Lucid Motors Appoints New CEO, Secures Funding

Lucid Motors has appointed Silvio Napoli as its new CEO, ending a lengthy search for leadership. Concurrently, the electric vehicle manufacturer announced significant financial backing, including an additional $200 million commitment from Uber for 25,000 robotaxi-ready vehicles and a $550 million share purchase from its majority owner, the Saudi Arabian Public Investment Fund. These developments coincide with Lucid's critical year for ramping up production of its Gravity SUV and introducing a new mid-size vehicle platform aimed at a lower price point. The company has also implemented cost-saving measures, including workforce reductions.