Lucid electric vehicles are seen at the New York International Auto Show on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group has named the former chairman and chief executive of the Schindler Group, an industrial manufacturer of escalators and elevators, as its new chief executive.
Silvio Napoli, who spent nearly 31 years at Schindler, will become the all-electric vehicle maker's second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025.
According to Lucid, interim CEO Marc Winterhoff will remain with the company as COO once Napoli takes the reins. A company spokesperson said Napoli is expected to start as CEO in the coming weeks, pending the completion of his relocation from Switzerland and the U.S. visa process.
Lucid shares fell about 5% in midday trading as the company also announced expanded investments of $750 million on Tuesday from an affiliate of the Saudi Arabian Public Investment Fund, its largest shareholder, and Uber Technologies.
The latter is an expansion of a previously announced partnership with Uber that includes the transportation company investing another $200 million in Lucid. Uber also agreed to purchase at least 35,000 Lucid vehicles designed exclusively for use as part of Uber's future global robotaxi service. That's up from the $300 million and 20,000 vehicles announced in July.
The investment backed by the PIF is $550 million, according to Lucid.
Napoli, who also sits on the board of American-Irish multinational energy management company Eaton Corp., had never run an automotive company before, while Rawlinson and Winterhoff are automotive industry veterans.
The company said Napoli's “deep operational experience, financial discipline and track record of innovation leadership” would position Lucid for its future growth plans, including upcoming midsize electric vehicles and new autonomy initiatives.
“His expertise in capital allocation, operational efficiency, and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy,” Lucid President Turqi Alnowaiser said in a statement.
