Dimensional Fund Advisors has slashed its position in EV maker Lucid Motors for the third quarter in a row, its quarterly filing with the SEC showed on Thursday.
Dimensional sold 605,329 shares in the first quarter, ending the period with under 1 million shares — equivalent to 10 million on a pre-split basis.
The position is the smallest the firm has held since the second quarter of 2023.
The investment company’s stake in the EV maker was valued at $9.1 million by the end of March, and has since declined to $5.8 million, as Lucid‘s stock continues to hit successive lows.
Dimensional Fund Advisors doubled its stake in the Saudi-backed EV maker in early 2025 to more than 8 million shares.
Between April and June, it increased its stake again by nearly 118% after acquiring over 9.5 million shares — totaling 17.6 million.
In summer 2025, Lucid executed a 1-for-10 reverse stock split after trading in the $2.00 to $3.00 range on a pre-split basis. Institutional share counts were proportionally reduced as a result — though the underlying ownership stakes remained unchanged.
Dimensional Fund’s position scaled to 1.76 million shares post-split, equivalent to 17.6 million on a pre-split basis.
The firm reduced the stake to 1.69 million shares by the end of the third quarter.
The premium EV brand debuted on the Nasdaq in July 2021 via a merger with special purpose acquisition company (SPAC) Churchill Capital Corp IV.
Since then, its shares have dropped sharply from post-SPAC highs.
By the time Lucid announced the stock split, interim CEO Marc Winterhoff said the move was not intended to avoid delisting risk, but to attract investment from institutional shareholders not investing in companies trading below $5.00.
However, the company’s stock lost over 60% of its value since the split and went through successive all-time lows in the past few months — trading as low as $5.62 last week.
Lucid‘s stock closed 2.3% lower at $6.05 on Thursday.
Institutional Ownership
As of Friday, Lucid has 433 institutional shareholders with a combined total of over 254.1 million shares, Nasdaq data showed.
UBS disclosed earlier this week that it increased its stake in Lucid to a new record of 9.1 million shares.
The bank added 1,466,254 shares during the first three months of 2026, a 19.1% increase from the previous quarter.
The bank ranks among the first 10 largest institutional investors in Lucid. Dimensional Fund Advisors has dropped below the top in the past quarter.
Most institutions have not yet filed their quarterly portfolio updates, however.
Lucid is primarily owned by Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), which is followed by Uber. Both have filed their updates with the SEC in late April.
According to Fintel, Uber held 37,753,583 shares in Lucid by the end of the first quarter — a share of 11.5% of its stock.
The ride-hailing giant invested in the Saudi-backed EV maker last July, when it announced that it would be purchasing up to 20,000 Gravity vehicles for a robotaxi fleet equipped with AV tech from Nuro.
The deal has since expanded — with the investment in Lucid raising to $500 million and the vehicle purchase jumping to 35,000 units, now including the upcoming mid-size platform too.
Dimensional Fund’s Portfolio
Dimensional Fund Advisors held 3,252 positions in the first quarter, with a total market value of $524 billion.
Its position in Rivian has increased slightly — by 0.3% — to 7.4 million shares, while the Tesla stake saw a 5.6% jump to 5.1 million.
The investment firm also has holdings in Chinese automaker XPeng and EV maker Nio.
The Nio position was slashed by 79.7% during the first three months of 2026 to just 18,726 shares.
In XPeng, Dimensional Fund added just 997 shares — a 8.9% increase to 12,199 shares.
