Lucid Motors Offer
Hello Blind Community, I am new to this and would like to hear your suggestions on this topic. I am currently working in Michigan with a base of 85k (bonus and raise are given separate) and recently received an offer from Lucid for 140k (relocation and sign-on separate) in Newark. The role is slightly better in terms of learning. For anyone who is aware of the true cost of living, do you think this would be a step up in terms of compensation and also how stable the company is? I am also considering starting a family in 2 years, so not sure if this would be the right switch at this time. #lucidmotors #tesla #rivianautomotive #bayarea #google #ford
Op did you end up taking the offer?
Yes, I am however confused as to how the stocks will be affected given that they might me going public. Is that a good thing or a bad thing?
Congrats! What were your YOE?
Take it and move.
You should do a true comparison between your current TC and what is being offered by Lucid (base + ISOs). I would ignore the relocation and sign-on bonus as those are one-time items, plus they get taxed so so don't get the full amount anyway. In general, the Bay Area is more expensive than MI, with the biggest factor being housing. As with other places, location matters quite a bit, so rents for apartments/houses close to SF or the peninsula or parts of South Bay (good school districts) are going to be higher than those in the east Bay or further out. Others can chime in on this as well, but you can expect to pay around $2.5 - $3.0K per month easily on a two-bedroom apartment (more if it's new or updated) and $3.5K to $4.5K for a SFH depending on the location. Most other expenses (utilities, groceries, insurance) are a bit higher than the Midwest, so you can tack on a 20% add-on to what you currently pay. That should give you a rough idea of your expenses and should allow you to figure out if the move makes financial sense. There are plenty of folks here in the area that are comfortable with that salary range and if you are single and don't splurge on unnecessary things, then you should be fine. However, if you are a single-earner and have a family to support, then being on a single income in that range can be challenging. Child care is pretty expensive and you would likely need a bigger house/apartment with a family, so your overall spending would go up. My take is that unless you are earning $200K+ as a family, don't consider making the move - coming from the Midwest it would mean quite a bit of adjustment to your standard of living. Again, this is just my opinion, there are families here that live and thrive under that budget, so you have to consider your personal situation and decide what's best for you and your family. Regarding Lucid, they seem to be doing well right now and are going full steam ahead on the launch of the Air sedan. I think their engineering team is quite strong and they have a decent manufacturing facility in AZ. Work hours here in the auto industry are more demanding than what they are in MI, so you'll likely be busier, but this is a start-up, so that is part of the package. That being said, the EV industry is very dynamic - a bunch of startups have either folded or are struggling, so come prepared with that mindset.