April 14 (Reuters) – Lucid on Tuesday named Silvio Napoli as the company’s next chief executive officer, as it looks to ramp up production and sales of its electric vehicles amid a highly competitive EV environment.
Napoli was till recently the chairman and CEO of Schindler, where he was widely credited with modernizing the elevator and escalator maker’s global supply chain and overseeing its aggressive expansion into Asian markets.
He will take charge from interim CEO Marc Winterhoff, who will continue with the company as its chief operating officer.
Napoli’s appointment comes at a crucial time for Lucid as it works to expand its vehicle lineup into lower-cost models and robotaxis in partnership with Uber and Nuro.
Lucid has recently faced persistent supply chain disruptions, including issues with a supplier quality issue with second-row seats that hampered deliveries in the first quarter.
Separately on Tuesday, Lucid expanded its robotaxi partnership with Uber. The ride-hailing firm will increase its commitment to at least 35,000 Lucid vehicles and invest an additional $200 million in Lucid.
The autonomous vehicle industry represents a new avenue for automakers to bolster operations and tap into a market that analysts say will grow exponentially in the future.
The company has also been working to reduce costs, strengthen its balance sheet and increase profitability by optimizing supply chains and reducing workforce.
Lucid has been raising money with the help of Saudi Arabia’s Public Investment Fund, its largest shareholder, in a bid to stay afloat in an industry which requires heavy amounts of cash burn.
Napoli will receive an annual base salary of $1.5 million, with additional compensation tied to company performance and stock options linked to market capitalization hurdles, the company said in a regulatory filing.
(Reporting by Zaheer Kachwala in Bengaluru; Editing by Shailesh Kuber)
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