In the first quarter of 2025, Lucid Motors achieved a significant milestone by delivering 3,109 electric vehicles (EVs) across North America, Europe, and Saudi Arabia. This marks the company’s fifth consecutive quarter of increased deliveries, surpassing the previous quarter by 100 vehicles. Notably, this growth occurred during a period traditionally challenging for automotive sales, as evidenced by competitors like Tesla and Rivian experiencing declines in deliveries during the same timeframe.
A key factor contributing to this achievement was Lucid’s strategic engagement with rental and leasing companies. According to the company’s latest regulatory filing, approximately 300 vehicles were sold to these entities in Q1 2025. Nick Twork, a spokesperson for Lucid Motors, clarified that the majority of these transactions involved leasing companies, with the vehicles subsequently leased back to Lucid as part of an enhanced company car program. Twork emphasized that such fleet transactions are standard business practices aimed at optimizing the company’s interests.
This approach not only bolstered delivery figures but also provided Lucid with a steady revenue stream. The first-quarter filing revealed that sales to rental companies amounted to $27.2 million. Given the quarter’s total revenue of $235 million and the 3,109 vehicles delivered, the average selling price per vehicle was approximately $75,590. This suggests that around 360 EVs were sold to rental and leasing companies during this period. For context, Lucid reported sales of $34.7 million to rental companies throughout the entirety of 2024 and $9.1 million in 2023, indicating a significant uptick in such transactions.
Interim CEO Marc Winterhoff highlighted the positive reception of Lucid’s vehicles, stating, Many of our customers continue to tell us that once they experience a Lucid, it’s hard to go back. This sentiment underscores the company’s commitment to delivering high-quality EVs that resonate with consumers.
Despite these achievements, Lucid continues to face challenges in achieving profitability. The company reported a net loss of $684.7 million in Q1 2025, an improvement from the $779.5 million loss in the same period the previous year. Revenue for the quarter reached $173 million, up from $149 million in Q1 2023. Additionally, Lucid ended the quarter with $2.2 billion in cash equivalents, a significant increase from the $1.4 billion reported in Q4 2024.
Production and delivery figures also showed positive trends. Lucid produced 1,728 units of its Air luxury sedan in Q1 2025 and delivered 1,967 vehicles, marking a 39.9% increase compared to the same period in 2023. The company reaffirmed its projection of producing approximately 9,000 vehicles in 2025, highlighting the impact of recent investments from the Saudi Arabia Public Investment Fund (PIF).
CEO Peter Rawlinson emphasized the company’s unique position, stating, I believe there are two factors that set Lucid apart – our superior, in-house technology and the partnership with the PIF. He also expressed optimism about the upcoming Gravity SUV, asserting that it is on track to become the best SUV in the world.
Looking ahead, Lucid plans to expand its product lineup with the introduction of the Gravity SUV, slated for production in late 2024. The company is also developing a mid-size platform expected to enter production in 2026. These initiatives reflect Lucid’s long-term growth strategy and commitment to innovation in the EV market.
In summary, Lucid Motors’ record deliveries in Q1 2025 were significantly bolstered by strategic sales to rental and leasing companies. While the company continues to navigate challenges related to profitability, its focus on technological innovation, strategic partnerships, and product expansion positions it well for future growth in the competitive electric vehicle landscape.
