Lucid appoints auto industry outsider as CEO, expands Uber deal

Lucid Collection The company has named the former chairman and CEO of Schindler Group, an escalator and elevator manufacturer, as its new CEO.

Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric automaker’s second CEO following the surprise departure of Lucid founder Peter Rawlinson in February 2025.

Interim CEO Mark Winterhoff will remain with the company as chief operating officer once Napoli takes the reins, according to Lucid. A company spokesperson said Naples is expected to begin the CEO role in the coming weeks, pending the completion of his transfer from Switzerland and US visa procedures.

Lucid shares fell nearly 5% in midday trading, as the company also announced expanded investments on Tuesday worth $750 million from an affiliate of the Saudi Public Investment Fund — its largest shareholder — and Uber technologies.

The latter is an expansion of a previously announced partnership with Uber that includes the ride-hailing company investing another $200 million in Lucid. Uber has also agreed to purchase at least 35,000 Lucid cars specifically designed for use as part of Uber’s future global robotics service. This is up from the $300 million and 20,000 vehicles announced in July.

The investment, backed by the Public Investment Fund, amounts to $550 million, according to Lucid.

Naples, who also serves on the board of Irish-American multinational energy management company Eaton Corp., has never led an automobile company before, while Rawlinson and Winterhoff are experienced in the automotive field.

The company said Naples’ “deep operational expertise, financial discipline, and proven track record of leadership in innovation” will position Lucid for its future growth plans, including upcoming midsize electric vehicles and new autonomy initiatives.

“His experience in capital allocation, operational efficiency, and translating advanced technology into consistent, high-quality performance over time will be critical as Lucid continues to scale its strategy and execution,” Lucid Chairman Turki Al-Nowaiser said in a statement.