Peter Rawlinson, who recently stepped down as Lucid’s CEO, hasn’t fully departed the electric vehicle maker. According to recent company filings, Peter will receive a substantial consulting fee of $120k monthlyâtotaling $1.44 million annuallyâto serve as an advisor to Lucid for the next two years.
The compensation package extends well beyond the advisory salary. Peter will also receive a $2 million stock grant in the form of restricted stock units (RSUs), vesting in three equal installments through February 2027. The perks continue with a company vehicle, paid COBRA health insurance premiums, up to $10k annually for tax preparation services in both 2025 and 2026, and additional payments to offset personal income taxes related to these benefits.
While the new arrangement provides Peter with significant compensation, it represents only a small portion of what he previously earned as CEO. In 2022, Rawlinson topped the automotive industry’s executive pay charts with an extraordinary $379 million compensation package. That structure included a relatively modest $575k base salary but was dramatically enhanced by $373 million in stock awards and an additional $5.5 million in stock options.
Peter’s exit comes at a pivotal moment for Lucid, has immediately appointed COO Marc Winterhoff as Interim CEO while navigating ambitious production goals and financial stabilization efforts.
The leadership change coincided with Lucid’s Q4 2024 earnings report, which presented a mixed financial picture. The company reported a 49% year-over-year revenue increase to $234 million, alongside a narrowedâbut still substantialânet loss of $397.2 million. This represents a 39% reduction in losses compared to the $653 million reported in Q4 2023.
Despite the executive shakeup, Lucid remains committed to its 2025 production target of 20k vehiclesâmore than double its current output. Ambitious goal is partly fueled by the launch of the Gravity SUV, which the company hopes will expand its market reach beyond the luxury Air sedan.
Winterhoff’s interim appointment suggests confidence in his ability to streamline manufacturing and supply chain processesâareas where Lucid has previously encountered challenges. His mandate will focus on expanding manufacturing capacity and resolving production bottlenecks while managing the company’s liquidity concerns.
The tighter cost management reflected in reduced net losses shows progress, but Lucid still faces the dual challenge of supporting both operational scaling and ongoing technological advancements with its current capital reserves.
$120K monthly consulting fee arrangement ensures he’ll remain connected to Lucid’s future while the company navigates its next chapter under new leadership.
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