Lucid Group’s search for a permanent CEO has finally ended with Silvio Napoli, former chief of Schindler, the Swiss elevator and escalator company, taking on the role from interim chief Marc Winterhoff, who will remain as chief operating officer.
Napoli, who spent a decade at the Swiss company, modernizing its operations, including its supply chain, is in the process of moving to the U.S. The company said Napoli’s operational expertise and financial discipline made him the top choice for the role.
“On behalf of the Board, we are pleased to welcome Silvio as Lucid’s next CEO,” said Turqi Alnowaiser, chairman of the Lucid Board of Directors, in a statement. “Silvio is a proven global leader with deep experience leading complex, technology‑driven organizations through periods of rapid growth and operational scaling. He brings a strong track record of global manufacturing excellence, operational discipline, driving growth across global markets and leading state-of-the-art customer service.”
Winterhoff took over for the company’s founder and first CEO, Peter Rawlinson, in February 2025, after Lucid launched its second vehicle, Gravity, a midsize SUV. He’s guided the company through the production ramp up for that vehicle as well as the shift toward autonomous driving.
“The past year has been an important period of progress for Lucid, and I’m proud of the work the team has done to strengthen our operations and execution,” said Winterhoff. “We have laid out a clear vision and enhanced strategy, and I look forward to continuing that work alongside Silvio.”
In addition to the leadership change, the company announced it was receiving more than $1 billion new investments: $550 million from Ayar Third Investment Co.’s purchase of convertible preferred stock. Ayar is part of the Saudi Public Investment Fund, currently Lucid’s largest shareholder.
Additionally, Uber is increasing its investment in Lucid to $500 million. As part of that move, Uber agreed to increase its purchase commitment of Lucid vehicles to 35,000 units, including Gravity SUVs and the upcoming midsize offering, which is expected to be under $50,000. The partnership between Lucid and Uber also includes autonomous vehicle technology developer Nuro.
The luxury EV maker also revealed it expanding its credit line to $2.5 billion, buttressed by a public offering expected to secure approximately $300 million.
[Images: Lucid Motors]
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