Lucid Secures $750 Million From Saudi Fund, Uber as It Names New CEO -- 3rd Update
UBER
Published on 04/14/2026 at 12:58 pm EDT - Modified on 04/14/2026 at 12:59 pm EDT
By Connor Hart
Lucid Group said it secured $750 million in fresh funding commitments from Saudi Arabia's sovereign wealth fund and Uber Technologies, as the electric-vehicle maker looks to fuel its next phase of growth.
The company also on Tuesday named Silvio Napoli as its chief executive officer, succeeding Marc Winterhoff, who has held the role on an interim basis since February 2025.
Napoli, who will additionally join Lucid's board, was most recently CEO of industrial-technology company Schindler Group.
Shares of Lucid traded higher premarket before reversing course, recently down 4.7% to $8.81. The stock has lost nearly two-thirds of its value over the past year.
The new funding package is anchored by a $550 million commitment from Ayar Third Investment, an affiliate of Saudi Arabia's Public Investment Fund, which previously invested $1 billion in Lucid in early 2024. Uber contributed an additional $200 million investment, bringing its total stake to $500 million.
As part of the expanded partnership, 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.
Lucid, Uber and autonomous-technology company Nuro are preparing for the commercial launch of their next-generation robotaxi service later this year in the San Francisco Bay Area and are already in the process of on-road testing. The service is expected to begin later this year.
The next-generation platform will enable autonomous mobility at scale through cost efficiencies, manufacturing simplicities, and a technology-forward user experience, Winterhoff said in a statement.
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 secured funding, Lucid said it will sell $300 million worth of its stock in an underwritten public offering, expected to close on or about Wednesday.
Earlier this year, Lucid said 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 1257ET