- Lucid Motors has named Silvio Napoli as their new CEO.
- Company also announced $750 million worth of investments.
- Uber is increasing their Lucid order by at least 15,000 units.
Lucid Motors should be doing great as they finally added a much-needed crossover to their lineup in the form of the Gravity. The model was recently named World Luxury Car, but it hasn’t reversed the company’s fortunes.
Given this, the automaker has announced a series of developments including the appointment of a new CEO. Silvio Napoli has been tapped for the top spot and he’ll replace interim CEO Marc Winterhoff, who will be transitioning to COO.
More: Uber And Lucid Partner For Thousands Of Robotaxis
While Napoli isn’t a household name, he was previously CEO of Switzerland’s Schindler Group, which makes elevators, escalators, and moving walks. That’s not exactly automotive experience, but Lucid praised his “deep operational expertise, financial discipline, and track record of leadership in innovation.”
In a Form 8-K filing, Lucid revealed Napoli will have a base salary of $1,500,000 and the potential to make $4,500,000 if certain performance targets are hit. He’s also getting up to $25,000 per month in temporary housing expenses for half a year as well as a “lump sum payment of $1,000,000 to cover any expenses in connection with moving to the US.”
Napoli will also get two company cars, security, as well as tax and financial planning support. If that wasn’t enough, the company also mentioned a “long-term incentive grant” with a target value of $9,500,000.
Bigger Uber Order And New Investments
Besides announcing a new CEO, Lucid revealed Uber is increasing their previously announced order of at least 20,000 Gravity SUVs to be used as robotaxis as part of a three-way tie up with Nuro. The service is scheduled to launch this year in the San Francisco Bay area and eventually spread to dozens of markets around the world.
The order has now been expanded to at least 35,000 vehicles and the ride-hailing giant has also promised to invest an additional $200 million into Lucid. This will raise their total investment into the firm to $500 million.
Uber isn’t the only one forking over the dough as the Ayar Third Investment Company is pumping $550 million into Lucid. They’re an affiliate of Saudi Arabia’s Public Investment Fund, which is a major backer of the automaker.
Winterhoff said “Today’s announcement demonstrates the growing strength of our relationship with Uber, our continued partnership with the PIF, and the benefits our software-defined EV platforms bring to next-generation mobility networks.” He added, “This is yet another milestone in our partnership with Uber and Nuro, and we look forward to building on our momentum together in the years to come.”
