Lucid to receive new investments from PIF’s unit, Uber; plans share offering

Lucid Group, Inc. today announced a significant expansion of its partnership with Uber, further supported by an additional long-term investment from Ayar Third Investment Co., an affiliate of the Public Investment Fund (PIF).

As part of the agreement, Uber will increase its purchase commitment to at least 35,000 Lucid vehicles designed exclusively for use as part of Uber's future global robotaxi service. The company has also committed to an additional $200 million investment in Lucid, raising Uber's total investments to $500 million to date, according to a company statement.

Ayar Third Investment has also committed a new investment of $550 million, further strengthening the strategic partnership between the PIF and Lucid.

Lucid also announced pricing of its underwritten public offering of its common stock for gross proceeds of $300 million. The underwritten offering is expected to close on or about April 15, 2026, subject to customary closing conditions.

Together with the gross proceeds from the underwritten offering, the total raise for these transactions is expected to be approximately $1.05 billion, the company said.

BofA Securities is acting as the sole underwriter for the underwritten offering, it added.

In a separate statement, Lucid announced that Silvio Napoli will be its next CEO and will join Lucid’s board of directors.

Meanwhile, interim CEO Marc Winterhoff will serve as Lucid’s Chief Operating Officer (COO) upon Napoli assuming the CEO role.

Napoli’s deep operational expertise, financial discipline, and track record of leadership in innovation position Lucid for its next phase of growth as it further scales production of Lucid Gravity and Lucid Air, advances its upcoming Midsize platform vehicles, pursues new streams of revenue through autonomy, robotaxi, and software-enabled innovation, and accelerates toward growth, positive free cash flow, and profitability, according to the statement.