Lucid electric vehicles are seen at the New York International Auto Show on April 2, 2026.

Danielle DeVries | CNBC

Lucid Group has named the former chairman and CEO of Schindler Group, an industrial manufacturer of escalators and elevators, as its new chief executive.

Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric vehicle maker’s second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025.

Interim CEO Marc Winterhoff will remain with the company as its chief operating officer once Napoli takes the reins, according to Lucid. A company spokesman said Napoli is expected to begin as CEO in the coming weeks, pending completion of his relocation from Switzerland and U.S. visa process.

Shares of Lucid fell roughly 5% in midday trading, as the company also announced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia’s Public Investment Fund — its largest shareholder — and Uber Technologies.

The latter is an expansion of a previously announced tie-up with Uber that includes the ride-hailing company investing another $200 million in Lucid. Uber has also agreed to purchase at least 35,000 Lucid vehicles designed exclusively for use as part of Uber’s future global robotaxi service. That’s up from $300 million and 20,00 vehicles announced in July.

The PIF-backed investment is $550 million, according to Lucid.

Napoli, who also serves on the board of American-Irish multinational power management company Eaton Corp., has not previously led an auto company before, while Rawlinson and Winterhoff are automotive veterans.

The company said Napoli’s “deep operational expertise, financial discipline and track record of leadership in innovation” would position Lucid for its future growth plans, including upcoming midsize EVs and new autonomy initiatives.

“His expertise in capital allocation, operational efficiency and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy,” Lucid Chairman Turqi Alnowaiser said in a statement.

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A Lucid Gravity coming off the line at the company’s factory in Casa Grande, Arizona.

Lucid Group reported mixed fourth-quarter results Tuesday as the electric vehicle maker continues to face challenging market conditions and internal struggles.

The company widely missed Wall Street’s quarterly earnings expectations, while beating average revenue estimates by roughly 12%. It also revised its 2025 production results due to internal validation issues, but guided for a notable increase in vehicle production this year.

Here’s how the company performed in the fourth quarter compared with average estimates compiled by LSEG:

• Loss per share: $3.62 vs. a loss of $2.62 cents expected
• Revenue: $523 million vs. $468 million expected

Lucid’s results come days after the company laid off 12% of its U.S. salaried workforce in an effort to streamline operations and “operate with greater efficiency and deliver on our commitments to gross margin improvement and long term growth,” according to a statement from the company.

Interim Lucid CEO Marc Winterhoff described the cuts Tuesday to CNBC as a needed realignment of the company’s workforce amid broader market and economic concerns as well as needed gains in efficiency.

“We are adjusting and going to a level where we think we want to be and need to be,” he said. “But it’s nothing that will continue in the future.”

For 2026, the company announced a vehicle production target of between 25,000 and 27,000 units. That would mark an increase of roughly 40% to 51% compared with the year-end figures the company released Tuesday.

Lucid said the revision for the year — from 18,378 units to 17,840 units — came as “538 vehicles had not completed certain internal procedures required under its final validation process to be classified as produced.”

The company said the vehicles are expected to be completed this year, with the change not affecting its previously reported financial results.

Winterhoff described the expected growth as “healthy,” but not “outrageous” given the current slowdown in overall vehicle sales, including EVs.

“Our initial plans were higher, but we wanted to really be conservative and make sure that we are hitting the numbers that we are projecting,” he told CNBC.

Lucid is expected to begin production of a new, less expensive midsize vehicle at the end of this year, but Winterhoff said it will not be material to its 2026 production plans. He said the automaker’s Gravity SUV is expected to account for the majority of its production and sales this year, followed by the Air sedan. The company also plans to launch its first Lucid robotaxis with previously announced partners.

Winterhoff said the company’s main priorities this year are achieving its production target, growing sales, continuing efficiency gains and preparing for production of the midsize vehicle and robotaxis.

“We really want to make sure that we [are] on our path to profitability, make sure that we’re not spending money that we don’t have to. That’s very, very important,” he told CNBC.

Lucid has yet to say when the company expects to be profitable. It is scheduled to host an investor day on March 12 in New York.

Lucid said it ended last year with approximately $4.6 billion in total liquidity, which Lucid CFO Taoufiq Boussaid said was “strong” and would provide flexibility “to execute near-term objectives while investing in future growth.”

Lucid reported a net loss of $2.7 billion in 2025, in line with a $2.71 billion loss a year earlier. That includes more than doubling its year-over-year losses during the fourth quarter to $814 million. It reported a loss of $12.09 per share for the year.

The company’s 2025 revenue was up 68% to $1.35 billion, including more than doubling year-over-year results during the fourth quarter.

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Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.

Justin Sullivan | Getty Images

DETROIT – Lucid Group missed Wall Street’s expectations for a second consecutive quarter as the all-electric vehicle maker continues to address problems with the launch of its new flagship Gravity SUV.

The company, for a second consecutive quarter, also cut the high end of its annual production guidance to around 18,000 vehicles from a previous forecast of between 18,000 and 20,000 units. Its original target for this year was 20,000 units. It also reduced the low end target of its capital expenditures by $100 million to between $1 billion and $1.2 billion.

Here’s how the company performed in the third quarter, compared with average estimates compiled by LSEG:

• Loss per share: $2.65 adjusted vs. a loss of $2.27 expected
• Revenue: $336.6 million vs. $379.1 million expected

Lucid reported a net loss for the quarter of $978.4 million, or $3.31 per share, compared with a net loss of $992.5 million, or $4.09 per share, in the same period last year. Adjusting for one-time items including restructuring, the company lost $2.65 a share.

The company’s adjusted earnings before interest, taxes, depreciation and amortization was a loss of $717.7 million vs. an expected loss of $597.4 million, according to estimates compiled by StreetAccount. That loss widened year-over-over by 17%. Its quarterly revenue increased roughly 68% from $200 million a year earlier. 

Its quarterly revenue increased roughly 68% from $200 million a year earlier.

In addition to releasing its third-quarter results, Lucid said it has agreed to increase a delayed draw term loan credit facility from $750 million to roughly $2 billion from Saudi Arabia’s Public Investment Fund, the company’s largest shareholder.

The company reported total liquidity of $5.5 billion to end the quarter, including the undrawn credit line. Its cash and cash equivalents were roughly flat from the end of last year at $1.6 billion, with a total financial runway into the first half of 2027, the company said.

Lucid also said it continues to evaluate finance and liquidity options outside of the PIF as it launches its Gravity SUV and develops an upcoming midsize vehicle, which isn’t expected to start production until at least late next year.

An autonomous robotaxi from Uber’s partnership with Lucid and autonomous vehicle startup, Nuro.

Courtesy: Nick Twork | Lucid

Regarding Gravity, Lucid interim CEO Marc Winterhoff said the company “remains intensely focused on ramping up production and addressing the significant supply chain disruptions impacting the entire industry.”

During the company’s last quarterly results in August, Winterhoff admitted there were problems with Gravity, saying the company planned to significantly increase production during the second half of the year.

Winterhoff told investors Wednesday that the company continues to believe it can achieve a significant increase in Gravity deliveries during the fourth quarter, despite the supply chain issues and an industrywide slowdown in EV demand.

Lucid CFO Taoufiq Boussaid said Gravity production increased quarter-to-quarter but remains at an unmeaningful level.

The earnings results come roughly a month after Lucid reported third-quarter vehicle deliveries of 4,078 units, which increased from a year earlier but also fell slightly short of Wall Street expectations.

Lucid has made several partnership announcements this year. In July, it signed a $300 million deal with Uber that included the ride-hailing platform acquiring and deploying more than 20,000 Lucid Gravity SUVs over the next six years that will be equipped with autonomous vehicle technology from startup Nuro. More recently, it announced an expanded partnership with Nvidia for autonomous vehicle technologies.

Lucid’s results are in stark contrast to fellow pure EV company Rivian Automotive, which on Tuesday reported third-quarter earnings and revenue that topped Wall Street expectations and drove the stock price up during intraday trading Wednesday.

Shares of Rivian — following near-record gains Wednesday — are up roughly 16% in 2025, while Lucid remains off more than 40%, including a 1-for-10 reverse stock split this summer.

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Brand new Lucid electric cars sit parked in front of a Lucid Studio showroom in San Francisco on May 24, 2024.

Justin Sullivan | Getty Images

Electric vehicle maker Lucid Group on Tuesday said CEO Peter Rawlinson has stepped down as the company expects to more than double vehicle production this year to 20,000 units.

Lucid said Marc Winterhoff, the company’s chief operating officer, has taken over as interim CEO. Rawlinson will serve as a “strategic technical advisor to the chairman of the board, stepping aside from his prior roles,” the company said.

Winterhoff told CNBC on Tuesday that it was Rawlinson’s decision to resign as of Friday, however he declined to elaborate on any additional details.

“It was Peter’s decision after 12 years of, let’s say, daily grind or daily activities and bringing the company where it is today … that it is time to step aside and pass the baton,” said Winterhoff, who joined Lucid from Roland Berger in December 2023.

In a statement posted Tuesday on LinkedIn, Rawlinson said he decided it was “finally the right time” to step down after “successfully” launching the company’s second product, a three-row SUV called the Gravity. He did not elaborate further on the decision in the lengthy post.

Rawlinson’s departure is unexpected. As one of the company’s largest shareholders, Rawlinson, who also served as chief technology officer, has routinely touted his passion and stake in the automaker. He took Lucid public through a reverse merger with a special purpose acquisition company, or SPAC, in July 2021.

CEO Peter Rawlinson poses at the Lucid Motors plant in Casa Grande, Arizona, U.S. September 28, 2021.

Caitlin O’Hara | Reuters

“My mission and my dedication is steadfast. I’ve not sold a single damn share of this stock, except what was necessary for tax purposes,” Rawlinson said during the company’s third-quarter call in November. “So, my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.”

Lucid’s board has initiated a search to identify a new CEO, the company said.

The CEO change and production target were announced in conjunction with the automaker’s fourth-quarter financial results. For the period ended Dec. 31, the company reported a net loss attributable to common stockholders of $636.9 million, or a loss of 22 cents per share, on revenue of $234.5 million.

Analysts surveyed by LSEG expected a loss of 25 cents per share on revenue of $214 million.

During the same period last year, Lucid reported a net loss attributable to common stockholders of $653.8 million, or a loss of 29 cents per share, on revenue of $157.2 million.

The production target for 2025 announced Tuesday is compared with production of 9,029 vehicles and deliveries of 10,241 reported for 2024.

Lucid Gravity Grand Touring SUV (left) and Lucid Air sedan EVs

Lucid

Winterhoff said production of the Gravity SUV will gradually build during the year. He declined to speculate on what percentage of the 20,000-unit production target the vehicle would represent.

Shares of Lucid were about 8% higher during afterhours trading Tuesday.

As of market close, shares of the company were down about 13% this year amid slower-than-expected adoption of all-electric vehicles and uncertainty about federal support for EVs under the Trump administration. The stock declined by roughly 28% last year.

Lucid is largely backed by Saudi Arabia’s Public Investment Fund. Its first product was the Air sedan, which it began delivering in late 2021.

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