Lucid Motors set a record company for deliveries in the first quarter of 2025, 3,109 EVs to customers in North America, Europe and Saudi Arabia. It seems that a new car program of the company and rental fleet sales have helped get there.
According to a footnote on clear engines » Last regulatory depositsold the equivalent of about 300 cars to what is referred to as “rental companies” in the quarter. Nick Twork, a spokesman for Lucid Motors, said in an email that despite the use of the term, the “overwhelming majority” of the vehicles mentioned in the footnote were sold to lease companies and leased back to the automotive car as part of a remodeled car program.
“As part of the regular course of work, we take advantage of fleet transactions whenever we see a good opportunity that is in the interest of our business,” he said.
First quarter sales to lease and rental companies allowed Lucid Motors to win the number of cars delivered in the fourth quarter of 2024 with 100 vehicles, noting the fifth consecutive quarter that the company’s deliveries have increased. This is despite the fact that the beginning of the calendar year is often a tough area for car sales. The leaders of the Tesla and Rivian industry, for example, everyone saw dramatic drops in traditions to start the year.
Lucid’s record area has been following years of the company struggling to create a market for the luxurious sedan, the air. The company has nailed high hopes in its first SUV, Gravity, which expects to carry more volumes in the second half of this year.
Temporary Managing Director Marc Winterhoff celebrated the milestone at the beginning of the company’s profit profit last week. “Many of our customers keep telling us that once they experience a clear, it’s hard to get back,” he said.
Analyzing the numbers
It is difficult to say exactly how many Lucid cars it has sold to lease and rent companies. The company refused to dispel the numbers available in its regulatory deposits. To date, it has only mentioned the value of the dollar of vehicles sold in this way.
Lucid said in the first quarter deposition that it sold $ 27.2 million to “rented companies” in the first quarter. The division of Lucid’s revenue for the quarter ($ 235 million) from deliveries (3,109) suggests that the company’s average sale price during the period could be about $ 75,590, indicating that it sold up to about 360 EVs to rental companies.
Whatever the exact number, it seems to be a uppick. To report, the company wrote that it sold cars worth $ 34.7 million to rental companies in all 2024. In previous depositLucid said it sold $ 9.1 million worth in 2023.
While sales may have helped surrender for quarter, they do not seem to have an impact on how much money the company made.
Lucid says elsewhere in the regulatory deposition that it does not directly hold the revenue from the cars it sells to rental companies because it is obliged to repurchase these vehicles on a later date. Lucid only revenue from books at this point – and even then, only supplies the difference between the original sale price and a repurchase price agreed with rental companies as revenue.
Not Secret Lucid works with rental companies. The company announced in October 2024 that Germany based in Sixt was begins to be used Lucid Airs in the fleet of rented vehicles. It also has an agreement with the less -published business. But until the latest regulatory deposit, it was difficult to quantify how much the impact of rental sales on Lucid’s total delivery data.
The assessment of the demand for customers for Lucid vehicles is vital, because the company’s first EV, the air, struggled to meet expectations for a variety of reasons. The company started selling the air in 2021 at a time when the sedans had fallen from fashion to North America. Lucid initially focused on the most expensive versions of the air during the first two years of sales.
As sales rose slowly, Tesla began to reduce prices in her own vehicles in an effort to maintain the growth she had promised on Wall Street. These price cuts have caused a domino effect for other automakers selling EVS. By the time Lucid began sending the most affordable version of the Sedan – The Air Pure – at the end of 2023, it made multiple price cuts to keep sales competitive.
Former Managing Director Peter Rawlinson – who was replaced earlier this year after leaving the role – said The 2023 “”
Winterhoff, the temporary chief executive, said since he took over that he wanted to boost Lucid’s marketing efforts. The company spent $ 3.5 million on sales and marketing in the first quarter, and last week’s call, said investors should expect it to grow.
