Lucid Finally Fills CEO Seat, Scores Cash from Uber and Saudis

Lucid Motors has a new CEO. The luxury EV maker ended its year-plus search for a permanent leader following Peter Rawlinson’s abrupt departure, though the company hasn’t yet named who’s taking the job.

The announcement came alongside fresh funding. Uber and Saudi Arabia’s Public Investment Fund are both putting money into Lucid, though specific amounts weren’t disclosed. The PIF, which has been Lucid’s biggest backer, continues to double down on the struggling automaker.

Rawlinson stepped down suddenly last year, leaving the company without a captain while it burns through cash and tries to compete in a crowded EV market. The CEO hunt dragged on for months, with the company cycling through interim leadership.

The new funding injection buys Lucid time, but the company still faces serious headwinds. Production remains sluggish, and competition from Tesla, traditional automakers, and other EV startups keeps intensifying.

Based on reporting from TechCrunch.