Lucid Motors CEO Peter Rawlinson recently addressed the firestorm over his massive $3.4 billion compensation package in 2021. With Lucid’s stock struggling amid production delays, critics have called the payout excessive. But Rawlinson insists his incentives remain tied to the EV startup’s long-term success.
“Many may not be aware of my founding role in this company as we know it today,” Rawlinson explained. “I joined Lucid around 11 years ago, with a clear goal of making the very best electric vehicle and driving a revolution towards sustainable transportation that will benefit everyone.”
According to Rawlinson, the huge stock grant was solely determined and approved by Lucid’s Board of Directors. And much of it vested due to Lucid hitting key market valuation milestones, which the company publicly disclosed.
“I think there’s a misperception that this one-time grant was a salary that gets replicated annually. In fact, at my request, I did not receive a bonus for 2022 or any new equity grants in 2022-23,” Rawlinson noted.
The CEO was adamant that his dedication and mission remains unwavering over a decade later. Unlike other executives, he has not sold a single Lucid share except what was absolutely necessary for tax purposes.
“The stock I received from the grant remains company shares. So I am hugely and directly tied to Lucid’s performance as a key shareholder. I’m incentivized that way,” Rawlinson stressed.
He promised to continue working tirelessly to raise Lucid’s brand awareness, ramp up production, sign new licensing deals, lower costs, and launch the Gravity SUV and other future models.
“We have an incredible team driving forward, and I’m incredibly excited about our products and future,” Rawlinson concluded.
While his pay will continue generating headlines, Rawlinson maintains his fortunes depend greatly on fulfilling Lucid’s lofty long-term vision.