Lucid Secures $750 Million in Funding, Names New CEO — Update

By Connor Hart

Lucid Group said it secured $750 million in fresh funding commitments from Uber Technologies and Saudi Arabia's sovereign wealth fund, as the electric-vehicle maker looks to fuel its next phase of growth.

The company said separately that it named Silvio Napoli as its next CEO, succeeding Marc Winterhoff, who has held the role on an interim basis since February 2025.

Napoli, who will additionally join Lucid's board, most recently served as chief executive of Schindler Group, an industrial technology company.

Under the new funding agreements, Lucid said Uber committed to an additional $200 million capital injection, raising its total investment to-date in the company to $500 million.

The ride-hailing company will also purchase at least 35,000 additional vehicles from Lucid, designed exclusively for use as part of Uber's future global robo-taxi service.

A robo-taxi refers to a self-driving, or driverless, vehicle.

Ayar Third Investment, an affiliate of the Public Investment Fund, has additionally committed a new investment of $550 million, Lucid said.

Shares climbed 8.4%, to $9.76, in premarket trading. Through Monday's close, Lucid's stock had lost nearly two-thirds of its value over the past 52 weeks.

Winterhoff, who will assume the role of chief operating officer after Napoli steps into the CEO role, said the new funding agreements demonstrate "the growing strength of our relationship with Uber, our continued partnership with the Public Investment Fund, and the benefits our software-defined EV platforms bring to next-generation mobility networks."

Lucid previously secured a $1 billion investment from Ayer Third Investment in March 2024.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

April 14, 2026 08:09 ET (12:09 GMT)