Lucid Motors has appointed Silvio Napoli as its new CEO, concluding a year-long search following the unexpected departure of former chief, Peter Rawlinson. Napoli, who has an extensive background in leadership roles at the Schindler Group, will also join the company's board of directors.
In conjunction with this leadership change, Lucid has announced a significant $200 million investment from Uber. This funding will facilitate Uber's purchase of an additional 25,000 robotaxi-ready versions of Lucid's forthcoming mid-size vehicle, raising Uber's total investment in Lucid Motors to $500 million and its minimum vehicle order to 35,000.
Additionally, the Saudi Arabian Public Investment Fund, Lucid's majority stakeholder, is set to acquire another $550 million in shares. These developments come at a crucial time for Lucid Motors as it endeavors to increase production and sales of its new Gravity SUV model, following challenges with its Air sedan.
To enhance operational efficiency, Lucid has implemented strategic measures, including workforce reductions and adjustments to contractor numbers at its Arizona facility. These steps are aimed at ensuring the timely production of its upcoming vehicle designed for a target market of consumers seeking cars around the $50,000 price point.
Napoli, who is currently securing the necessary work authorization in the U.S., will initially serve as an executive director under a Swiss employment agreement. He is expected to receive permission to work in the U.S. shortly, after which Marc Winterhoff will revert to his role as chief operating officer.
As part of his compensation, Napoli will begin with a base salary of $1.5 million, along with a relocation bonus of $1 million and a stock package potentially worth tens of millions, reflecting the significant expectations placed on him.
Uber's renewed commitment comes on the heels of a testing phase for modified Lucid Gravity SUVs, aimed at launching a luxury robotaxi service in San Francisco later this year. This partnership, which began last July with an initial $300 million investment, marks a pivotal collaboration in the evolving landscape of autonomous vehicles.
Lucid Motors had previously hinted at this agreement during an investor day event, suggesting a strategic alignment with Uber for its more affordable mid-size offerings. The Saudi investment, which traces back to 2018, continues to play a crucial role in supporting Lucid's growth and innovation.
As Lucid Motors embarks on this new chapter with fresh leadership and robust funding, the future looks promising for the company as it positions itself to meet the growing demand for electric vehicles and autonomous driving solutions.
