Bank of America Corp (BofA) has filed its quarterly portfolio update on Tuesday, revealing that it has cut its stake in both EV makers Nio and Rivian by about 20% between October and December.
In the fourth quarter, Bank of America held a position in 7,263 companies, with the portfolio valuation reaching $1.4 trillion.
In addition to the two EV makers, BofA added 909,092 shares to its 20 million-share stake in Tesla, worth over $9 billion by the end of December, and raised its position in Lucid Motors by 41.7% to 1.7 million shares, valued at nearly $18.3 million.
The firm reduced its stake in both Detroit automakers Ford and General Motors by 6.7% during the fourth quarter, ending the year with 14.9 million and 8.6 million shares in each, respectively.
Rivian
BofA cut its stake in Rivian by 21.2% between October and December, finishing the year with 10.4 million shares in the Irvine-based EV maker.
In the third quarter, the bank had already slashed its holdings by 25.9% — or 4 million shares — after having reported its highest position ever in the prior three months.
Bank of America first opened a position in Rivian when the company debuted on Nasdaq in late 2021, with 527,752 shares then.
Despite fluctuations, BofA’s stake in the company has increased progressively in the past four years, reaching its peak value in the second quarter of 2025, when it held over 17.7 million shares in the EV maker.
Rivian’s Institutional Owners
Data from Nasdaq shows that 883 institutions collectively hold 713.7 million shares in Rivian as of Wednesday.
The EV maker is primarily backed by Amazon, its main backer since 2019, and Volkswagen Group, which first invested in the company in the second quarter, as part of their joint venture.
Vanguard and BlackRock, the two largest asset managers in the world, are the biggest institutional investors in Rivian after Amazon and VW.
Vanguard has trimmed its position in the EV maker during the final quarter of 2025, holding 81.4 million shares then, while BlackRock sold around 800,000 shares, a 1.5% decrease in the stake, totaling 50.4 million shares.
JP Morgan has increased its stake in Rivian for the fifth consecutive quarter, holding a record 22 million shares in the EV maker by the end of 2025.
Bank of America is the seventeenth biggest institution with a stake in Rivian, having declined from the twelfth position in the prior quarter.
Nio
The bank also slashed its Nio holdings by 19.1% — or 1.7 million shares — in the final months of 2025.
It held around 7.1 million shares in the Chinese EV maker by December 31, valued at nearly $36.5 million, according to Fintel data.
BofA more than doubled its stake in the Shanghai-headquartered EV maker Nio in the first three months of the year, closing the first quarter with over 12.6 million shares.
It was the firm’s largest position in Nio since it first invested in the company, during the third quarter of 2018.
These holdings were slashed by 72.7% in the following quarter, as the bank sold over 9.1 million shares, finishing the April–June period with a 3.4 million-share stake.
In the third quarter, the firm again doubled its stake to 8.8 million shares, before ultimately cutting it by the end of the year.
Bank of America’s stake in the Shanghai-based company increased by just 1.1 million shares in 2025, when compared to 2024.
Nio’s Institutional Investors
Between mid-2022 and mid-2025, the number of Nio shares held by institutional investors dropped over 61%.
In the third quarter, however, institutional interest in Nio jumped as the stock more than doubled, before ultimately losing part of those gains in the final months of the year.
According to Nasdaq, a total of 502 institutional investors held nearly 313.8 million shares combined in Nio.
Nio‘s largest institutional shareholder as of the end of the third quarter, following its backer CYVN Holdings, was Aspex Management.
However, as it slashed its holdings by over 60% in the final quarter of 2025, it has dropped to the eight position.
DE Shaw & Co became the company’s largest institutional shareholder, increasing its holdings by 34.3 million shares during the October–December period, bringing its total to 48 million shares.
UBS remained the second-largest shareholder, despite reducing its position by 4 million shares to 24.5 million shares.
