Lucid stock pops on new CEO, fresh funding from Saudi PIF, Uber

EV shaper Lucid (LCID) made a flurry of large announcements connected Tuesday, naming a caller CEO and securing much-needed investment, arsenic the institution sets itself up for its adjacent evolution.

Lucid named Silvio Napoli arsenic its adjacent main exec, replacing interim CEO Marc Winterhoff, who volition instrumentality to his relation arsenic COO. Napoli, who astir precocious served arsenic CEO of the concern institution Schindler Group, volition articulation Lucid arsenic an enforcement manager and committee member, opening April 15, 2026.

Separately, Lucid besides revealed it volition person $750 cardinal successful caller investment. Ayar Third Investment Company, an affiliate of Saudi Arabia's Public Investment Fund (PIF), volition acquisition $550 cardinal of Lucid preferred stock, with Uber (UBER) subsidiary SMB Holding Corporation investing $200 cardinal via communal stock.

Lucid banal was trading higher successful aboriginal trade, though shares are down a whopping 60% successful the past year.

The PIF concern is not a surprise, fixed it holds important stakes successful some Lucid and Uber, efficaciously tying 2 of its large bets successful the EV and autonomous conveyance space.

Concurrently, Lucid and Uber announced a important enlargement of their autonomous conveyance partnership.

The 2 companies archetypal joined forces successful July 2025, erstwhile Uber invested $300 cardinal successful Lucid and committed to purchasing astatine slightest 20,000 Lucid Gravity SUVs for usage arsenic robotaxis implicit 6 years, moving with AV bundle supplier Nuro.

Under the caller agreement, Uber’s full fleet committedness bumped up to astatine slightest 35,000 EVs, present encompassing some the Gravity SUV and Lucid's upcoming mid-size model. All vehicles volition beryllium outfitted with autonomous driving exertion from Nuro.

The robotaxi programme is expected to marque its commercialized debut successful San Francisco aboriginal successful 2026, earlier expanding to dozens of planetary markets implicit the pursuing 6 years.

Fresh backing from PIF and Uber are a changeable successful the limb for Lucid, arsenic it ramps up Gravity SUV production, develops its upcoming mid-size EV, and works with Uber connected a caller robotaxi effort.

Pras Subramanian is Lead Auto Reporter for Yahoo Finance. You tin travel him on X and on Instagram.

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