Lucid Motors Appoints New CEO and Secures Additional Investment

Leadership Change at a Critical Moment

Electric vehicle manufacturer Lucid Motors has named a new chief executive as it attempts to strengthen its position in a highly competitive market. The company confirmed on Tuesday that Silvio Napoli will take over as CEO, replacing interim leader Marc Winterhoff, who will return to his previous role as chief operating officer.

The transition follows a period of instability at the top. Former long-time CEO Peter Rawlinson stepped down unexpectedly in early 2025, leaving the company under temporary leadership while it searched for a permanent replacement.

An Unconventional Choice from Outside the Auto Industry

Napoli’s appointment stands out due to his background outside traditional automotive manufacturing. He previously led the Schindler Group, a global company known for producing elevators, escalators, and transport systems for buildings.

Lucid highlighted his experience managing large-scale industrial operations, emphasizing skills such as production efficiency, cost control, and global organizational leadership. The company also pointed to his ability to coordinate complex manufacturing systems while maintaining financial discipline across international markets.

In comments to Bloomberg, Napoli described his background as centered on combining industrial production with service-oriented business models, suggesting this hybrid experience influenced Lucid’s decision to bring him on board.

Financial Pressure and Growth Challenges

Despite strong recognition for engineering quality, Lucid continues to face difficulty scaling production and achieving profitability. Its current lineup, including the Lucid Air and the Gravity SUV, has been praised for performance and design, but sales volumes remain limited compared with larger competitors.

To address this gap, the company is preparing a new wave of more affordable models. Upcoming vehicles, internally referred to as Cosmos and Earth, are expected to start at roughly $50,000, positioning them as entry points into the brand’s portfolio. Production of at least one of these models is scheduled to begin later this year.

At the same time, Lucid has taken cost-cutting measures, including reducing its global workforce by approximately 12% in an effort to extend financial stability.

New Capital Injection from Key Partners

Alongside the leadership change, Lucid also secured additional funding from major stakeholders. The Saudi Public Investment Fund (PIF) will inject $550 million through a new share purchase, reinforcing its role as the company’s largest financial backer.

Ride-hailing company Uber is also expanding its commitment, increasing its investment by $200 million for a total of $500 million. As part of the updated agreement, Uber plans to purchase at least 35,000 Lucid Gravity SUVs, an increase from a previously planned 20,000 units.

These vehicles are expected to support Uber’s future autonomous mobility strategy, signaling a deeper integration between the two companies beyond financial backing.

Transition Timeline and Executive Handover

Napoli is not expected to assume his role immediately. The company confirmed that Winterhoff will remain interim CEO until Napoli completes his relocation from Switzerland to the United States and finalizes visa requirements.

Lucid expects the transition to be completed within the coming weeks, allowing the new leadership team to formally begin work on the company’s next phase of development.

Outlook for the Company

The combination of a new CEO, fresh capital, and expanded commercial partnerships reflects a critical moment for Lucid. While its vehicles continue to position the company as a high-end EV manufacturer, the challenge ahead lies in scaling production and improving financial performance.

With increased backing from major investors and a leadership change focused on industrial execution, Lucid is attempting to move from engineering success toward sustainable commercial growth in a crowded electric vehicle market.

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