Charles Schwab narrowly increased its position by 2.19% in Lucid Motors during the first quarter, according to its latest 13F filing with the SEC released on Friday.
The firm closed the first three months of the year holding 6,740,395 Lucid shares valued at $16.31 million. Between January and March, it acquired 144,694 shares.
Schwab’s position in Lucid has been sequentially growing since it first invested in the third quarter of 2021, a few months after the company went public.
The investment bank only trimmed its shares in the brand once — in the second quarter of 2024, when it sold about 5,000 shares.
As of Wednesday, based on first-quarter portfolio filings submitted, Schwab ranks as Lucid’s 15th largest shareholder among investment firms.
The California-based bank nearly doubled its stake in the automaker in the third quarter of 2024, from 2.76 million to nearly 5.10 million shares. In the final one, the stake increased by 29.4% to over 6.59 million shares.
In its first-quarter portfolio update, Charles Schwab increased its stake in Rivian by 6.53%, bringing its total holdings to over 5 million shares. The firm also raised its position in Tesla by nearly 5%, reaching 18.17 million shares worth $4.71 billion.
The bank opened a position in the Chinese carmakers XPeng and Nio a few years ago, however, it exited both by the end of 2022 and 2023 — respectively.
Schwab invested in Zeekr late last year — buying its first 20,738 shares a few months after the company went public, and adding 4,811 more earlier this year.
Lucid Motors debuted on Nasdaq nearly four years ago via a merger with the special purpose acquisition company (SPAC) Churchill Capital Corp IV.
As of Wednesday, the EV maker had 694 institutional shareholders holding a total of 2,294,241,570 shares, Fintel data showed. This represents a nearly 30% jump in the number of shares, from the 1.7 billion held by institutions at the end of the previous quarter.
Saudi Arabia’s Public Investment Fund (PIF), which currently holds nearly 80% of the shares held by institutions, has invested over $6 billion in the company since 2018.
Lucid‘s largest institutional investor, Vanguard, added 615,108 shares in the first three months of the year, closing the quarter with nearly 111 million shares. By the end of March, the shares were valued at $268 million.
On Tuesday, UBS disclosed in its quarterly SEC filing that it acquired more than 33 million shares in the company, a total of 57.12 million by the end of the quarter.
It surpassed BlackRock — the world’s largest asset manager — and became Lucid‘s second-largest institutional shareholder.
The Newark-based company reported its first quarter earnings results last week, posting a revenue of $235 million, within its target of between $232 million and $236 million.
According to its interim chief executive Marc Winterhoff this Wednesday, the brand will continue expanding in Europe and the Middle East: “We have started Abu Dhabi and we’re looking into Qatar and other additional markets coming very soon.”
