BlackRock, the world’s largest asset manager with over $14 trillion under management, has closed 2025 holding 6 million shares in Lucid Motors.
The stake represents a new record high after increasing by 415,044 shares between October and December.
BlackRock first took a position in Lucid in the third quarter of 2021, shortly after the California-based carmaker went public via a merger with special purpose acquisition company (SPAC) Churchill Capital Corp IV.
Its Lucid holdings have been growing over time, with the company reporting around 4 to 5 million shares (equivalent to 40 to 50 million shares before the recent reverse stock split) in most quarters since early 2023.
By the end of 2025, its position in Lucid was worth $64 million — halving from its holdings in the third quarter despite the stake increase — as the company’s stock lost over 50% of its value over those three months.
Stock Performance
Institutional interest in Lucid has emerged in the third quarter, after the company’s shares surpassed $5 per share due a 1-for-10 reverse stock split, which became effective in early September,
The company announced plans for the reverse split in July as its share price approached the $1.00 Nasdaq listing requirement threshold.
Just four days after implementing the split, the company saw its stock hit a new all-time low of $15.25 — which would’ve represented $1.52 before the changes.
By September 30, however, the stock had recovered, closing at $23.79.
Since then, the share value has dropped by over $10.
Lucid‘s stock closed at $10.57 on December 31, and tanked further to a new low of $9.50 on January 20.
The stock pulled back after the company missed earnings expectations in the third quarter, which was then intensified by key leadership changes, including the exit of Senior VP of Product and Chief Engineer Eric Bach.
More recently, Senior VP of Strategy and Business Development Claudia Gast resigned, as first reported by EV. Gast joined the Detroit automaker GM.
The company has also faced several issues with the Gravity SUV, for which the deliveries have been slower than expected.
Institutional Ownership
Following the reverse stock split — in which every 10 shares were consolidated into one — the adjusted number of institutionally held shares now stands at approximately 220 million.
Institutional holdings jumped from less than 180 million shares to over 220 million by the end of August.
According to data from Nasdaq, and as of Friday, 459 institutions collectively held 253 million Lucid shares.
The two major institutional investors in the EV maker are Saudi Arabia’s Public Investment Fund (PIF) and Uber.
The PIF has invested about $9 billion in Lucid since 2018, when it agreed to purchase up to 100,000 EVs until 2030.
Uber — which announced last year a partnership to co-develop a Robotaxi with Lucid and Nuro — invested roughly $300 million in the EV maker nearly six months ago.
Vanguard Group, the world’s second-largest asset manager, has increased its stake for the sixth consecutive quarter, disclosing 12 million shares by the end of 2025.
By nearly doubling its Lucid holdings in the fourth quarter, Swiss bank UBS finished the year with about 7.7 million shares, surpassing BlackRock as the EV maker’s fourth largest investor.
