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Lucid names auto industry outsider as CEO, broadens Uber agreement
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Lucid Group has named the former chairman and CEO of Schindler Group, an industrial manufacturer of escalators and elevators, as its new chief executive.
Key facts
- Shares of Lucid fell roughly 5% in midday trading, as the company also announced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia's Public Investment Fund, its largest
- Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric vehicle maker's second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025
- That's up from $300 million and 20,00 vehicles announced in July
- The latter is an expansion of a previously announced tie-up with Uber that includes the ride-hailing company investing another $200 million in Lucid
Summary
Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric vehicle maker's second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025. Interim CEO Marc Winterhoff will remain with the company as its chief operating officer once Napoli takes the reins, according to Lucid. Shares of Lucid fell roughly 5% in midday trading, as the company also announced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia's Public Investment Fund, its largest shareholder, and Uber Technologies. The latter is an expansion of a previously announced tie-up with Uber that includes the ride-hailing company investing another $200 million in Lucid.