Written by Cláudio Afonso | LinkedIn | X
The custody banking giant BNY Mellon filed a new form with the SEC on Thursday, reporting the addition of 581,082 shares in the EV maker Lucid Motors.
By the end of the second quarter, the fund owned 2,681,982 shares valued at nearly $7 million, after increasing its stake in the US manufacturer by 27.66% during the quarter.
Based on Thursday’s closing price of Lucid’s stock, the position is valued at $9.28 million.
The EV maker completed its merger via a Special Purpose Acquisition Company (SPAC) on July 26, 2021, to list on NASDAQ under the ticker LCID, with an implied valuation of $24 billion. Based on the $3.46 per share closing price, Lucid’s current market capitalization stands at nearly $7.98 billion.
BNY first added shares in the second quarter of 2021, acquiring 7,740 shares of Churchill Capital Corp IV-A (under the thicker CCIV) before the merger with Lucid.
The highest reported value of ownership was on February 11, 2022, with 1,464,459 shares valued at $55.723 million, referring to the last quarter of 2021.
As of the end of the second quarter, BNY was managing over $50 trillion in assets for its clients: $49.5 trillion in assets under custody and/or administration and $2.0 trillion in assets under management.
As of today, Lucid has 713 institutional shareholders holding a total of 1.66 billion with Saudi Arabia’s Public Investment Fund (PIF) owning about 60% of the EV maker.
On Wednesday, the company announced it has entered into a non-binding supply agreement with Graphite One for anode active materials (AAM).
Earlier this week, Lucid’s CEO Peter Rawlinson revealed the start of pre-production for the company’s second model, the Gravity SUV, at the manufacturing facility in Casa Grande, Arizona.
Scheduled to start production “in late 2024,” the three-row 7-seater SUV will have, as one of its competitors, the R1S from the California-based EV maker Rivian.
Speaking to CarBuzz, Lucid‘s CEO revealed he already tested Rivian’s SUV and said he’s “not worried”.
In the same interview, Rawlinson reiterated the company’s ambition to become a volume manufacturer and reach one million units sold per year. In the second quarter of the year, the company delivered 2,394 vehicles while producing 2,110 units.
On August 5, Lucid will publish its second-quarter financial results and it is expected an update from the management on the annual production guidance.
Written by Cláudio Afonso | LinkedIn | X
