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Lucid Motors achieved a new company record in the first quarter of 2025 by delivering 3,109 electric vehicles (EVs) to customers in North America, Europe, and Saudi Arabia. The success can be attributed to a new company car program and sales to rental fleets.
Parsing the Numbers
Although Lucid Motors did not provide specific figures on the number of cars sold to leasing and rental companies, the company reported selling $27.2 million worth of vehicles to “rental companies” in the first quarter. Based on the revenue and deliveries, the average selling price was estimated to be around $75,590, indicating a potential sale of approximately 360 EVs to rental and leasing companies.
The Impact
While the sales to leasing and rental companies contributed to the quarter’s delivery figures, they did not significantly affect the company’s revenue. Lucid Motors does not immediately recognize revenue from these sales as it is obligated to repurchase the vehicles at a later date. Revenue is only recorded when the vehicles are repurchased, taking into account the difference between the initial sale price and the repurchase price agreed upon with the rental companies.
Customer Demand and Market Strategy
Lucid Motors has faced challenges in establishing a market for its luxury sedan, the Air, but anticipates increased shipments of its first SUV, the Gravity, in the second half of the year. The company has been working on enhancing its marketing efforts to generate more awareness and demand for its vehicles.
The Road Ahead
Interim CEO Marc Winterhoff emphasized the positive feedback from customers who have experienced Lucid vehicles and expressed the company’s commitment to expanding its marketing endeavors. With a focus on customer demand and strategic sales initiatives, Lucid Motors aims to continue its growth trajectory in the electric vehicle market.
