Lucid names Silvio Napoli CEO amid $500 million and $550 million investments
Lucid Motors just named Silvio Napoli as its new CEO after searching for over a year, following Peter Rawlinson's exit.
Napoli, who comes from Schindler Group, will also join the board.
The timing is big: Uber has committed another $200 million (now $500 million total) and raised its order to 35,000 Lucid electric vehicles. Plus, Saudi Arabia's Public Investment Fund is buying $550 million more in shares.
Lucid readies Gravity and $50,000 EVs
With all this fresh investment, Lucid is focusing on ramping up production, especially for its Gravity SUV, and prepping new midsize electric vehicles around $50,000.
They're tightening costs at their Arizona plant too.
Uber's move follows testing Lucid SUVs for robotaxis in San Francisco, setting up an important year as Napoli has been named CEO but has not yet begun serving in that role.