Lucid Group announced a combined $1.05 billion capital raise alongside the appointment of Silvio Napoli as its next Chief Executive Officer, marking a pivotal step in strengthening its financial position and leadership as it scales operations.
The financing includes a $300 million underwritten public offering of common stock, an expanded $500 million total investment from Uber, and a $550 million convertible preferred stock investment from Ayar Third Investment Company, an affiliate of the Public Investment Fund. Together, the transactions are expected to provide Lucid with significant capital to support production expansion, technology development, and long-term growth initiatives.
Uber’s increased investment is tied to a strategic partnership that includes plans to deploy at least 35,000 Lucid vehicles for its future global robotaxi service, reinforcing Lucid’s positioning in autonomous and mobility-as-a-service markets.
In parallel, Lucid announced that Silvio Napoli will become its next CEO and join the company’s Board of Directors. Napoli, former Chairman and CEO of Schindler Group, brings extensive global industrial leadership experience and is expected to lead Lucid’s next phase focused on scaling production, improving operational efficiency, and achieving profitability.
Interim CEO Marc Winterhoff will transition to Chief Operating Officer upon Napoli’s appointment, ensuring continuity in execution as the company advances its strategy.
Lucid is focused on scaling its vehicle portfolio, including the Lucid Air, Lucid Gravity, and upcoming midsize platform vehicles, while also expanding into new revenue streams such as autonomy, robotaxis, and software-enabled services. The company continues to leverage its vertically integrated manufacturing model and proprietary technology platform to drive innovation across electric vehicles and advanced mobility solutions.
Support: BofA Securities is acting as the sole underwriter for the public offering.
KEY QUOTES:
“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.”
“I would also like to thank Marc for his leadership as Interim CEO during a pivotal period for the company. Under Marc’s stewardship, Lucid expanded and sharpened its strategy, strengthened execution and operational discipline, and led the business through an exceptionally challenging environment while maintaining momentum. We are fortunate to have his continued leadership as COO.”
Turqi Alnowaiser, Chairman of the Lucid Board of Directors
“The past year has been an important period of progress for Lucid, and I’m proud of the work the team has done to strengthen our operations and execution. We have laid out a clear vision and enhanced strategy, and I look forward to continuing that work alongside Silvio.”
Marc Winterhoff (Interim CEO transitioning to COO)
“Lucid has established a strong foundation built on technology leadership and an expanding product portfolio, including Lucid Air, Lucid Gravity, and the upcoming Midsize vehicles. 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.”
Silvio Napoli, Incoming CEO
