Lucid Motors Achieves Record EV Deliveries in Q1 2025 Boosted by Leasing Sales

Lucid Motors achieved a new milestone in the first quarter of 2025 by delivering 3,109 electric vehicles (EVs) to customers across North America, Europe, and Saudi Arabia. This marks the highest quarterly delivery figure in the company’s history, surpassing the previous quarter’s deliveries by 100 vehicles and continuing a positive growth trend for the fifth consecutive quarter.

A significant factor contributing to this record was Lucid’s new company car program and increased sales to leasing and rental companies. Although the company refers to these sales as to “rental companies,” a spokesperson clarified that most vehicles were sold to leasing companies and then leased back to Lucid as part of a revamped company car initiative. This strategy allowed Lucid to leverage fleet transactions opportunistically to benefit its business.

In the first quarter, Lucid sold approximately $27.2 million worth of vehicles to these leasing and rental companies, which could translate to roughly 360 EVs based on the company’s average selling price of around $75,590. This represents an increase compared to previous years, where total sales to rental companies were $34.7 million in 2024 and $9.1 million in 2023.

Despite the boost in deliveries from fleet sales, Lucid does not immediately recognize revenue from these transactions because it retains an obligation to repurchase the vehicles later. Revenue is only booked upon repurchase, and even then, only the difference between the sale and repurchase price is recognized. This accounting approach means that while fleet sales help delivery numbers, they do not directly impact short-term revenue figures.

Lucid’s growth in deliveries comes amid a challenging market environment. The company’s flagship sedan, the Air, initially struggled to gain traction due to shifting consumer preferences away from sedans and aggressive price cuts by competitors like Tesla. Lucid focused on higher-end versions of the Air initially, but only began shipping the more affordable Air Pure in late 2023, accompanied by multiple price adjustments to stay competitive.

Looking ahead, Lucid is placing high hopes on its upcoming SUV model, the Gravity, which is expected to ship in larger volumes in the second half of 2025. Interim CEO Marc Winterhoff highlighted the company’s positive momentum and emphasized plans to increase marketing efforts, noting that the company spent $3.5 million on sales and marketing in Q1 and intends to expand this investment to boost brand awareness.

Lucid’s partnerships with rental companies like Germany-based Sixt and Enterprise have helped increase visibility and accessibility of its vehicles. These collaborations also provide valuable data on customer usage and preferences, which can inform future product development and marketing strategies.

Overall, Lucid Motors’ record deliveries in Q1 2025 reflect a combination of strategic fleet sales, product adjustments, and growing market acceptance. As the EV market continues to evolve, the company’s ability to innovate in sales models and expand its product lineup will be critical to sustaining growth and competing with established players.