Lucid names new CEO

Luxury electric vehicle maker Lucid Group has appointed Silvio Napoli as its new CEO, ending a year-long search for a permanent leader.

The company also announced $750 million in fresh investment from its major backers, including Uber and Saudi Arabia's Public Investment Fund.

Napoli, the former chairman of industrial machinery firm Schindler Group, takes over as Lucid approaches a critical production stretch for its global robotaxi fleet.

The new funding is intended to shore up operations and support the expansion of the company's partnership with Uber.

Shares of Lucid jumped on the news as investors welcomed the arrival of an experienced industrial leader and the injection of capital.