From EVwire · Simon Alvarez · · 1m 10s
Lucid drops update trifecta: $1.05B raise, new CEO, and 35k-vehicle Uber robotaxi deal
Lucid raises $1.05B, names new CEO, and secures 35k-vehicle Uber robotaxi deal.
In brief
Lucid raises $1.05B, names new CEO, and secures 35k-vehicle Uber robotaxi deal. Lucid Group announced a $1.05 billion capital raise, appointed Silvio Napoli as CEO, and expanded its robotaxi partnership with Uber to 35,000 vehicles globally. Originally reported by EVwire.
Lucid update trifecta
Lucid Group announced a $1.05 billion capital raise, new CEO Silvio Napoli, and expanded robotaxi partnership with Uber to 35,000 vehicles globally.
Funding details
The $1.05 billion includes $300 million public stock offering, $200 million from Uber, and $550 million in convertible preferred stock from Ayar Third Investment Company.
New CEO Silvio Napoli
Silvio Napoli, former CEO of Schindler Group, joins Lucid as CEO with focus on manufacturing scale, cost discipline, and translating innovations into long-term value.
Robotaxi partnership expansion
Lucid and Uber scaled robotaxi agreement to at least 35,000 vehicles globally, targeting commercial launch in San Francisco Bay Area later this year.
CEO transition
Interim CEO Marc Winterhoff transitions to Chief Operating Officer as Silvio Napoli becomes Chief Executive Officer.
Next steps
Lucid targets commercial launch of robotaxis in San Francisco Bay Area later this year with expanded Uber partnership.
Here's the gist
Lucid Group announced a $1.05 billion capital raise, appointed Silvio Napoli as CEO, and expanded its robotaxi partnership with Uber to 35,000 vehicles globally.
