The chief executives of electric-vehicle startups Lucid LCID -0.99%▼ Group Inc. and Rivian RIVN 2.55%▲ Automotive Inc. each received pay packages last year valued at over $400 million, as both companies raced to public markets and increased production in the growing EV market.
Equity accounted for the bulk of the nearly $566 million in compensation for Lucid CEO Peter Rawlinson and $422 million for Rivian chief RJ Scaringe. The reported pay is a steep raise from 2020 and reflects, in part, the companies’ ambitions for growth. What executives ultimately receive will rise or fall with the companies’ stock prices, and some of the equity awards could expire worthless if targets aren’t met or they depart.
