Cory Steuben’s New Gig: Lucid Motors

[cvalue13]

Fanboi’s attack!!

 

[Gurule92]

Can't say I'm surprised. Should be a good job for him and hopefully they can incorporate some lean design principles. I wonder if this was always the plan or if happy accident

 

[cvalue13]

Of course Tesla xwitter is 80% this rn

 

[SolarWizard]

shameful

Of course Tesla xwitter is 80% this rn

 

[Cyberman]

shameful

Godspeed Cory

 

[CyberGus]

Guy just wants to build things instead of tearing them down

We need more of that around here

 

[happy intruder]

there is more tho this story

 

[DMC-81]

Good luck to Cory. Although, this factoid prevents me from looking at the brand seriously and certainly investing in their stock.

"Lucid CEO Peter Rawlinson's compensation for 2022 was higher than any other car company's CEO, according to this year's Automotive News CEO Compensation Survey.
The British-born engineer responsible for the Tesla Model S and Lucid Air took home $379,029,183 (2nd overall) in compensation last year. This is eleven times more than Mary Barra, his counterpart at General Motors."

Source: https://carbuzz.com/news/lucid-ceo-peter-rawlinsons-379-million-earnings-are-second-highest-of-2022

I did see my first Lucid vehicle in the wild last week, but that pay package is off the charts insane, and suspicious when the stock chart looks like this:

 

[Kahpernicus]

get that check

 

[cvalue13]

I did see my first Lucid vehicle in the wild last week, but that pay package is off the charts insane, and suspicious when the stock chart looks like this:

these exec comp packages can be misleading and confusing.

In 2022 Musk made zero at Tesla.

but in 2021 Musk made $23.5 billion in stock options

Sort of similarly, Lucid’s CEO had a market cap performance target in his deal, which market cap target he hit last year (to be paid this year), equaling the 350M over his $500k base salary

I’m not saying it’s not wild money. But it *was* a performances based pay trigger negotated, and who knows how long his contract will have him making far less for a while?

Musk making $23,000,000,000.00 in a year isn’t exactly comprehensible, either.

Lucid’s CEO payout of $379M is an unbelievable 1.8% of Musk’s payout

Put differently: in 2021, Musk “made”the equiv of the Lucid payout every week of the year

 

[TheLastStarfighter]

Of course Tesla xwitter is 80% this rn

But… are they wrong?

 

[cvalue13]

But… are they wrong?

I don’t know

Irrelevant to decorum though

 

[DMC-81]

these exec comp packages can be misleading and confusing.

In 2022 Musk made zero at Tesla.

but in 2021 Musk made $23.5 billion in stock options

Sort of similarly, Lucid’s CEO had a market cap performance target in his deal, which market cap target he hit last year (to be paid this year), equaling the 350M over his $500k base salary

I’m not saying it’s not wild money. But it *was* a performances based pay trigger negotated, and who knows how long his contract will have him making far less for a while?

Musk making $23,000,000,000.00 in a year isn’t exactly comprehensible, either.

Lucid’s CEO payout of $379M is an unbelievable 1.8% of Musk’s payout

Put differently: in 2021, Musk “made”the equiv of the Lucid payout every week of the year

The CEO pay is not confusing to me, and I still feel it is insane in this instance. Optically, it looks bad timing-wise.

Also, Lucid to Tesla is not a good comparison IMO. Tesla is now an established leader in EVs, with healthy and growing manufacturing volume.
They produced 1.37 million vehicles and delivered 1.31 million in 2022. They are well down the road to maturity. They are profitable and have cash in the bank.

On the other hand, Lucid barely registers on the EV map. They are still burning cash and are still at risk of failure. They only have one luxury sedan at the moment in the currently soft new car market.

The $379,029,183 Lucid compensation package is $52,789 per car built in 2022 and $86,754 per car delivered.

They made $608 million in revenue in 2022, so the compensation package was 62% of that.

Stats:
Lucid produced 7,180 electric cars, which is more than the annual guidance of 6,000-7,000.
However, the forecast was cut from 20,000, first to 12,000-14,000, and again to 6,000-7,000.

4,369 cars were delivered in 2022, compared to 125 in 2021.

Source: https://insideevs.com/news/630849/lucid-air-deliveries-2022q4/

So, 2022 was better than 2021, but not in line with payouts IMO.

The market cap target was misguided. So he made it? Was it sustained? Looks like it is 11.7 Billion now.

He sold 466,751 shares on June 6, 2022 at $18.67 per share. Some were for tax liability.
Source: https://www.lucidinsider.com/2022/06/15/new-salaries-for-lucid-motors-executive-officers/

When compared to the stock chart above, it doesn't seem right for the CEO to sell stock when the company's share price has been in decline for the first half of the year.

It's a matter of optics, especially when the share price continued its decline afterwards.

If I was a shareholder, I'd be unhappy about the fact that the CEO was the second highest paid last year given the financial state of the company. I'd also be nervous about the future of my investment.

 

[GSXR150]

But… are they wrong?

No.

 

[cvalue13]

The CEO pay is not confusing to me,

seems like it is

because you say things like:

The $379,029,183 Lucid compensation package is $52,789 per car built in 2022 and $86,754 per car delivered.

you’re treating it as though it’s pay based on 2022 performance or production

But it very well could be a term from his joining in 2019, that if by X date the market cap of company is Y, then his payout will be based on Z

and to repeat, I’m not saying it doesn’t sound like crazy money

I was instead only injecting that comments just like yours appear to display a misunderstanding of how these comp packages can work, and what they’re based on

Money he happens to be paid in calendar year 2022 does not equate to money he earned in calendar year 2022