing company, which has lifted its purchase commitment to a minimum of 35,000 vehicles.
The planned supply covers the Lucid Gravity as well as Lucid’s forthcoming midsize platform. Uber is also committing a further $200m, bringing its total investment in Lucid to $500m.
Lucid also disclosed an investment arrangement with Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund (PIF), which will put in $550m through the purchase of Lucid’s convertible preferred stock.
In addition, Lucid said it has priced an underwritten public offering of common stock for gross proceeds of $300m.
The offering, led by sole underwriter BofA Securities, is expected to close today (15 April), subject to customary closing conditions.
Taken together, the Uber investment, the Ayar Third Investment commitment and the stock offering bring the total raise to approximately $1.05bn.
The announcements come after Lucid, Nuro and Uber revealed in July 2025 that they were working together on a next-generation robotaxi service.
The partners are aiming for a commercial rollout later this year in the San Francisco Bay Area using the Lucid Gravity, with Nuro having started autonomous on-road testing in December 2025.
Models based on its midsize platform are intended to start below $50,000 and are being positioned for both consumer and enterprise buyers.
Lucid said the combined funding is expected to bolster its capital position as it progresses its software-defined vehicle strategy and expands its robotaxi programme with Uber.
Winterhoff said: “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.”
