BlackRock added 5,909,029 shares in Lucid Motors during the second quarter, a 94.3% increase that nearly doubled the world’s largest asset manager’s position to over 12.1 million shares.
The quarterly portfolio update, filed with the US Securities and Exchange Commission (SEC) last Friday, marks the seventh consecutive quarter of accumulation, producing a new record high in share count.
BlackRock held 6,265,246 shares at the end of March, after adding just 207,893 during the first quarter.
Lucid entered the second quarter trading near $9.50, having already declined from above $12 at the start of the year.
A sharp sell-off through April accelerated the decline, with the stock breaking below $6 by mid-May.
On June 5, Lucid shares hit a then-record closing low of $5.11, pushing the market capitalization below $2 billion.
A partial recovery through the final weeks of June brought the stock to $6.69 at the quarter’s close — a roughly 30% decline from where it began on April 1.
At that June 30 price, BlackRock’s 12,174,275-share position was worth approximately $81.4 million.
The damage deepened after the quarter ended.
Lucid shares reached a fresh all-time low of $2.37 on July 14 before rebounding sharply later that month.
As of Friday’s close, the stock traded at $7.04. According to Nasdaq, the 12.1 million stake is currently worth around $85.7 million.
History
BlackRock first took a position in Lucid in the third quarter of 2021, shortly after the California-based EV maker went public through a merger with special purpose acquisition company Churchill Capital Corp IV.
Holdings hovered between 40 million and 50 million shares — on a pre-split basis — through most of 2023 and 2024.
Sustained accumulation began in the fourth quarter of 2024, when BlackRock added roughly 5.4 million shares, a 12.7% increase, bringing the position to around 48.5 million shares.
Smaller additions followed.
BlackRock purchased 817,670 shares in Q1 2025 and another 4.34 million in Q2 2025, pushing the pre-split total to nearly 53.7 million shares.
Lucid executed a 1-for-10 reverse stock split in early September 2025 after its share price approached the $1.00 Nasdaq listing requirement threshold earlier that summer.
On a split-adjusted basis, the roughly 53.7 million pre-split shares translated to approximately 5.37 million.
BlackRock’s Q3 2025 filing — the first after the split — recorded 5,642,309 shares.
A 415,044-share addition in Q4 2025 lifted the count to 6,057,353, a 7.4% increase, with another 207,893 shares in the first quarter, a 3.4% rise, bringing the total to 6,265,246.
The second quarter addition of around 5.9 million shares dwarfs every prior quarter in the streak.
Saudi-Backed Base
The company’s shareholder base remains heavily concentrated around Saudi-linked capital and strategic partners.
Saudi Arabia’s Public Investment Fund, through its wholly owned Ayar Third Investment Company, is the dominant shareholder.
PIF reported beneficial ownership of approximately 280,992,324 shares as of late April, or roughly 56.85% of issued and outstanding common stock.
That figure includes shares issuable on conversion of Series A, B, and C preferred stock. The fund has invested about $9 billion in Lucid since 2018.
On July 28, Prince Alwaleed bin Talal also disclosed a 5.0% holding in the EV maker, reporting 19,513,000 shares of Class A common stock in a Schedule 13G filed with the SEC.
At Lucid‘s closing price that day, the position was worth approximately $126 million.
Alwaleed is not part of Saudi Arabia’s Public Investment Fund and the purchase was not a sovereign transaction, though the two are linked.
PIF acquired 16.87% of Kingdom Holding Company — which Alwaleed founded and chairs — from him personally in 2022 for about $1.5 billion.
The fund that controls Lucid is therefore a minority shareholder in the company chaired by Lucid‘s newest 5% holder.
Other Main Shareholders
Uber holds the second-largest strategic position at 37,753,583 Class A shares through subsidiary SMB Holding Corporation.
A $200 million follow-on investment in April brought the ride-hailing company’s total commitment to $500 million and expanded the robotaxi order from 20,000 vehicles to at least 35,000.
Vanguard and BlackRock follow. However, not all institutional investors have disclosed their second-quarter portfolios with the SEC as of Monday morning.
Citigroup extended its own buying streak during Q2, adding to a position that stood at 1,605,537 shares after a 67% Q1 increase.
