BlackRock has increased its holdings in Lucid Motors, strengthening its position as the third-largest institutional shareholder in the Saudi Arabia-backed electric vehicle maker.
In a quarterly portfolio update filed on Tuesday, the world’s largest asset manager disclosed the purchase of 4.34 million shares in the second quarter, bringing its total stake to just under 53.7 million shares as of June 30.
BlackRock trails only Vanguard Group and UBS in Lucid’s shareholder rankings.
Vanguard made a marginal adjustment to its holdings in the period, buying an additional 304,176 shares — a 0.27% increase — to hold 111,238,011 shares valued at more than $250 million.
As of Wednesday morning, UBS has not yet reported its second-quarter portfolio.
BlackRock first took a position in Lucid in the third quarter of 2021, shortly after the Newark-based carmaker went public via a merger with special purpose acquisition company Churchill Capital Corp IV.
Later that year, Lucid’s market capitalisation briefly surpassed that of Ford and approached General Motors, before a sharp decline saw its shares lose 96% of their value in less than four years.
Lucid is now seeking shareholder approval for a one-for-ten reverse stock split, aimed at broadening institutional ownership.
Last Friday, the company amended a related SEC filing to correct an earlier error that stated the number of authorised common shares would remain unchanged after the split.
The EV maker’s top five institutional investors also include D.E. Shaw & Co. and Geode Capital Management.
On Wednesday, Dimensional Fund Advisors — its seventh-largest shareholder — reported more than doubling its position in the second quarter to 17.6 million shares.
Lucid shares have fallen 25.4% so far this year and 28.1% over the past 12 months.
The company is set to unveil a new concept vehicle based on its Gravity SUV on Thursday at the Pebble Beach Concours d’Elegance.
