Lucid Gets New CEO and $750M from Saudi PIF and Uber
Lucid Group has appointed the former chairman and CEO of Schindler Group as its new chief executive officer. Simultaneously, Saudi Arabia's Public Investment Fund (PIF) and Uber have committed a combined $750 million in fresh capital to the struggling EV maker. The dual announcement signals a coordinated effort to stabilize and reposition the company.
The $750 million injection directly addresses Lucid's most pressing problem — it has been burning cash at an aggressive rate while trying to scale EV production. A new CEO with industrial manufacturing pedigree (Schindler makes elevators and escalators at global scale) suggests the board is prioritizing operational execution over visionary product storytelling. For LCID shareholders, this is near-term relief on the liquidity front, but dilution risk from the new capital raise remains a real concern.
Lucid's next earnings call (expected late 2025): watch for updated production guidance and cash runway figures. Any SEC filing disclosing the exact structure of the $750M deal (equity vs. debt, conversion terms) — likely within 4 business days of the announcement.
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