Lucid electrical automobiles are seen on the New York Worldwide Auto Present on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group has named the previous chairman and CEO of Schindler Group, an industrial producer of escalators and elevators, as its new chief government.
Silvio Napoli, who spent practically 31 years at Schindler, is about to grow to be the all-electric automobile maker’s second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025.
Interim CEO Marc Winterhoff will stay with the corporate as its chief working officer as soon as Napoli takes the reins, in line with Lucid. An organization spokesman mentioned Napoli is anticipated to start as CEO within the coming weeks, pending completion of his relocation from Switzerland and U.S. visa course of.
Shares of Lucid fell roughly 5% in noon buying and selling, as the corporate additionally introduced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia’s Public Funding Fund — its largest shareholder — and Uber Applied sciences.
The latter is an enlargement of a beforehand introduced tie-up with Uber that features the ride-hailing firm investing one other $200 million in Lucid. Uber has additionally agreed to buy no less than 35,000 Lucid automobiles designed solely to be used as a part of Uber’s future international robotaxi service. That is up from $300 million and 20,00 automobiles introduced in July.
The PIF-backed funding is $550 million, in line with Lucid.
Napoli, who additionally serves on the board of American-Irish multinational energy administration firm Eaton Corp., has not beforehand led an auto firm earlier than, whereas Rawlinson and Winterhoff are automotive veterans.
The firm mentioned Napoli’s “deep operational experience, monetary self-discipline and monitor report of management in innovation” would place Lucid for its future development plans, together with upcoming midsize EVs and new autonomy initiatives.
“His experience in capital allocation, operational effectivity and translating superior know-how into constant high-quality efficiency over time will likely be essential as Lucid continues to scale and execute its technique,” Lucid Chairman Turqi Alnowaiser mentioned in a press release.