Rivian board gives founder and CEO RJ Scaringe a new pay package worth as much as $4.6B
The board of Rivian has introduced a new pay package for the American automaker’s founder and CEO, RJ Scaringe, incentivizing him to stay on target and maintain growth over the next decade. If it comes to fruition, Scaringe’s revamped pay package could be one of the most robust in history.
Rivian, although a growing name in the automotive conversation, remains a relatively young brand. While it took some time (and plenty of money) to scale, Rivian finally hit its stride in R1 and EDV production at its flagship facility in Normal, IL.
Since then, the American EV automaker’s financial reports have been trending upward, most recently in its Q3 financials, which detailed an increase in deliveries, revenues, and gross profits. Through thick and thin, Rivian’s founder and CEO, RJ Scaringe, has always been at the helm.
The company was originally founded as Mainstream Motors in 2009 by Scaringe himself, an MIT grad who studied engineering and lean manufacturing. Scaringe grew up near Melbourne, Florida, where he would work on cars with his neighbor and spend much of his time outdoors hiking and exploring.
As Scaringe grew older, he found himself driving miles into nature to hike, and became aware that he was contributing to the pollution of an environment he looked to preserve. As a result, the company was born.
Flash forward to today, and Rivian is currently selling its second-generation R1S and R1T EVs, as well as a new flagship model called the R2, which is due in the first half of 2026. Aside from helping battle climate change and provide consumers with dependable and rugged alternatives to traditional combustion pickups and SUVs, Rivian’s CEO does have to make a living, and has a pay plan in place.
However, Rivian’s board has announced a revamped plan with new and potentially more realistic milestones that could pay its founder and CEO handsomely.
Rivian CEO’s pay plan tied to stocks and financial targets
As reported by Reuters, Rivian’s board has decided to nix CEO RJ Scaringe’s current pay plan, which it said would likely not be met. Instead, Scaringe’s future as Rivian’s founder is secure through a new plan, complete with lower goals regarding share growth. The board also voted to double Scaringe’s base salary to $2 million.
According to a filing with the SEC, this new plan grants Rivian’s CEO options to purchase up to 36.5 million shares of the automaker’s Class A stock at an exercise price of $15.22 per share. Reuters notes that the purchase option involves approximately 16 million more shares than the previous grant awarded to Scaringe in 2021.
According to the new payment plan, the CEO’s award will be realized if Rivian achieves reduced stock-price milestones, which range from $40 to $140 per share over the next decade. That’s a more manageable number compared to stock milestones in the now-defunct pay package that required Rivian to reach a share price between $110 and $295 each.
Other required milestones include operating income and cash flow targets over the next seven years. If Rivian hits all the milestones in this revised package, its CEO will rake in up to $4.6 billion, while shareholders will gain $153 billion in value.
This news is quite topical as Tesla shareholders recently approved an astronomical pay package of $3 trillion for CEO Elon Musk, who, unlike Scaringe and despite what he says, is not a founder of the company he leads.
The revamped focus on growth and profits for the company, its CEO, and Rivian shareholders comes just a few weeks after Rivian announced it was laying off over 4% of its staff to lean down ahead of the R2 launch. R2 has a powerful hype train behind it, as a smaller, more affordable Rivian EV that aims to compete with the ultra-popular Tesla Model Y.
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Germany is about to become home to Europe’s largest battery storage system – a massive 1 gigawatt (GW) / 4 gigawatt-hour (GWh) project in Jänschwalde, Brandenburg.
LEAG Clean Power GmbH and Fluence Energy GmbH, a subsidiary of US-based Fluence Energy (NASDAQ: FLNC), are teaming up to build the “GigaBattery Jänschwalde 1000.” The four-hour system will use Fluence’s Smartstack technology, its latest large-scale energy storage solution.
Once complete, Europe’s largest battery storage project will play a key role in stabilizing Germany’s grid and storing renewable power for when the sun isn’t shining and the wind isn’t blowing. It’s designed to deliver essential grid services, support energy trading, and boost energy security as the country phases out fossil fuels.
LEAG’s broader “GigawattFactory” plan combines solar and wind farms with flexible power plants and large-scale batteries across Germany’s Lusatian energy region. “By constructing gigascale storage facilities, we’re addressing one of the biggest challenges of the energy transition: ensuring constant power regardless of the availability of renewable energies,” said Adi Roesch, CEO of the LEAG Group.
Fluence CEO Julian Nebreda described the project as a “milestone for the energy future of Germany and Europe,” adding that it demonstrates how collaboration and cutting-edge technology can “transform the foundation of our economy and our everyday lives.”
The German government recently reaffirmed the importance of storage in building a secure and affordable clean power system. With this 4 GWh giant, LEAG and Fluence are implementing that priority in one of Europe’s most coal-heavy regions.
Read more: Battery boom: 5.6 GW of US energy storage added in Q2
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![The Genesis GV90 is shaping up to be a real stunner [Video]](https://i0.wp.com/electrek.co/wp-content/uploads/sites/3/2024/11/Genesis-GV90-ultra-luxury-SUV.jpeg?resize=1200,628&quality=82&strip=all&ssl=1)
The GV90 will be the brand’s largest, most luxurious SUV yet. With its official debut coming up, a production version of the Genesis GV90 was spotted in public for the first time, offering a closer look at the stunning SUV.
The Genesis GV90 is a stunning flagship SUV
Genesis vehicles already have a unique design that’s hard to miss. The big Creste Grille, Two-Line Quad Lamps, and smooth character lines offer a refined, luxurious look, but Genesis is planning to take it to the next level with the GV90.
The GV90 is an “ultra-luxe, state-of-the-art SUV,” according to Genesis. It will be the luxury brand’s new flagship vehicle and first full-size electric SUV.
We got our first look at the flagship SUV last March after Genesis unveiled the Neolun concept at the New York Auto Show.
The GV90 has been spotted out in public several times now, even flashing high-end features like coach doors and adaptive air suspension, but now, we are finally getting our first look at the production version in real life.
A new video from HealerTV shows the production version of the Genesis GV90 in action. Although it’s still covered in camo, you can see a few slight design changes from the concept shown last year.
The headlights and grille appear closer in design to its current vehicles, but other than that, the GV90 looks essentially the same up front as the Neolun concept.
Since it’s still covered, it’s hard to see where the headlights are connected at this point. From the side and rear, the GV90 looks identical to the concept.
Genesis has yet to announce an official launch date, but the GV90 could debut by the end of the year with sales expected to kick off in mid-2026.
The flagship SUV is rumoured to be the first vehicle to debut on Hyundai’s new eM platform, which it claims will “provide 50% improvement in driving range” compared to its current EVs. It will also serve as a tech beacon, featuring Hyundai’s most advanced connectivity and safety tech.
We will learn official prices and final specs soon, but one thing is for sure: it won’t be cheap. The Genesis GV90 is expected to start at around $100,000, but higher trims could cost significantly more with added features and options.
Genesis is also introducing its first hybrid, the GV80, next year, followed by its first extended-range electric vehicle (EREV) based on the GV70. The EREV is expected to launch in late 2026 or early 2027. There’s also an off-road SUV in the works, which will likely arrive as a 2027 model.
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