BlackRock, the world’s biggest asset manager, has increased its holdings in EV maker Lucid Motors for the fourth consecutive quarter, taking its stake to a new record high.
The firm, which closed the previous quarter with $13.5 trillion assets under management, has purchased about 270,000 shares between July and September.
The New York-based asset manager closed the third quarter of 2025 holding more than 5.6 million shares.
As of September 30, BlackRock’s stake in Lucid was worth $134 million.
The firm 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 (SPAC) Churchill Capital Corp IV.
Its holdings have progressively grown over time, with the company reporting around 4 to 5 million shares (equivalent to 40 to 50 million shares before the recent reverse stock split) in most quarters since early 2023.
Institutional interest in Lucid has emerged in the third quarter, after the company’s shares surpassed $5 per share, due to a reverse 1-for-10 stock split became effective in early September.
The company announced plans for the reverse split in July as its share price approached the $1.00 Nasdaq listing requirement threshold.
The company’s interim CEO, Marc Winterhoff, explained that most brokerage firms do not lend out stocks priced below $5, which has limited some institutions’ ability to buy Lucid shares.
“When you are on a certain level or below a certain level, certain institutional investors cannot invest into your stock,” Winterhoff stated in July while deniying any delisting fears.
Stock Performance
By September 30, Lucid shares closed at $23.79, after having previously reversed to a new all-time low of $15.25 just four days after the split.
On Wednesday, the share price fell to $15.29, just four cents above its lowest value. However, later in the session, the stock erased most of the intraday losses and closed at $16.59.
Lucid shares have lost nearly 20% of its value in the past 30 days.
The stock’s pullback came after Lucid missed third-quarter earnings expectations and saw key leadership changes last week.
Eric Bach, Senior Vice President of Product and Chief Engineer, was let go, an internal source exclusively told EV.
At the same time, TechCrunch reported that James Hawkins, VP of Engineering, also left the company despite not being announced by the company.
These departures bring the total to 14 C-suite or vice president exits in less than two years.
BlackRock’s holdings in the EV maker are currently valued at $93.6 million, around $41 million down from a month and a half ago.
Institutional Ownership
According to data from Nasdaq, and as of Thursday, 532 institutions currently own a position in Lucid. They collectively hold nearly 229.5 million shares.
At the beginning of 2025, institutional holdings jumped from less than 1.8 billion shares to over 2.2 billion by the end of August.
Following the reverse stock split — in which every 10 shares were consolidated into one — the adjusted number of institutionally held shares now stands at approximately 220 million.
Of those, Saudi Arabia’s Public Investment Fund (PIF), which backs the EV maker, held a majority of 177 million shares by the end of the second quarter (about 77%).
Excluding PIF, the largest institution with a position in Lucid is Vanguard, which has invested in the company since its IPO in late 2021.
By the end of September, the firm held a record high stake in the EV maker, with more than 11.35 million shares.
BlackRock is the second-largest institutional shareholder in Lucid. UBS Group, which placed third in the previous quarter, has not yet filed its portfolio update.
BlackRock Portfolio
At the end of the previous quarter, BlackRock held stakes in 5,253 companies, with a total market value exceeding $5.7 trillion.
Its largest holdings were in tech giants Nvidia, Apple, and Microsoft, each valued at over $300 billion.
The firm also owned 206 million shares of Tesla by September 30, which are currently worth $89 billion.
Meanwhile, BlackRock reduced its stake in Chinese EV maker Nio by 42.7%, leaving 2.2 million shares valued at $14 million.
