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

Lucide Motors set a record of a company to supply in the first quarter of 2021, providing 5 EVs to customers in North America, Europe and Saudi Arabia. It appears that the sale in a new company’s car program and rented fleet helped it go there.

According to a footnote in the Lucid Motors’ The latest regulatory filingIt sells about 300 cars equivalent that it referred to as “rent companies” in the quarter. A spokesman for Lucid Motors Nick Tork said in an email that despite the use of the term, the “huge majority” vehicles mentioned in the footnote were sold to lease companies and Automekar was leased as part of a rebuilding company’s car program.

“As part of the normal course of the business, we earn Fleet transactions whenever we see a good opportunity in the best interest of our business.”

The first trimester sales of leasing and rent companies allowed Lucid Motors to lose the number of cars provided by 5 vehicles in the fourth quarter of 2021, which the distribution of the company has increased in the fifth quarter. This is the beginning of the calendar year, despite a strong stretch for automotive sales; Industrial leaders, for example, Tesla and Rivian, saw the dramatic drop in distributing the year to start the year.

Lucid’s record quarter -stretched company followed a few years of its luxurious Seedan, a war for the wind to establish a market for the wind. The company expressed high hope in its first SUV, The Gravity, which is expected to send it to the larger fragments in the second half of this year.

Interim CEO Mark Winterhoff celebrated the milestone at the beginning of the company’s income call last week. “Many of our customers tell us that it is very difficult to go back if they have gained lucid experience,” he said.

Parsing of numbers

It is difficult to say exactly how many cars they sold to lucid leasing and rental companies. The company has refused to break the numbers available in its regulatory filings. To today, it has just reported the value of the dollar sold for the vehicles sold in this way.

Lucid first said in the trimester filing that it sold a $ 27.2 million car near “rent companies” to the first trimester. Delivery (3,109) suggests to divide Lucid’s revenue ($ 235 million) for quarters that the company’s average sales price may be around $ 75,590, which means that it has been sold as about 360 EV in rent and leasing companies.

Whatever the correct number, it seems an uptick. For the reference, the company wrote that it had sold $ 34.7 million cars to rent companies at all times of 2024. Before FilingLucid said that it sold $ 9.1 million in 2023.

Although sales can help quarter delivery list, they seem to have no effect on how much money the company has earned.

Lucid regulatory filing says elsewhere that it does not booked earnings in cars that sell to rent companies as it is obligatory to re -buy these vehicles on the next date. Lucid simply earn the earning book at that time – and even then, it only booked the difference between the initial sales price and the revenue agencies with the revenue agencies.

This is not working with any secret lucid rental companies. The company announced in October 2024 that the German -based Six was Start using Lucid was aired on his rental vehicles. There is also an agreement with its enterprise that has been less promoted. However, it was difficult to determine the impact of the sale of rent on Lucid’s overall distribution statistics until the latest regulator filing.

It is very important to evaluate customer demand for Lucid vehicles because the company’s first EV, the air fought to survive as expected for several reasons. The company began to sell air in 2021 when Sedans fell from North America’s fashion. Lucid initially focused on the most expensive version of the wind throughout the first two years of sale.

As the sales gradually rise, Tesla began to reduce prices in their vehicles to increase the promise of Wall Street. This price decrease had a domino effect on selling EV to other automackers. Lucid has reduced its most affordable version in Sydan – Air Pure – Air Pure – After starting shipping at the end of 2023, it has reduced the price to keep sales competitive.

Former CE D That in 2023 “[t]Oo people are aware of not just cars, but even the company.

Interim CEO Winterhoff says he has taken responsibility that he wants to raise the beef on Lucid’s marketing effort. The company spent $ 3.5 million on sale and marketing on the first quarter and at last week’s call that investors should be expected to increase it.