Lucid Appoints New CEO and Secures $750 Million Investment
Lucid Group Inc. has appointed Silvio Napoli, former head of Schindler Holding AG, as its new chief executive officer, replacing interim CEO Marc Winterhoff, who returns to the role of chief operating officer. Concurrently, the electric vehicle manufacturer announced a $750 million capital infusion to strengthen its operations. This funding includes a $550 million commitment from an affiliate of Saudi Arabia’s Public Investment Fund, Lucid's majority shareholder, and a $200 million investment from Uber Technologies Inc. The expanded partnership with Uber involves the purchase of at least 35,000 vehicles, including the upcoming midsize platform, for use in robotaxi services. Lucid also reported preliminary first-quarter results, projecting revenue between $280 million and $284 million against an operational loss of approximately $1 billion. The company aims to produce 25,000 to 27,000 vehicles this year, citing high fuel prices driven by geopolitical tensions as a potential catalyst for EV adoption. Napoli emphasized his focus on building a sustainable and resilient business model amidst challenging market conditions and production hurdles faced in the previous year.
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Lucid Appoints New CEO and Secures $750 Million Investment
Lucid Group Inc. has appointed Silvio Napoli, former head of Schindler Holding AG, as its new chief executive officer, replacing interim CEO Marc Winterhoff, who returns to the role of chief operating officer. Concurrently, the electric vehicle manufacturer announced a $750 million capital infusion to strengthen its operations. This funding includes a $550 million commitment from an affiliate of Saudi Arabia’s Public Investment Fund, Lucid's majority shareholder, and a $200 million investment from Uber Technologies Inc. The expanded partnership with Uber involves the purchase of at least 35,000 vehicles, including the upcoming midsize platform, for use in robotaxi services. Lucid also reported preliminary first-quarter results, projecting revenue between $280 million and $284 million against an operational loss of approximately $1 billion. The company aims to produce 25,000 to 27,000 vehicles this year, citing high fuel prices driven by geopolitical tensions as a potential catalyst for EV adoption. Napoli emphasized his focus on building a sustainable and resilient business model amidst challenging market conditions and production hurdles faced in the previous year.
latimes