Lucid Secures $750 Million in Funding, Names New CEO -- 2nd Update

Published: 2026-04-14 08:35:52 ET UBER

Published on 04/14/2026 at 08:35 am EDT

By Connor Hart

Lucid Group said it secured $750 million in fresh funding commitments from Uber Technologies and Saudi Arabia's sovereign wealth fund, as the electric-vehicle maker looks to fuel its next phase of growth.

The company separately said it named Silvio Napoli as its next CEO, succeeding Marc Winterhoff, who has held the role on an interim basis since February 2025.

Napoli, who will additionally join Lucid's board, most recently served as chief executive of Schindler Group, an industrial technology company.

Under the new funding agreements, Lucid on Tuesday said Uber committed to an additional $200 million investment, raising its total investment to-date in the company to $500 million. The ride-hailing company will also purchase at least 35,000 additional vehicles from Lucid, designed exclusively for use as part of Uber's future global robotaxi service.

Ayar Third Investment, an affiliate of the Public Investment Fund, has additionally committed a new investment of $550 million, Lucid said. The company previously secured a $1 billion investment from Ayer Third Investment in March 2024.

Winterhoff, who will assume the role of chief operating officer after Napoli steps into the CEO role, said the new funding agreements demonstrate "the growing strength of our relationship with Uber, our continued partnership with the Public Investment Fund, and the benefits our software-defined EV platforms bring to next-generation mobility networks."

In addition to the agreements, Lucid said it will sell $300 million worth of its stock in an underwritten public offering, expected to close on or about Wednesday.

Shares climbed 5%, to $9.70, in premarket trading Tuesday. Through Monday's close, Lucid's stock had lost nearly two-thirds of its value over the past 52 weeks.

The EV maker said earlier this year that it would lay off about 12% of its U.S. workforce in an effort to cut costs and reconfigure growth plans, focusing on the development of new models and technologies, as well as its expansion into robotaxis.

Lucid reported having 9,000 workers globally as of Dec. 31, according to its most recent annual report.

The restructuring came as Lucid reported a wider fourth-quarter loss, even as revenue more than doubled. The company delivered 5,345 vehicles during the period, up 72% from the prior year.

For 2026, the automaker previously said it anticipates production of 25,000 to 27,000 vehicles.

Write to Connor Hart at [email protected]

(END) Dow Jones Newswires

04-14-26 0834ET