Written by Cláudio Afonso | LinkedIn | X
Citi Group published late Monday the quarterly update of its portfolio revealing that trimmed its position in the luxurious electric vehicle (EV) maker Lucid Motors by nearly 48% while increasing its stake in Tesla by over 22%.
Citi ended the first quarter of the year holding 3,119,674 Lucid shares but dumped 1,492,337 between April and the end of June ending the quarter with 1,627,337 — a reduction of 47.84%.
The sale was the second biggest since Lucid IPOed via a SPAC merger with Churchill Capital Corp. IV in late 2021 only behind the third quarter of 2022 when Citi sold 1,678,592 shares.
Additionally, and according to Fintel, Citi reduced its Call options from 2.61 million to just 600,000 (a cut from 77%) and nearly doubled its Put options from 3.7 million to 6.67 million during the last quarter.
As reported by EV earlier this week, Geode Capital, the index fund business of Fidelity and one of the largest shareholders of Lucid Motors has added 1,433,024 shares in the second quarter.
This purchase marks a 9.62% increase in Geode’s stake in the luxury electric vehicle (EV) maker, bringing its total holdings to 16,332,315 shares.
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Last week, Lucid disclosed that its largest shareholder, the Public Investment Fund (PIF) of Saudi Arabia, which owns about 60% of the company, will inject an additional $1.5 billion in cash. This follows a previous agreement in March, in where PIF committed to investing $1 billion.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
On the last day of July, Lucid’s CEO, Peter Rawlinson, announced that the first pre-production units of the Gravity had rolled off the production line.
Last week, the company reiterated its annual production guidance of 9,000 vehicles as it prepares to start producing its second model, the Gravity SUV, later this year.
With 1,728 vehicles produced in the first quarter and 2,110 vehicles in the second quarter, the California-based EV maker expects to produce 5,162 vehicles in the second half of the year.
Written by Cláudio Afonso | LinkedIn | X
