Lucid Group Inc (NASDAQ:LCID) shares declined almost 5% on Tuesday after the electric vehicle maker announced a new $300 million public offering of common stock, part of a broader capital-raising effort totaling approximately $1.05 billion.
The newly priced stock offering, expected to close on April 15, adds to previously disclosed investments from Uber and an affiliate of Saudi Arabia’s Public Investment Fund. Together, the transactions include $500 million in total investment from Uber and $550 million in convertible preferred stock from Ayar Third Investment Company, bringing the combined raise to just over $1 billion.
Alongside the financing announcement, Lucid also confirmed that Uber plans to purchase at least 35,000 vehicles for use in a future global robotaxi network, signaling a deepening strategic relationship between the two companies.
Seperately, the company revealed a leadership transition. Silvio Napoli has been named incoming CEO and will join the board of directors. He is set to replace interim CEO Marc Winterhoff, who will transition into the role of chief operating officer.
Napoli, a former leader of industrial technology firm Schindler Group, is expected to focus on operational discipline, scaling production, and improving financial performance as Lucid works toward profitability.
The company is currently expanding its lineup, including the Lucid Air sedan, the Gravity SUV, and a planned midsize vehicle platform, while also exploring opportunities in autonomous driving and robotaxi services.