Written by Cláudio Afonso | LinkedIn | X
The California State Teachers Retirement System (CalSTRS), one of the world’s largest pension plans, has reduced its stake in the EV startup Lucid Motors by 32 percent, according to a recent form filed.
As of the end of the first quarter, the giant retirement scheme disclosed ownership of 901,363 shares of the electric vehicle manufacturer, valued at $2,568,885 marking a substantial decrease of 32.19 percent in holdings over the quarter.
In the previous form filed with the Securities and Exchange Commission (SEC), from February 13, CalSTRS reported holding 1,329,234 shares, resulting in a sale of more than 427 thousand shares.
This adjustment in shares comes amid broader institutional interest in Lucid Group, Inc., which boasts 743 institutional shareholders that collectively hold a total of 1,667,119,115 shares in the company.
Among the largest shareholders of Lucid are major investment firms including the Public Investment Fund (PIF), Vanguard Group, and BlackRock. Other significant holders include Morgan Stanley, Geode Capital Management, and Millennium Management.
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In a recent interview at the Financial Times Car Summit, Lucid CEO and CTO Peter Rawlinson said the company will not focus on developing an affordable model but on energy density technology instead.
Commenting on the development of the Lithium Iron Phosphate (LFP) technology, Lucid CEO predicts that the prices will continue to decrease over the next years.
“And the way that particularly LFP [battery tech] is going, that pack [could cost] under $3,000, maybe closer to $2,000 in a few years’ time. That is the enabler for the $20,000 car for the mass market,” he added.
Later in the interview, the chief executive said manufacturers from China are “many years behind Tesla” despite admitting “they’re a lot better than they’ve been”.
Lucid CEO admitted that Chinese OEMs have been improving a lot over the last years while expecting a second wave of improvement as the focus shifts to powertrain technology.
On Wednesday, the EV maker announced the opening of two new service centers in Europe adding that it is preparing to open three new showrooms in Germany.
During the first quarter, the electric vehicle manufacturer Lucid delivered 1,967 vehicles, a nearly 40 percent growth compared to the first three months of last year. In the conference call that followed the earnings release, CEO Peter Rawlinson disclosed that over 500 of them were delivered to Saudi Arabia.
Lucid has reiterated its annual production guidance of 9,000 vehicles for 2024 despite warning investors that its cash reserves, cash equivalents, and investments are projected to last until the second quarter of next year.
The CEO Peter Rawlinson announced that the company’s midsize model will enter production in late 2026, with a price expected to be around $48,000.
Written by Cláudio Afonso | LinkedIn | X
