"Lucid Motors has appointed Silvio Napoli as its new CEO, marking the end of a year-long search following the resignation of former chief Peter Rawlinson. Napoli brings decades of experience from his leadership roles at Schindler Group and will also join the board of directors."
"In a significant move, Lucid Motors has secured an additional $200 million commitment from Uber, which will purchase 25,000 robotaxi-ready versions of Lucid's upcoming mid-size vehicle, raising Uber's total investment in the company to $500 million."
"The Saudi Arabian Public Investment Fund, Lucid's majority owner, is set to purchase another $550 million in shares, further solidifying its financial backing as Lucid Motors aims to ramp up production and sales of its Gravity SUV."
Silvio Napoli has been appointed as the new CEO of Lucid Motors, ending a year-long search after Peter Rawlinson's resignation. Napoli, with extensive experience at Schindler Group, will also join the board. Lucid secured an additional $200 million from Uber, increasing its total investment to $500 million, and Uber's vehicle order to 35,000. The Saudi Public Investment Fund is purchasing $550 million in shares. Lucid aims to ramp up production of the Gravity SUV and has made workforce reductions to improve efficiency.
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