Lucid Group has appointed Silvio Napoli as its new CEO, following the departure of founder Peter Rawlinson in February 2025. Napoli, who previously served as chairman and CEO of Schindler Group, brings nearly 31 years of experience in the industrial sector, although he has not previously led an automotive company. He is expected to officially assume his role in the coming weeks, pending his relocation from Switzerland and completion of his U.S. visa process.
Interim CEO Marc Winterhoff will transition to the position of chief operating officer as Napoli takes over leadership. Shares of Lucid fell approximately 5% during midday trading on the announcement, coinciding with news of significant investments totaling $750 million. This funding comes from an affiliate of Saudi Arabia’s Public Investment Fund (PIF), Lucid’s largest shareholder, and Uber Technologies, which is expanding its previous investment in the company.
Uber is set to invest an additional $200 million, raising its commitment to a total of $500 million. This investment includes a commitment to purchase at least 35,000 Lucid vehicles intended for future use in Uber’s global robotaxi service, significantly increasing from a prior deal of 20,000 vehicles.
Lucid highlighted Napoli’s operational expertise and financial discipline, indicating that these qualities are essential for the company’s growth plans, including the development of midsize electric vehicles and advancements in autonomous technology. Lucid’s chairman, Turqi Alnowaiser, expressed confidence in Napoli’s capabilities to enhance the company’s performance and strategy.
Why this story matters:
- The appointment of a new CEO marks a significant transition for Lucid Group, a key player in the electric vehicle market.
Key takeaway:
- Silvio Napoli’s leadership aims to steer Lucid towards future growth amid substantial investments and strategic partnerships.
Opposing viewpoint:
- Some industry analysts question Napoli’s lack of automotive experience in leading a company facing intense market challenges.
