Lucid Motors has established a company record for deliveries in the first quarter of 2025, sending 3,109 electric vehicles to customers in North America, Europe and Saudi Arabia. It seems that a new car program of the company and sales for rental fleets have helped him get there.
According to a piece of the page in the latest regulatory deposit of Lucid Motors, he sold the equivalent of about 300 cars to what refers to “rental companies” in the quarter. Nick Twork, a spokesman for Lucid Motors, declared in one and -mail that, despite the use of the term, the “vast majority” of the vehicles referred to in the note was sold to leasing companies and rented to the car manufacturer as part of a car program of the renewed company.
“As part of the normal business course, we use the fleet transactions every time we see a good opportunity that is in the best interest of our business,” he said.
Sales of the first quarter to leasing and renting companies allowed Lucid Motors to beat the number of cars that delivered in the fourth quarter of 10024 by 100 vehicles, marking the fifth consecutive quarter that the company’s deliveries have increased. This is despite the fact that the beginning of the civil year is often a difficult trait for car sales; The leaders of the Tesla and Rivian sector, for example, have seen dramatic decline in deliveries to start the year.
The stretch of Lucid’s record neighborhoods follows years of the company that struggles to establish a market for its luxury sedan, the air. The company has blocked great hopes on its first SUV, the gravity, which is expected to send in greater volumes in the second half of this year.
The interim CEO Marc Winterhoff celebrated the milestone at the beginning of the company’s calls last week. “Many of our customers continue to tell us that once you experience a shiny, it is difficult to go back,” he said.
Analyze the numbers
It is difficult to say exactly how many lucid car has sold to leasing and renting companies. The company refused to break down the numbers made available in its regulatory documents. To date, he has reported only the dollar value of the vehicles sold in this way.
Lucid declared in the first quarter that he sold vehicles for a value of $ 27.2 million to the “rental companies” in the first quarter. Dividing Lucid’s revenue for the quarter ($ 235 million) for deliveries (3,109) suggests that the average sale price of the company in the period could be approximately $ 75,590, which implies that it has sold up to 360 EV to the rental and leasing companies.
Whatever the exact number, it seems to be an increase. For reference, the company wrote that it had sold $ 34.7 million cars to the rental companies all over 2024. In a previous deposit, Lucid said he sold $ 9.1 million in 2023.
Although sales may have helped the counting of the quarter delivery, they do not seem to have an impact on how much money he earned the company.
Lucid says elsewhere in the regulatory deposit that does not immediately book the revenue on cars that he sells to the rental companies because he is obliged to regain those vehicles later. Only the revenues of the books is lucid at that point – and even then, book only the difference between the initial sale price and a recourse price agreed with the rental companies as revenue.
It is not a secret lucid that has worked with the rental companies. The company announced in October 2024 that the Sext based in Germany was starting to use Lucid Air in its fleet of rental vehicles. It also has an agreement with the company that has been less advertised. But until the last regulatory deposit, it was difficult to quantify the impact that rental sales were having on the overall Lucid delivery data.
Evaluating the customer demand for Lucid vehicles is fundamental because the first EV of the company, the air, fought to live up to expectations for a series of reasons. The company began to sell the air in 2021 at a time when the sedans had fallen in fashion in North America. Lucid initially focused on the most expensive versions of the air in the first two years of sales.
While those sales climbed slowly, Tesla began cutting prices on their vehicles in an attempt to keep the growth that had promised Wall Street. These price cuts have caused a domino effect for other car manufacturers who sell electric vehicles. When Lucid began to send the cheapest version of his sedan – the pure air – at the end of 2023, made more cuts to maintain sales competitive.
Former CEO Peter Rawlinson – who was replaced at the beginning of this year after having resigned from the role – said in 2023 that ”
Winterhoff, the interim CEO, said since he took control that wants to strengthen Lucid marketing efforts. The company spent $ 3.5 million for sales and marketing in the first quarter and, on the call of last week, said that investors should expect to increase.
