Lucid Group Inc. (NASDAQ:LCID) announced the appointment of Silvio Napoli as its new CEO. Napoli will take over from interim CEO Marc Winterhoff, who will remain as the company’s Chief Operating Officer.
This leadership transition is part of Lucid’s strategy to enhance its production and sales in the fiercely competitive EV market.
Additionally, Lucid unveiled an expanded partnership with Uber Technologies Inc. (NYSE:UBER), supported by an extra long-term investment from Ayar Third Investment Company, an affiliate of the Public Investment Fund (PIF).
Uber has pledged to increase its purchase to a minimum of 35,000 Lucid vehicles for its upcoming global robotaxi service.
Lucid Group has priced a $300 million underwritten public offering of common stock, with the deal expected to close around April 15, 2026.
Uber has also pledged an additional $200 million investment in Lucid, bringing its total stake in the company to $500 million. Ayar Third Investment has committed a further $550 million, reinforcing the strategic partnership between the fund and Lucid.
Including the gross proceeds from the underwritten offering, the combined total from these transactions is expected to be around $1.05 billion.
Lucid Restructures Amid Growth Push
This announcement comes after a series of strategic moves by Lucid. In February, the company cut 12% of its workforce in a bid to streamline operations and improve efficiency, margins, and long-term growth. The cuts would impact salaried staff—potentially a significant portion of its ~6,800 employees.
The company is acting after a tough 2025 shaped by production issues, supply-chain strain, higher costs, and industry-wide volatility. It is currently scaling up the Gravity SUV despite early manufacturing and quality challenges, while also preparing a lower-cost mid-size EV platform, with its lineup limited to the Air sedan and Gravity SUV.
In March, during its Investor Day, Lucid outlined its growth strategy and discussed an upcoming robotaxi partnership with Uber.
The company is set to announce its first-quarter results on May 5.
Price Action: On a year-to-date basis, Lucid stock declined 12.58%, as per data from Benzinga Pro. During the pre-market trading session, it is trading 3.79% higher at $9.59.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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