Lucid Motors Hits Q1 Delivery Record of 3,109 EVs Fueled by Fleet Sales

Lucid Motors reported a record for quarterly deliveries in the first three months of 2025, handing over 3,109 electric vehicles to customers across North America, Europe, and Saudi Arabia. The milestone marks the fifth consecutive quarter of delivery growth for the luxury EV manufacturer, even as broader industry peers such as Tesla and Rivian saw early-year declines.

A contributing factor to Lucid’s strong first-quarter performance was a spike in fleet-related sales. According to the company’s latest regulatory filing, it sold approximately $27.2 million worth of vehicles to entities classified as “rental companies.” However, a spokesperson clarified that the majority of those vehicles were sold to leasing companies and leased back as part of a renewed internal company car program.

See also: Lucid Targets Expansion as Production Ramps Up and Global Markets Open

“As part of the normal course of business, we leverage fleet transactions whenever we see a good opportunity that is in the best interest of our business,” said Nick Twork, a spokesperson for Lucid Motors, in an email.

While Lucid does not disclose the precise number of vehicles sold to rental or leasing partners, revenue figures suggest the tally could be in the range of 300 to 360 units. That figure is a notable increase from prior years, with only $34.7 million in total fleet sales reported for all of 2024 and $9.1 million for 2023.

See also: Lucid Offers Up to $20,500 in Incentives on 2025 Air Models

Despite their influence on delivery volumes, the leasing transactions have had limited impact on Lucid’s top-line revenue. Due to repurchase agreements tied to these sales, the company only recognizes revenue once vehicles are reacquired, booking only the net difference as income.

The company has ongoing partnerships with Germany-based Sixt and U.S. rental firm Enterprise, though the scale of these collaborations has remained largely unclear until now.

See also: Lucid Maintains 2025 Production Outlook Despite Tariff Risks; Q1 Revenue Falls Short

Lucid has faced challenges since launching its Air luxury sedan in 2021, entering a segment that has seen declining popularity in the U.S. It initially focused on premium trims, only introducing its more affordable Air Pure model in late 2023. Competitive pressures, including aggressive price reductions from Tesla, have forced Lucid to adjust pricing multiple times.

Still, the company is looking ahead. Interim CEO Marc Winterhoff, who replaced Peter Rawlinson earlier this year, highlighted growing brand awareness on a recent earnings call. “Many of our customers continue to tell us that once they experience a Lucid, it’s hard to go back,” he said.

See also: Lucid Gravity Electric SUV Lease Starts at $1,102/Month With $8,030 Down, Outpacing Rivian R1S and Lucid Air

Lucid expects momentum to continue into the second half of the year, with deliveries of its first SUV, the Gravity, anticipated to boost volume further. The automaker also increased its sales and marketing spending to $3.5 million in the first quarter and signaled further investment in brand promotion.