US EditionEv Maker Lucid Names Silvio Napoli as Ceo
- On Tuesday, Lucid Motors named industrial executive Silvio Napoli as its new CEO, ending a year-long search following Peter Rawlinson's departure. Napoli, formerly chairman and CEO of Schindler Group, will join the board of directors.
- Simultaneously, Lucid Group secured over $1 billion in combined funding to strengthen its balance sheet. The raise includes a $550 million commitment from Ayar Third Investment Company and a $300 million underwritten public offering.
- Uber expanded its robotaxi partnership, pledging an additional $200 million and increasing its minimum vehicle order to 35,000 units. The commitment covers both Gravity SUVs and upcoming mid-size models for global deployment.
- Napoli will serve as an executive director until receiving "the right to work in the U.S.," a process Lucid expects to complete "in the coming weeks." Winterhoff will remain chief operating officer during the transition.
- To improve cost efficiency, the company recently "reduced contractor headcount" at its Arizona factory. Lucid continues scaling production of the Gravity SUV while developing lower-cost vehicles on its mid-sized platform.
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The start-up specializing in electric vehicles Lucid announced on Tuesday a strengthening of its partnership with the Uber American booking platform and with the Saudi sovereign fund (PIF), which will bring it to a total 750 million dollars of fresh money.
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