Bank of New York (BNY) filed on Wednesday its quarterly portfolio update with the US Securities and Exchange Comission, revealing that it showed that the firm has adjusted its stake in the EV makers Lucid Motors, Rivian, and Tesla.
The world’s largest custodian bank increased its position in Lucid by 5.8% during the second quarter to 3,271,692 shares in the Newark-based company. The bank added 180,629 shares and its position is currently valued at just below $8 million.
The firm opened a position in the EV maker in 2021, when the company’s initial public offering (IPO) took place via a merger with the special purpose acquisition company (SPAC) Churchill Capital Corp IV.
By then, it acquired about 535,000 shares in Lucid, which were worth nearly $6 million.
In the following two years, the number of shares held by BNY in the automaker were boosted quarter over quarter, despite slight fluctuations.
It held a record stake of 4.2 million shares by the end of September 2023, which was then slashed to 2 million shares in the following two quarters.
Lucid‘s institutional ownership jumped since the beginning of 2025, from about 1.6 billion shares to nearly 2.25 billion shares, collectively held by 544 institutions as of Wednesday, according to data from Nasdaq.
The company is mainly backed by Saudi Arabia’s Public Investment Fund (PIF), which held 1.77 billion shares in the automaker by the end of the first quarter. It represented 78.9% of all institutionally held shares.
The company also has a position in EV maker Rivian, of which it sold over 403,000 shares in the second quarter.
By the end of June, BNY held 2,795,651 shares in the Irvine-based automaker, valued at $38 million. Its highest number of shares in Rivian was reached in the third quarter of 2024.
Rivian is currently owned by 860 institutions, which hold about 633 million shares, according to data from Nasdaq.
Its largest shareholder and early investor, Amazon, holds over 158 million of those shares.
Swiss bank Vontobel disclosed last month that its stake in both Lucid and Rivian reached a new record in the second quarter.
The firm started investing in both EV makers in the first quarter of 2022. In Lucid, Vontobel increased its position to 714,643 shares held by the end of June.
The company nearly tripled its stake in Rivian during the April-June period, to 450,318 shares, valued at nearly $6.19 million.
On Tuesday, Wolverine Asset Management disclosed that it reinitiated an equity position in Lucid during the second quarter, while exiting its remaining call options.
The Chicago-based investment firm acquired 690,989 Lucid shares between April and June, currently valued at approximately $1.66 million.
In mid-July, Lucid announced plans for a 1-for-10 reverse stock split, which according to interim CEO Marc Winterhoff, was not prompted by concerns over a potential Nasdaq delisting.
At the same time, the company unveiled a robotaxi partnership with Uber and Nuro, which led shares to soar.
However, late last week, the stock reversed to levels seen before the announcement, as concerns grew around the stock split.
On Tuesday, both Lucid and Rivian reported their second quarter earnings results, with shares of the EV makers plunging immediately after.
Lucid reported a net loss of $855.3 million — widened from $790.3 million a year earlier. The company missed consensus on revenue by about $24 million and earnings per share (EPS) by 2 cents.
Lucid is currently trading 7.4% lower at $2.24 on Wednesday’s pre-market session. The stock lost nearly 20% of its value since the beginning of 2025.
Rivian returned to negative gross margins in the second quarter and raised its full-year adjusted EBITDA loss forecast, citing policy changes impact.
Its shares also plunged by nearly 7% on Wednesday’s pre-market trading session. As of the time of writing, Rivian is trading at $11.36.
BNY also reduced its stake in Tesla by 6.3% in the second quarter, closing the first half of the year with 15,555,591 shares — a position currently valued at about $4.8 billion.
