BlackRock raised its holdings in Lucid, Rivian and Tesla to record levels in the third quarter, according to its new portfolio update filed with the U.S. Securities and Exchange Commission (SEC) on Friday.
The world’s largest asset manager held 12,737,699 Lucid shares at the end of September, up 4.6% from 12,174,275 in June. It was the largest Lucid stake in BlackRock’s quarterly reports since the EV maker listed in 2021, after adjusting for Lucid’s 1-for-10 reverse split in 2025.
Its Rivian holding rose 15.9% to a record 65,387,321 Class A shares, and its Tesla stake edged up to 214,215,472 shares, also the largest in its filings since at least 2021.
BlackRock’s latest portfolio update includes 50,911 holdings worth $6.79 trillion, up from $6.73 trillion in June, and covers BlackRock and 30 other included managers.
Until mid-2024, BlackRock filed its 13F reports under a different SEC registrant, now named BlackRock Finance Inc., and those reports are included in the historical comparisons.
BlackRock’s report combines index funds with actively managed accounts.
Eighth Straight Lucid Increase
The Lucid holding has risen for eight consecutive quarters, from about 4.3 million split-adjusted shares in September 2024. It nearly doubled in the second quarter, up 94.3% from 6,265,246 shares in March. The streak began after a 4.8% cut in the third quarter of 2024.
BlackRock first reported Lucid shares at the end of September 2021, two months after the company began trading on Nasdaq, with 758,662 on a split-adjusted basis.
The September stake equals about 3.2% of the 396,252,830 shares Lucid reported outstanding on November 3.
Among third-quarter 13F filers so far, Vanguard, with 15,890,528 shares across its seven reporting entities, and UBS, with a record 14,794,441, reported more. UBS also reported put options on 11,446,100 underlying shares.
Morgan Stanley, which filed on Friday afternoon, reported 5,643,893 Lucid shares, and State Street 5,353,523. Saudi Arabia’s Public Investment Fund (PIF), Lucid’s largest shareholder, does not file 13F reports.
Other managers have pulled back. Dimensional Fund Advisors reported no Lucid shares at the end of September after four straight cuts.
BlackRock’s filing valued its Lucid stake at $51.84 million, or $4.07 a share, down from $81.45 million at $6.69 in June. At Friday’s close it would be worth about $37.6 million.
Lucid at a Record Low
Lucid’s shares closed at $2.955 on Friday, according to Nasdaq data, below the previous record closing low of $2.98 set on November 5. They are down 72.0% this year from $10.57 at the end of 2025, after a 2026 closing high of $11.69 on January 5.
Lucid delivered 3,806 vehicles in the third quarter, down 6.7% from a year earlier, and reported a stockholders’ deficit of $2.10 billion at the end of September.
“Our transformation is beginning to show progress,” CEO Silvio Napoli said in the November 9 results release. “We are acting with urgency, strengthening the fundamentals and driving greater discipline.”
At that price, Lucid’s market value was about $1.17 billion. The EV maker granted its Chief Executive Officer and Chief Financial Officer performance units that vest only if that value reaches at least $3.5 billion.
Rivian Stake at a Record
BlackRock added 8,968,310 Rivian shares in the quarter, its largest increase since the third quarter of 2022, when the holding rose by 14,384,763. The previous high was June’s 56,419,011 shares, which had topped the 55,827,991 reported in June 2023.
The stake equals about 4.5% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20. Only Amazon.com Inc., with 158,363,834 shares, and Vanguard, with 96,485,266, reported more among third-quarter filers so far.
BlackRock also lifted its holding of Rivian convertible notes to $253.4 million in principal from $174.9 million.
It doubled its position in the 4.625% notes due March 2029 to $101.21 million from $50.41 million, and raised its holding of the 3.625% notes due October 2030 to $152.24 million from $124.54 million.
The filing valued the shares at $976.9 million, or $14.94 each, barely changed from $978.9 million in June because Rivian’s stock fell 13.9% in the quarter. At Friday’s $12.18 close, the stake would be worth about $796 million.
Rivian’s shares are down 38.2% this year from $19.71, according to Nasdaq and Yahoo Finance data. Their 2026 closing high was $20.14 on July 6, and they closed at $11.43 on October 26, the lowest since April 2025.
Other large holders also added Rivian shares in the quarter. State Street raised its stake for a 19th straight quarter, JPMorgan Chase lifted its holding to a record, Capital Group raised its holding by 59.6% and Fidelity lifted its stake to its largest since June 2025. JPMorgan’s stake reached 29,444,117 shares.
Rivian delivered a record 19,248 vehicles in the third quarter and raised the low end of its 2026 delivery forecast to 67,000 from 65,000, keeping the top at 70,000.
“We had great results with R2 becoming our best selling vehicle by volume in the third quarter,” founder and Chief Executive Officer RJ Scaringe said in the October 29 results release.
Tesla Edges Higher
BlackRock’s Tesla holding rose by 92,343 shares from 214,123,129 in June. Adjusted for Tesla’s 2022 stock split, it is the largest in the firm’s filings since at least 2021, and equals about 5.4% of the 3,952,757,946 shares Tesla reported outstanding on October 15.
The filing valued it at $76.01 billion, down from $90.06 billion, as Tesla’s stock fell 15.6% to $354.81 from $420.60 over the quarter. At Friday’s $390.22 close, the holding would be worth about $83.6 billion. Tesla’s shares are down 13.2% this year.
BlackRock also reported call options on 214,600 Tesla shares, up from 98,800. Among third-quarter filers so far, only Vanguard, with 258,431,445 shares, reported more Tesla stock.
The 13F total is larger than the 196,348,742 Tesla shares, or 4.96%, that BlackRock reported as beneficially owned as of September 30 in a Schedule 13G filed in October. The two forms measure holdings differently.
Other Carmakers
BlackRock cut its General Motors holding by 4.4% to 73,878,981 shares, the fourth consecutive quarterly decline and the smallest in its filings since at least 2021. The stake stood at 87,650,212 shares in September 2025 and peaked at 139,730,106 at the end of September 2023.
It equals about 8.8% of the 843,549,423 shares GM reported outstanding on October 9. The filing valued it at $5.69 billion. GM’s stock was nearly flat in the third quarter and closed at $86.00 on Friday, up 11.7% from its September 30 level.
Its Ford holding slipped 0.4% to 333,049,863 shares, and its value fell to $4.02 billion from $4.65 billion as Ford’s stock dropped 13.2% in the quarter to $12.06. BlackRock held 1,550,153 shares of Geely-controlled Polestar, up 2.8%.
Its Uber stake was little changed at 145,656,472 shares, down 0.2%, and it held $65.9 million in principal of Uber convertible notes, down from $68.0 million.
Among Chinese EV makers, BlackRock cut its Nio holding by 73.0% to 2,555,823 American depositary shares (ADS) and its XPeng stake by 23.3%, while raising its Li Auto holding by 78.4%.
