EVwire brief: Lucid Group released a trifecta of major updates, announcing a $1.05 billion capital raise, a leadership change, and an expanded robotaxi partnership with Uber and an affiliate of Saudi Arabia’s Public Investment Fund.
The funding includes a $300 million public stock offering, a new $200 million investment from Uber (bringing its total to $500 million), and $550 million in convertible preferred stock from Ayar Third Investment Company.
Lucid and Uber also scaled their robotaxi agreement to at least 35,000 vehicles globally. The company named Silvio Napoli as its new CEO as well, with interim CEO Marc Winterhoff transitioning to COO.
Lucid is now poised to provide Uber with 35,000 robotaxis
Context:
Lucid’s offering is expected to close on or about April 15, 2026, subject to customary conditions, with BofA Securities acting as sole underwriter. The offering is being conducted under Lucid’s existing shelf registration filed with the SEC.
The expanded robotaxi program builds on Lucid’s previously announced partnership with Nuro and Uber. Autonomous on-road testing began in December 2025, and Lucid confirmed it completed delivery of initial test vehicles in February. The companies are targeting a commercial launch in the San Francisco Bay Area later this year.
Lucid also shared some details on its upcoming midsize platform, stating it is expected to deliver competitive range using smaller battery packs, while offering fast charging, a large interior, and a starting price below $50,000.
New Lucid CEO Silvio Napoli has a background in manufacturing scale
Lucid leadership transition aligns with next phase of execution
Lucid confirmed that Silvio Napoli will join as Chief Executive Officer and a member of the board. Interim Chief Executive Marc Winterhoff will be transitioning to Chief Operating Officer.
Napoli previously served as the CEO of Schindler Group, where he led global operations across complex markets. Lucid said his experience includes manufacturing scale, cost discipline, capital allocation, and building high-performing organizations.
In a comment, the new Lucid CEO stated that he will be focused on helping Lucid translate its innovations into long-term value.
Lucid has established a strong foundation built on technology leadership and an expanding product portfolio… my focus will be on consistent execution, financial discipline and helping translate Lucid’s breakthrough innovations into long-term value.
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