Dimensional Fund Advisors reported no Lucid shares at the end of September, after cutting its holding in each of the previous four quarters, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The Austin, Texas-based fund manager held 289,862 Lucid shares at the end of June, valued at $1.9 million.
In June 2025, it held the equivalent of 1,764,275 shares, adjusted for Lucid’s 1-for-10 reverse stock split that August, the most in its reports since it first disclosed Lucid shares in June 2023.
Over the same quarter, Dimensional raised its Rivian holding by 13.3% to 8,896,734 Class A shares, its largest since Rivian’s 2021 listing.
The report, filed on November 4 for the quarter ended September 30, lists 13,804 entries worth $550.81 billion, little changed from $551.84 billion in June. It covers Dimensional Fund Advisors LP and four included managers in the U.K., Australia, Singapore and Ireland.
Managers may leave out positions of fewer than 10,000 shares worth less than $200,000. Dimensional could therefore still hold up to 9,999 Lucid shares, worth less than $41,000 at the September 30 close of $4.07, or about 0.003% of the company.
Dimensional’s September report lists none of its 3,224 stock positions below both thresholds, which indicates that it uses the exemption.
The filing, therefore, does not show whether its Lucid holding fell to zero or to a number below 10,000 shares.
A Year of Reductions
In June, Dimensional held Lucid shares through all five of its reporting units. Dimensional Ireland held the most, 176,410 shares, while Dimensional Fund Advisors LP held 92,025 and the other three units 21,427 between them.
The reductions began after June 2025. Dimensional reported 1,690,789 Lucid shares in September 2025, the first quarter after the split, and cut the holding by 7.7% to 1,560,871 in December.
It then reduced the position by 38.8% to 955,542 shares in March and by 69.7% to 289,862 in June.
Dimensional’s funds follow rules based on company size, valuation and profitability rather than tracking a published index or picking individual stocks. A 13F does not say why holdings changed.
Lucid’s stock fell 39.2% over the third quarter to $4.07 on September 30.
It hit a record closing low of $2.98 on November 5 and closed at $3.26 on Thursday, down 11.2%.
Thursday’s close was 84.5% below the split-adjusted $21.10 at which Lucid ended June 2025, so the 1,764,275 shares Dimensional held then would now be worth about $5.8 million. The shares have fallen 69.2% this year from their 2025 closing price of $10.57.
Lucid’s Quarter
Lucid reported third-quarter revenue of $350.3 million on November 9, up 4.1% from a year earlier and short of analysts’ estimates. Its loss of $2.74 a share was wider than the $2.28 analysts had expected, according to LSEG.
It also secured a $1.75 billion increase to its loan from Saudi Arabia’s Public Investment Fund, its largest shareholder.
Revenue fell 13.6% from $405.3 million in the second quarter. The net loss narrowed to $830.9 million from $978.4 million a year earlier. Lucid expects fourth-quarter deliveries to rise from the third quarter, Chief Financial Officer Alexander De Bock said on the earnings call.
Lucid delivered 3,806 vehicles in the third quarter, 6.7% fewer than a year earlier, and produced 2,954. “Our transformation is beginning to show progress,” Chief Executive Officer Silvio Napoli said in the results release.
The company generated 72.4% of its revenue in the U.S. in the third quarter, as sales in Saudi Arabia more than doubledfrom a year earlier to $82.1 million, according to its quarterly filing.
Citi, the only firm among the stock’s recent ratings with a ‘Buy’, cut its price target on November 11, its third reduction since it initiated coverage at $17 in March.
Other Lucid Holders
Other large filers moved the other way. UBS raised its Lucid holding to a record 14,794,441 shares, or 3.73% of the company, and lifted its put options to 11,446,100 underlying shares from 290,000. State Street added 1.9% to 5,353,523 shares.
Invesco trimmed its position 7.4% to 994,774 shares, and Fidelity’s parent FMR cut 67.1% to 10,803 shares. Geode Capital Management added Lucid shares in the quarter.
Rivian, Tesla and Others
Dimensional has raised its Rivian holding in five of the past six quarters, from 5,322,485 shares in March 2025. The stake equals about 0.61% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20. The September stake was valued at $132.9 million, down from $136.2 million, as Rivian shares fell 13.9% over the quarter to $14.94.
Rivian reported third-quarter results on October 29. Deliveries rose 46% to 19,248 vehicles and revenue rose 38% to $2.155 billion, and the company raised its 2026 delivery forecast to 67,000 to 70,000 vehicles.
Rivian closed at $12.80 on Thursday. The stock is down 35.1% this year and 43.6% below its 52-week high of $22.69, touched on December 22, 2025. Fidelity’s parent FMR raised its own Rivian stake 23.7% in the quarter.
Dimensional lifted its Tesla holding 1.0% to 5,164,911 shares, worth $1.83 billion. Tesla closed at $397.45 on Thursday, down 11.6% this year and 18.9% below its record close of $489.88 on December 16, 2025.
It raised General Motors by 1.5% to 14,304,040 shares, worth $1.10 billion, and trimmed Ford by 1.1% to 48,236,026 shares, worth $581.9 million. It raised Mobileye by 46.0% to 3,068,516 shares.
It cut Stellantis by 28.1% to 4,832,625 shares and raised Toyota 5.1% to 230,849 ADS, Ferrari 4.8% to 199,713 shares and Honda 1.0% to 1,233,848 ADS.
Its Chinese EV holdings are small. Li Auto fell 48.5% to 17,013 ADS, Nio 11.7% to 17,359 ADS and XPeng 1.0% to 11,926 ADS.
Among technology holdings tied to autonomous driving, Dimensional raised its Uber stake 0.7% to 7,926,529 shares, worth $543.1 million.
Dimensional trimmed its Nvidia holding 1.0% to 93,916,646 shares, worth $21.45 billion. Nvidia closed at $166.19 on Thursday, its lowest close since March 30, after the board accepted Jensen Huang’s resignation as Chief Executive Officer.
