Bank of America (BofA) trimmed its holdings in Geely-backed Polestar by 1,022,943 shares in the first quarter, its latest 13F filing with the SEC showed.
BofA opened a position in the EV maker in the second quarter of 2022 with 219,200 shares and quickly increased its holdings sixfold to nearly 1.32 million shares in the third quarter.
However, after a slight trim at the end of that year, the position in the Sweden-headquartered brand was nearly exited in the first quarter of 2023 — reduced by almost 96% to just 47,691 shares.
The position gradually increased, despite some fluctuations, in the following five quarters. The bank’s record stake in the company was reached in the third quarter of 2024 when it disclosed 2.33 million shares.
The firm then lowered the holdings to 2 million shares in the fourth quarter and, by the end of March 2025, the bank held 991,948 shares worth $1 million.
Bank of America’s quarterly filing also reported adjustments to its holdings in Chinese automakers Nio, XPeng, and Zeekr. It quadrupled its position in Zeekr, increasing its holdings by 39,679 shares to over 50,000 by the end of March.
The American firm doubled its stake in the Shanghai-based EV maker during the first quarter to 12.6 million shares, worth $48 million. Its holdings in XPeng rose by 62.9% to 4,708,204 shares.
Regarding U.S. EV makers, BofA held 24,858,815 Tesla shares by March 31, 25% up from the previous quarter. Its position in Rivian was increased by 57% to 10.7 million shares, while the stake in Lucid Motors was raised to 3.74 million shares.
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.
In the third quarter of 2024, institutionally held shares jumped to nearly 60 million, increasing despite some fluctuations until it reached nearly 90 million in the past quarter.
As of Wednesday and according to Nasdaq, Polestar had 142 institutional owners which collectively hold about 78.27 million shares.
The EV maker’s largest institutional owner is AMF Tjänstepension, a Swedish pension fund, which held 21.97 million shares by the end of the first quarter.
It is followed by Swedbank, holding over 11.76 million shares, and BlackRock, the world’s biggest asset manager, which owned over 8.62 million Polestar shares. Bank of America ranked eleventh.
As of the time of writing, the company is trading 2% lower at $1.16. The stock gained 25% over the past twelve months.
Earlier this month, Polestar reported its first quarter financial results, posting an 84% rise in first-quarter revenue and a gross margin of 6.8%. The increase was largely driven by a 76% increase in retail sales to “an estimated 12,304” vehicles.
