Lucid’s (LCID) shares jumped about 5% early Tuesday after the American electric vehicle maker tapped industrial tech veteran Silvio Napoli as its next CEO. The company also raised $1.05 billion in fresh capital injection, including new commitments from Uber (UBER) and Saudi Arabia’s Public Investment Fund (PIF).
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The moves come as profitability remains a key challenge for Lucid even though the automaker accelerated its vehicle deliveries by 55% year-over-year in 2025. The new funds will help the EV maker, which recently slashed its U.S. workforce by 12%, to solidify its financial base amid margin pressure.
Lucid Turns to Silvio for Next Chapter
According to Lucid, Napoli, who most recently served as chair and CEO at Swiss industrial machinery giant Schindler (SHLAF), will bring decades of global industrial leadership experience to the role. The automaker expects that will help usher the company into its “next phase of growth” and further boost production of its Gravity SUV and the Air luxury sedan.
The veteran’s appointment means that Marc Winterhoff, who has been steering the company in an interim capacity since February last year, will return to his former role as chief operating officer.
Uber Boosts Lucid Investments to $500M
Meanwhile, Lucid’s new funding comes from an additional $200 million capital commitment from Uber, with the ride-hailing giant boosting its investments to $500 million. Uber — which recently signed a $1.25 billion robotaxi deal with rival Rivian (RIVN), also plans to increase its purchase of Lucid vehicles tailored for its robotaxi service to at least 35,000.
Lucid also got $550 million in convertible preferred stock from Ayar Third Investment, a wholly owned subsidiary of PIF. In addition, Lucid is raising $300 million in gross proceeds from its new stock sale expected to close on or about April 15.
Is Lucid a Buy, Sell, or Hold?
On Wall Street, Lucid’s shares continue to carry a Hold consensus rating from analysts. This is based on one Buy, six Holds, and two Sells issued over the past three months.
However, the average LCID price target of $13.13 implies about 50% upside.
