Lucid Stock Rises Premarket: New CEO Reportedly Eyes Leaner Project Pipeline To Boost 'Highest' Shareholder Returns

• Lucid announced the appointment of its new CEO, along with a cash injection of about $750 million led by PIF, a Saudi-led fund, and Uber.
• The retail sentiment on the stock has turned from ‘Neutral’ to ‘Extremely Bullish’ amid ‘High’ message volumes
• Discussions with Saudi Arabia’s Public Investment Fund chairman, an ‘absolutely vital’ element to take charge as the chief executive of the company.

Shares of Lucid (LCID) rose premarket on Wednesday after the new chief executive of the company hinted at narrowing the project pipeline to provide the maximum shareholder value.

In his first interview with Bloomberg, the new chief executive officer outlined his plans for the automaker.

New Lucid CEO Bets On Cost-Effective Measures 

In a statement, Napoli said the company needs to “channel the excitement” into projects that could deliver the highest value to its shareholders.

“As a matter of fact, I believe deciding what we don’t do is going to be as important, if not more, than deciding what we do,” he flagged, adding, “I’m an engineer myself, I can see the excitement engineers experience when given a new challenge.”

During the interview, given his reputation for cost discipline, when asked if he would review Lucid’s existing projects and focus on the core business, including the company’s ’Lunar’ robotaxi concept, Napoli said, “it’s very high on the priority.”

PIFs Role & Priorities For Lucid

An engineer and Schindler veteran, who doesn't have any experience in the automotive industry, said discussions with Saudi Arabia’s Public Investment Fund (PIF) and the chairman were an “absolutely vital element” of the decision making, before he decided to lead the automaker.

PIF chairman, Turqi Alnowaiser, has been on Lucid’s board since 2019 and has been acting as the chairman of the board since April 2023. He has also had a seat on Uber’s board since November 2023.

“Today’s announcement is a confirmation of their continued support or their belief in Lucid as a company and its future,” Napoli added.

Napoli in the interview said that the PIF was looking to bring someone at Lucid with a global industrial experience. Earlier this year, the company announced its plan to tp start production of its mid-sized platform to be manufactured exclusively in Saudi Arabia — unlike the Air and Gravity models, currently produced in Arizona, as per the report.

“The most important element of that was their belief, their willingness to bring on board someone like me with industrial global experience in turning around, in growth, in businesses around the world, combining industrial manufacturing and service and building a brand,” said the incoming chief, Napoli.

Lucid’s Cash Injection

Along with the CEO announcement on Tuesday, Lucid also revealed that Uber expanded its purchase deal with the company and investing an additional $200 million in the company, increasing its total investment to $500 million.

Uber has also ramped up its commitment to purchase Lucid vehicles for its robotaxi service by 75%, increasing it to 35,000 units. This is up from the previously announced pledge of over 20,000 vehicles in July 2025.

The automaker also disclosed an investment of $550 million from Ayar Third Investment Company — an affiliate of the PIF. It also priced a $300 million registered public offering of common stock.

LCID Stock: How Did Retail Investors React?

On Stocktwits, the retail sentiment surrounding the stock has turned from ‘neutral’ to ‘extremely bullish’, while message volume has risen to ‘extremely high’. The stock’s message volume on the platform has grown by over 219% in the last year.

However, Lucid shares have declined by more than 16% year-to-date.

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