Lucid names new CEO, secures $750M

Lucid Group has appointed Silvio Napoli, former CEO of Schindler Group, as its new chief executive officer. This leadership change coincides with a substantial new investment of $750 million from its primary backers, the Saudi Public Investment Fund (PIF) and Uber. These developments are intended to strengthen Lucid's operational footing and support its production goals during a pivotal period for the electric vehicle maker. The company aims to leverage these resources to advance its strategic objectives.