Lucid delivered 3,109 vehicles in the first quarter of 2025, 100 more than in the fourth quarter of 2024. Sales involving rental and leasing companies contributed to the increase, but Lucid did not disclose how many vehicles those transactions covered. The company reported $27.2 million in vehicles sold to rental companies—not a unit count.
How many vehicles did Lucid deliver?
Lucid reported 3,109 deliveries for Q1 2025, its fifth consecutive quarter of rising deliveries, according to TechCrunch’s report. That was 100 more vehicles than in Q4 2024. The increase included vehicles sold to rental and leasing companies, as well as deliveries to other customers.
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How much did rental-company sales account for?
Lucid’s Q1 2025 filing reported $27.2 million in vehicles sold to rental companies, as reported by TechCrunch. For comparison, the reported figures were $34.7 million for full-year 2024 and $9.1 million in 2023. Those are dollar values, not counts of cars.
Lucid did not disclose an exact number of vehicles sold to rental or leasing companies. TechCrunch estimated that the Q1 transaction might represent as many as around 360 EVs. That was an inference: the publication estimated an average selling price by dividing Lucid’s $235 million in quarterly revenue by its 3,109 deliveries, then applied that average to the rental-company sales value. It is not an audited figure or a count reported by Lucid, and the blended average does not establish the actual price or number of fleet vehicles.
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Why a delivery does not necessarily mean full vehicle revenue
Deliveries, transaction proceeds and recognized revenue describe different things. Lucid’s filing says that vehicles sold primarily to rental companies with an obligation to repurchase them at an agreed price are accounted for as operating leases. Under that treatment, Lucid recognizes the difference between the sale proceeds and the agreed repurchase price as vehicle leasing revenue over the lease term—not the full proceeds as vehicle revenue at the initial handoff. See Lucid’s Q1 2025 filing.
As a result, a vehicle can be included in the delivery tally even though the transaction’s full dollar value is not immediately recognized as vehicle revenue. The $27.2 million figure should not be treated as either an exact vehicle count or the amount of revenue recognized at delivery.
Which rental companies were involved?
TechCrunch reported that Lucid announced in October 2024 that Sixt was beginning to use Lucid Air cars in its rental fleet. It also reported a less-publicized Enterprise deal. The report did not give fleet sizes, contract terms or vehicle counts for either relationship, so neither partnership can be used to calculate how many rental-fleet cars were included in Q1 deliveries.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How later figures fit—and what they do not show
Later company disclosures use other leasing-related measures, but they do not clarify the unit makeup of Q1 2025 deliveries. Lucid’s Q1 2026 filing said vehicle sales related to its leasing program represented about 41% of total revenue, compared with 57% in Q1 2025. Separately, it reported sale-and-leaseback revenue of $34.4 million for Q1 2026 and $25.9 million for Q1 2025. These are distinct reporting categories; neither percentage nor sale-and-leaseback figure establishes what share of deliveries went to rental companies. The figures appear in Lucid’s Q1 2026 filing.
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For further context, Lucid’s Q2 2026 filing reported sale-and-leaseback revenue of $16.6 million for that quarter and $51.0 million for the first half of 2026, compared with $19.0 million and $44.9 million for the corresponding 2025 periods. These amounts likewise do not provide a retrospective unit breakdown for Q1 2025. See Lucid’s Q2 2026 filing.
Lucid’s Q1 2026 release reported 5,500 vehicles produced and 3,093 delivered, and said a seat-supplier issue affecting Gravity deliveries in February had been resolved during the quarter. Later, its October 5, 2026 Q3 operating update reported 2,954 produced and 3,806 delivered as Lucid reduced existing inventory during an operating reset. Those later-period results describe different quarters and do not establish the composition of the 2025 record tally.
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