Caution: Elon Musk Warns About Lucid CEO Rawlinson's Pay

author: FutureCar Staff    

Lucid Group Inc (LCID) CEO Peter Rawlinson emerged as the highest-paid automotive CEO in 2022, according to the Equilar CEO Compensation Survey. Rawlinson's total compensation reached $379 million, which was 11 times higher than General Motors Co (GM) CEO Mary Barra's compensation of about $34 million. Ford Motor Co (F) CEO James Farley ranked third among automaker CEOs with a total compensation of $18 million.

Tesla Inc (TSLA) CEO Elon Musk, in response to the survey, issued a word of caution, stating, "Beware any company where leadership compensation is not linked to performance." It is worth noting that Rawlinson was previously the chief engineer for Tesla's Model S.

In 2022, Lucid exceeded its annual production guidance by producing 7,180 vehicles, and it delivered 4,369 vehicles. The company reported an annual revenue of over $608 million.

As for Musk, he did not receive a salary from Tesla in 2022. However, this is because he has not taken a cash salary from the company since 2019 when he received $23,760. Instead, Musk holds shares in Tesla and options that allow him to purchase more shares at a discounted price if the company achieves specific financial targets.

By the end of 2022, Musk owned more than 423 million shares of Tesla, representing a 13.4% stake in the company. Tesla's shares closed at $245 per share on Monday, marking a significant increase of 19,041% since the company went public.

According to Forbes's real-time billionaires list, Musk is currently the richest person in the world, with a net worth of $248.8 billion.

For more information on the future of mobility, you can follow this link to Benzinga's coverage.

Photo via Gage Skidmore on Wikimedia Commons

FutureCar Staff