BNY reported on Tuesday that it increased its position in the EV maker Lucid Motors during the first quarter of the year.
The Bank of New York Mellon held just over 3 million shares in the electric vehicle maker at the end of the first quarter, a stake worth nearly $7.5 million, according to a recent regulatory filing.
The bank, founded by Alexander Hamilton more than two centuries ago, disclosed the position in a 13F filed with the US Securities and Exchange Commission.
BNY increased its stake in the California-based manufacturer by 4.5% during the first quarter of the year. The New York-based firm oversees about $49 trillion in assets.
The bank opened a position in Lucid before the company went public via a special purpose acquisition company (SPAC) in the second quarter of 2021. Two years later, it reached its ownership peak with over 4.2 million shares as of June 30, 2023.
Over the next two quarters, BNY halved its stake and closed the first quarter of 2024 holding about 2.1 million shares. Since then, the bank has been steadily increasing its position as Lucid’s stock price continued to fall.
The stock reached a new all time low last November at $1.93. After surging nearly 100% in the following two months, Lucid shares retested the $2 level last month.
As reported earlier on Tuesday, a Lucid Air owner and Reddit user said the company will deliver the first Lucid Gravity Dream Edition later today, April 30.
The car, which is priced at $139,900 and only available via invitation, will be handed over directly from the interim CEO Marc Winterhoff.
Orders for the Grand Touring trim opened last November, with prices starting just under $95,000, excluding a $1,725 destination and document fees.
For now, U.S. customers can only order that trim and the company has not yet announced when orders will open for the more affordable Gravity Touring trim, which will start at $79,900.
