Polestar‘s third largest institutional shareholder BlackRock has increased its position in the EV maker by 22.9% in the second quarter, according to a new filing with the SEC released on Tuesday.
The world’s largest asset manager, which had a portfolio worth over $12.6 trillion by the end of June, bought nearly 2 million shares in the Geely-backed company between April to June, bringing its total stake to 10,605,345 shares.
The position was worth nearly $11.35 million by June 30.
This marks a new record in BlackRock’s position in Polestar since it started investing in the EV maker in the third quarter of 2022, shortly after the initial public offering (IPO).
The company acquired 7,000 shares at the time. In the following quarter, its holdings had rapidly increased to 503,264 shares, and by mid-2023, it had reached 1 million shares.
In the final quarter of 2024, the asset manager’s stake surged from approximately 1.22 million shares to over 7.46 million.
Over the following two quarters, BlackRock’s position continued to grow consecutively.
Polestar debuted in Nasdaq in the second quarter of 2022 via a merger with the special purpose acquisition company (SPAC) Gores Guggenheim.
The automaker had from 20 to 30 million shares under institutional ownership for nearly two years and, in the third quarter of 2024, they jumped to nearly 60 million.
Despite some fluctuations, the institutionally held shares reached nearly 90 million in early 2025, but have dropped to below 80 million since then.
As of Wednesday and according to Nasdaq, Polestar is owned by 122 institutions which collectively hold over 69.19 million shares.
The EV maker’s largest institutional owner is AMF Tjänstepension, a Swedish pension fund, which slightly trimmed its stake in the second quarter to 21,576,160 shares, worth $23 million.
It is followed by Swedbank, holding around 11.76 million shares, valued at $12.58 million.
Polestar‘s shares closed 1.9% up at $1.07 on Tuesday. The stock surged 41.4% since the beginning of 2025.
The company announced on Wednesday that it has set a Guinness World Record for the longest journey travelled by a fully electric SUV on a single charge, with its Polestar 3 model.
The test was taken with a standard Long Range Single Motor version, which achieved a record 935.44 km (about 581 miles).
