Lucid, the electric vehicle (EV) maker known for its luxury cars, recently made headlines with a series of pivotal announcements that signal a significant step forward in its evolution. In a strategic move, the company appointed Silvio Napoli as its new CEO, replacing interim leader Marc Winterhoff, who will revert to his role as COO. Napoli, formerly the CEO of Schindler Group, will officially take the helm on April 15, bringing in fresh perspectives from his background in industrial leadership.
Additionally, the company secured a much-needed $750 million investment, a significant boost as it confronts the competitive landscape of the EV market. Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund (PIF), will invest $550 million in preferred stock, while Uber’s subsidiary, SMB Holding Corporation, has committed $200 million in common stock. This influx of capital comes at a time when Lucid’s stock has been struggling, trading down 60% over the past year despite showing gains in early trading on the day of the announcement.
The backing from PIF isn’t unexpected, given that the investment fund has substantial stakes in both Lucid and Uber. This creates a strategic partnership that intertwines two crucial players in the EV and autonomous vehicle arena. This relationship is particularly powerful as both companies strive to compete against established rivals like Tesla, which has dominated the EV space.
In tandem with these developments, Lucid and Uber have unveiled an expansion of their partnership, originally formed in July 2025 when Uber invested $300 million in Lucid. That partnership involved a commitment to purchase a minimum of 20,000 Lucid Gravity SUVs for use as robotaxis over a span of six years, in collaboration with Nuro, a provider of autonomous vehicle software. This new agreement increases Uber’s fleet commitment to at least 35,000 vehicles, including both the Gravity SUV and Lucid’s upcoming midsize model, all of which will be equipped with advanced autonomous technology from Nuro.
The anticipated robotaxi program is set to make its commercial debut in San Francisco in late 2026, with plans to expand into several other global markets over the following six years. This ambitious program reflects Lucid’s commitment to leveraging partnerships and cutting-edge technology to redefine urban transportation.
Overall, the new investments from PIF and Uber represent a robust financial foundation for Lucid as it ramps up production of the Gravity SUV, develops its forthcoming midsize EV, and collaborates with Uber on this pioneering robotaxi initiative. The stakes are high, and the coming months will be critical for Lucid to capitalize on these developments. As the EV market evolves, all eyes will be on how effectively Lucid navigates this new landscape under its incoming leadership and additional support.© Pras Subramanian is the Lead Auto Reporter for Yahoo Finance. Follow him on Twitter and Instagram.
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