Lucid’s record quarter got a lift from rental sales and company leases

Lucid Motors set a company record for deliveries in the first quarter of 2025, shipping 3,109 EVs to customers in North America, Europe, and Saudi Arabia. It appears that a new company car program and sales to rental fleets helped it get there. According to a footnote in Lucid Motors’ latest regulatory filing, it sold the equivalent of around 300 cars to what it refers to as “rental companies” in the quarter. Nick Twork, a spokesperson for Lucid Motors, said in an email that despite the use of the term, the “vast majority” of the vehicles referred to in the footnote were sold to leasing companies and leased back to the automaker as part of a revamped company car program. “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,” he said. The first-quarter sales to leasing and rental companies allowed Lucid Motors to beat the number of cars it delivered in the fourth quarter of 2024 by 10 ... Read full article.