Hey everyone, Nuked here! Today we’re diving into some exciting electric vehicle news that’s sure to charge up your day.

Lucid Motors just hit a new milestone by delivering over 3,100 EVs in the first quarter of 2025, a record for the company. This boost comes mainly from new rental and leasing deals in North America, Europe, and Saudi Arabia, helped along by a refreshed company car program.

The company sold about 300 cars to rental firms during this quarter, as disclosed in their recent regulatory filings. Interestingly, most of these vehicles were lease-backed to Lucid itself, a strategy to optimize sales. Despite the seemingly boost in deliveries, Lucid reports that it doesn’t recognize revenue immediately on these sales due to contractual repurchase obligations, and it only accounts for the profit margin at that point.

Lucid’s interim CEO, Marc Winterhoff, emphasized that such fleet deals are a normal operational strategy, aiming to further grow its presence and improve brand recognition. The delivery increase also outperformed the last quarter of 2024 by 100 vehicles, marking a consistent upward trend for Lucid, even as other EV makers grapple with slow starts to the year.

The company’s recent success follows years of challenges with its luxury sedan, the Air. However, optimism is high with the upcoming launch of its first SUV, the Gravity, expected later this year, which could significantly boost sales volumes. While exact numbers of cars sold to rental companies remain proprietary, Lucid reported selling $27.2 million worth of EVs to rental firms in Q1, which suggests roughly 360 units at the average price of about $75,590 each.

Industry analyst perspectives highlight that these rental and leasing deals are crucial for Lucid’s performance, especially amidst competitive pressures from Tesla and Rivian. The company’s strategy includes working with entities like Sixt and Enterprise, which help expand their fleet usage.

Despite the growth in deliveries, Lucid’s revenue recognition remains cautious due to the repurchase agreements, meaning the actual net profit from these sales isn’t immediately realized. The company’s efforts to increase brand visibility and marketing spend, along with the upcoming vehicle launches, are seen as vital steps toward capturing a larger share of the EV market.

So there you have it! Lucid’s journey to EV dominance continues to accelerate, and it seems their rental and lease programs are lighting the way.