Electric Vehicle Maker Names New CEO and Announces Expanded Investments

An electric vehicle manufacturer has named a former chairman and CEO of an industrial machinery company as its new chief executive. The new CEO previously led a manufacturer of escalators and elevators for nearly 31 years. This appointment comes after the departure of the company's founder as CEO in February 2025.

The interim CEO will transition to the role of chief operating officer once the new CEO assumes the position. A company spokesperson stated that the new CEO is expected to begin in the coming weeks, pending relocation from Switzerland to the United States. Shares of the company rose approximately 5% in premarket trading on the day of the announcement.

Leadership Change The new CEO also serves on the board of a multinational power management company.

The company described the appointee's background as bringing operational expertise, financial discipline, and leadership in innovation. These qualities are expected to support the company's growth plans, including development of midsize electric vehicles and autonomy initiatives.

The company chairman stated that the new CEO's expertise in capital allocation, operational efficiency, and translating technology into performance will aid in scaling operations.

The previous leadership included automotive veterans in the CEO and interim CEO roles. This shift represents a change from prior automotive-focused management.

Investment Expansion The company announced expanded investments totaling $750 million from an affiliate of its largest shareholder, a public investment fund from Saudi Arabia, and a ride-hailing company.

This includes $550 million from the investment fund affiliate. The ride-hailing company's portion expands a prior agreement by an additional $200 million. Under the expanded deal, the ride-hailing company has agreed to purchase at least 35,000 vehicles from the electric vehicle maker, designed for use in its global robotaxi service.

This increases from a previous commitment of $300 million and 20,000 vehicles announced in July. The investments aim to support the company's turnaround and expansion efforts. The electric vehicle manufacturer has faced challenges in scaling production and achieving profitability since entering the market.

These developments occur amid a competitive landscape in the electric vehicle sector, where companies seek to advance technology and secure funding. The new leadership and investments are positioned to address operational needs and future product launches. Details on the exact start date for the new CEO remain pending relocation completion.

The company continues to operate its production facilities and develop vehicle models. Further updates on the investment deployment and partnership progress are anticipated in upcoming reports.