Photo: Lucid Motors
Lucid Group CEO Peter Rawlinson bagged a whopping $263 million USD worth of performance-based stock awards last year as a result of a brief summit in the company’s share price — reports Automotive News.
In March 2021, Lucid’s board of directors awarded Rawlinson approximately 13.8 million time-based stock units that vest over four years from the end of 2021, along with 16 million performance-based stock units. According to a Thursday filing, Lucid valued the award at $556 million — one of the largest compensation packages paid to any executive last year.
Lucid Motors went public in July 2021 with an opening listing price of $25.24 per share. The company’s market valuation swelled to $91 billion by November, remaining high enough over a six-month period for Rawlinson to collect four of the five tranches of the 16 million performance-based stock units awarded to him, revealed the filing.
At Thursday’s closing price for Lucid shares, Rawlinson’s newly vested performance stock is worth $263 million. The company’s CEO can still collect the remaining 2.1 million performance-based stock awards if the company’s market value rises to about $70.5 billion and remains there for six months, and his time-based stock awards have started vesting as well.
Rawlinson’s performance bonus, while impressive, pales in comparison to Tesla CEO Elon Musk’s 2018 payout of $75 billion following a steady, meteoric rise in the fellow electric vehicle (EV) maker’s stock price.
Lucid has been having a rough go of it as of late, though, racked by supply chain shortages and difficulties scaling up production.
In February, the EV maker scaled back its 2022 production target from 14,000 vehicles to 12,000 and delayed its Gravity e-SUV, but also announced a planned manufacturing plant in Saudi Arabia at the same time.
Lucid’s stock is currently a shadow of its November high of $57.75 per share, down 67% to $18.79 in mid-day trading on Friday — lower than the initial listing price.
Lucid Motors started customer deliveries of the Lucid Air Grand Touring earlier this month as it unveiled the new Grand Touring Performance model.
Lucid on Wednesday announced a deal to sell 100,000 of its EVs to the Government of Saudi Arabia over a ten-year period. The automaker is also planning to launch in Europe sometime this year.
