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Scary! The annual salary of a new power CEO is as high as 2.7 billion RMB.

2024-03-04 Update From: AutoBeta autobeta NAV: AutoBeta > News >

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AutoBeta(AutoBeta.net)09/05 Report--

According to a CEO pay survey released by Automotive News on Sept. 4, Lucid Motors CEO Peter Rawlinson earned $379 million (2.77 billion yuan) in 2022, ranking first in the auto industry and 11 times as much as GM CEO Mary Barra, who earned just $34 million in 2022.

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It is understood that Peter Rawlinson's base salary is $575000, most of which is in the form of stock awards, totaling $372 million, plus a stock option gain of $5 million. It is worth mentioning that in 2022, Lucid Motors posted a net loss of $1.304 billion on full-year operating income of $608 million, and Peter Rawlinson's salary was equivalent to half of the company's annual revenue.

Lucid, formerly known as Atieva, was founded by Xie Jiapeng, a former vice president and director of Tesla, and Wen Shiming, a former Oracle executive. At first, it focused on the research and development of battery, electric control and electric drive technology. It was positioned as the core system provider of new energy vehicles, which can be simply understood as "Intel in the field of new energy vehicles". It is worth mentioning that apart from Xie Jiapeng, including Eric Bach, vice president of hardware engineering, Peter Hasenkamp, vice president of supply chain management, and Doreen Allen, director of sales, all come from Tesla, so it is not too much to describe Lucid as a "replica Tesla".

Like Tesla's early development path, the Lucid is also positioned as a high-end luxury electric car, and the first mass-produced model, the Lucid Air, starts at $87400. Because most Lucid executives have Tesla's background and the similar development paths of the two companies, Lucid was once known as the "Tesla killer". However, Rawlinson believes that Lucid is aimed at traditional luxury brands, not Tesla.

Lucid shares rose 10.64% on its first day of trading on Nasdaq, closing at $26.83 per share, with a total market capitalization of more than $40 billion. Since then, with the new energy vehicle tuyere, its share price has risen as high as $57.75, but now it has fallen to $6.36, losing more than 80% of its market capitalization to just $14.518 billion.

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Such a company has an astonishingly high CEO salary. In the United States, Peter Rawlinson's salary is also "scary", second only to Nvidia CEO Huang Renxun, who earns $506 million a year, including a base salary of $996800, a $62 million stock award and $443 million in stock options. By contrast, Ford CEO Jim Jim Farley earns just $18 million a year.

In response, Tesla CEO Musk said, "be careful of companies where leadership pay is not linked to performance." Musk has always been unoptimistic about the future of Lucid Motors, hinting on Twitter that Lucid Motors, which was spun off from Tesla, could fail.

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It is understood that although Tesla is currently the world's largest car company by market capitalization, Musk, as a CEO, has no salary. In 2022, Musk's salary was zero because wages and cash rewards were paid nothing, and the main income was stock option incentives, which have not yet been announced.

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