UBS Group AG doubled its holding in Ford in the third quarter, added General Motors and XPeng shares, and trimmed Tesla, Rivian and Li Auto, according to its latest 13F filing with the U.S. Securities and Exchange Commission for the quarter ended September 30.
UBS’s Nio holding nearly doubled to 36,586,129 American depositary shares over the same period, making Nio its largest position among Chinese EV makers. The bank also raised its Lucid holding to a record 14,794,441 shares and lifted its put options on the stock to 11,446,100 underlying shares from 290,000.
The report lists 24,277 entries with a combined value of $765.0 billion, down from $786.0 billion at the end of June. It covers UBS Group and 10 included managers.
Ford and GM
UBS’s Ford holding rose 101.0% to 29,868,161 shares from 14,860,251, its highest since June 2025. UBS had cut the holding by 43.2% in the second quarter.
The new count is 38.0% above the 21,649,325 shares reported a year earlier and the second-largest in 33 quarterly reports going back to September 2018, just below the 29,950,597 shares reported for June 2025.
The position was valued at $360.2 million, up 74.4% from $206.6 million in June even as Ford’s shares fell 13.2% to $12.06 from $13.90. That value is second only to the $381.4 million reported for June 2025.
UBS AG accounted for 14,129,838 of the shares added, or 94.1%, lifting its line to 24,920,511. The total equals 0.76% of the 3,922,365,390 shares of common stock Ford reported outstanding on October 26.
UBS also held Ford puts on 2,104,700 underlying shares, up 3.2%, and calls on 679,800, up 44.3%.
General Motors rose 37.8% to 3,517,779 shares, also the most since June 2025, valued at $270.9 million at $77.00 a share, with GM’s stock almost unchanged from $77.08 at the end of June.
The stake equals 0.42% of the 843,549,423 GM shares outstanding on October 9. The count was 10.6% above a year earlier, and the value was the highest since December 2021, when UBS reported GM shares worth $283.4 million.
GM calls fell 66.6% to 82,600 underlying shares, and puts eased to 135,200 from 155,200.
Tesla and Rivian
UBS’s Tesla holding slipped 1.2% to 5,654,065 shares, valued at $2.01 billion at the September 30 close of $354.81, against $2.41 billion at the end of June. Tesla’s stock fell 15.6% over the quarter. The count was 19.4% above a year earlier and equal to about 0.14% of the 3,952,757,946 shares Tesla reported outstanding on October 15.
After adjusting for Tesla’s 2020 and 2022 stock splits, UBS’s record is 8,692,068 shares, reported for June 2024.
Within the total, UBS AG’s line rose to 3,454,382 shares from 2,623,137, while UBS Switzerland AG’s fell to 632,387 from 1,485,568.
Tesla options remain large relative to the common holding. UBS reported calls on 4,081,543 underlying shares, down 5.7%, and puts on 2,066,688, up 23.7%, valued at $1.45 billion and $733.3 million.
The Rivian holding edged down 1.3% to 10,724,797 shares, valued at $160.2 million at $14.94, after a 13.9% fall in the stock over the quarter. It was the lowest since March 2026, 45.0% below the 19,517,024 reported a year earlier and equal to 0.74% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20.
UBS’s record is 30,034,358 shares, reported for December 2024. Rivian calls fell 42.8% to 1,806,000 underlying shares and puts fell 61.9% to 529,100.
UBS also reported $1,000 in principal of Rivian convertible notes, down from $22,000, and no longer listed a second Rivian note line that held $159,000 in June.
XPeng and Li Auto
XPeng ADS rose 52.0% to 8,479,308, the most since September 2025, when UBS reported a record 10,311,707, valued at $81.1 million at $9.56.
The value rose only 9.7% because XPeng’s ADS fell 27.8% over the quarter, from $13.24. UBS AG held all but 49,627 of the ADS. UBS’s XPeng puts on 70,000 underlying shares were closed, and calls fell to 25,000 from 70,000.
Li Auto went the other way, falling 24.5% to 2,382,036 ADS, valued at $27.1 million at $11.36. Li Auto’s ADS slipped 3.2% over the quarter, so most of the 26.9% fall in value came from the smaller holding.
The June count of 3,153,738 had been UBS’s largest, and September’s was still 55.9% above a year earlier.
Ferrari, Stellantis and Others
Ferrari remained UBS’s second-largest carmaker position by value, worth $488.3 million. The bank cut it by 9.8% to 1,242,978 shares, the fewest since March 2025 and 10.9% below a year earlier. The value fell only 4.9% because Ferrari’s stock rose to $392.85 from $372.29.
UBS held 47,318,716 Stellantis shares, up 9.5% from June and 76.9% from a year earlier, its largest since Stellantis was formed in January 2021. UBS AG held 98.4% of them. The value still fell 16.8% to $206.3 million as the stock dropped 24.0% to $4.36. UBS also listed Stellantis puts on 15,763,767 underlying shares and calls on 9,417,540.
UBS cut its Honda ADS by 37.1% to 626,811, worth $19.8 million, and its Toyota ADS by 83.8% to 45,491, worth $8.3 million, the smallest since March 2023. It held 1,863,706 Harley-Davidson shares, down 4.2%, worth $45.5 million, while its Polestar, VinFast and Faraday Future positions were each worth less than $1 million.
Outside carmakers, UBS raised its Pony AI holding by 56.7% to 6,872,957 ADS, WeRide by 42.0% to 7,343,743 ADS and Mobileye by 12.2% to 5,034,095 shares. It lifted its Albemarle holding by 37.2% to 810,554 shares, worth $85.7 million.
Other Filings
UBS is among the first large banks to report third-quarter holdings. Barclays added Nio, XPeng, Rivian and Ford in the quarter while cutting Tesla, Lucid, Li Auto and GM, and Citigroup added Lucid, Rivian, Nio and Tesla while cutting XPeng and Li Auto. Baillie Gifford trimmed Tesla, Rivian and Ferrari.
UBS Asset Management Americas files its own 13F and had not reported for September as of Thursday.
Managers have until November 16 to report holdings as of September 30, and Morgan Stanley, BlackRock, JPMorgan, Goldman Sachs and Bank of America had not filed as of Thursday.
UBS Research
UBS’s research arm upgraded Rivian to ‘Buy’ on November 2 and initiated XPeng at ‘Neutral’ in September, when it also kept Ford at ‘Buy’.
UBS analyst Joseph Spak raised his Tesla price target to $425 from $391 on October 22 and kept a ‘Neutral’ rating. “We are raising our PT to $425 on higher numbers, but we do believe the stock will mostly trade with evolving views and sentiment on a potential combination with SpaceX,” he wrote.
Price Target, a sister publication of EV, archives Wall Street analysts’ research on the electric vehicle, artificial intelligence and semiconductor sectors.
When Spak upgraded Rivian with a $17 target, he wrote: “We see the recent selloff (-19% over the past month vs. S&P500 -1%) as a buying opportunity ahead of an inflection in R2 ramp and gross margins.”
Research and holdings sit behind information barriers, and the 13F does not link the two.
