Lucid starts fresh with new CEO + new funds from PIF, Uber

The Public Investment Fund is doubling down on Lucid Group with a USD 550 mn investment from the fund’s Ayar Third Investment. The funding is part of a round of fresh investment that saw Uber put in an additional USD 200 mn, as the EV maker looks to stabilize operations at a critical point.

Growth plans: Lucid is doubling down on its partnership with Uber on its global robotaxi service, expanding the agreement to at least 35k vehicles, including its upcoming midsize platform due later this year.

ALSO- A new head: Lucid ended its search for a new CEO by tapping Silvio Napoli, former head of Swiss elevator manufacturer Schindler Holding. Napoli is set to take over in the coming weeks, pending US work visa approval, replacing interim CEO Marc Winterhoff, who is returning to his role as COO.

Napoli has his work cut out for him — and he knows it. Making Lucid more resilient will be “a lot of work,” he told Bloomberg. The company is navigating a challenging demand environment following a turbulent 2025 marked by production issues, supply constraints, and shifting US EV policies.

By the numbers: Preliminary figures show first-quarter revenue of USD 280-284 mn and an operating loss of about USD 1 bn. Lucid missed expectations for 1Q deliveries by over 2.1k vehicles, citing a temporary sales halt ‌and recall tied to an unauthorized supplier change.

REMEMBER- The firm is targeting production of up to 27k vehicles in 2026 and is banking on rising fuel prices to improve EV affordability, even as it works toward building a more sustainable business model.