LUCID NAMES NAPOLI CEO, SECURES $750M FUNDING

Napoli brings experience from leading Schindler Holding, a major global supplier of elevators and escalators. His appointment marks a significant leadership change for the electric vehicle manufacturer as it navigates production challenges and cash constraints. The $750 million funding round includes contributions from both Uber and the Saudi PIF, a major existing Lucid shareholder. The capital injection addresses the company's liquidity needs as it ramps up production of its luxury electric sedans and upcoming models. Lucid has faced production delays and quality issues since its public debut in 2021. The company delivered 6,001 vehicles in 2023 and is working to expand manufacturing capacity. Napoli's operational expertise from the industrial sector may support efforts to stabilize production and reduce costs. The CEO transition comes as Lucid continues developing its mid-range Air variant and preparing for future SUV launches, critical for reaching profitability targets.