Five Fidelity-managed funds made modest adjustments to their holdings in the EV maker Lucid Motors during the second quarter of 2025, according to new regulatory filings submitted to the Securities and Exchange Commission (SEC).
The company’s largest shareholder, Saudi Arabia’s sovereign wealth fund Public Investment Fund — or PIF — has a stake of about 64% in the US premium brand.
The Fidelity Series Total Market Index Fund (FCFMX) increased its position in the electric vehicle maker by 7.77%, holding 1,659,102 shares as of May 31, up from 1,539,421 shares at the end of the prior quarter.
The fund reported a market value of $3.7 million at the end of May.
Conversely, the Fidelity Nasdaq Composite Index Tracking Stock (ONEQ) trimmed its holdings by 12.26%, reducing its position to 632,700 shares from 721,070 in the previous quarter.
The Fidelity Extended Market Index Fund (FSMAX) made a slight reduction of 0.34%, bringing its position to 6,382,567 shares — down from 6,404,523.
As of May 31, the holding was valued at $14.2 million, with the fund now estimating the stake’s value at $19.1 million following the recent stock price surge that resulted from the Lucid-Uber-Nuro announcement for 20,000 Gravity robotaxis until 2032.
The Fidelity Nasdaq Composite Index Fund (FNCMX) also pared back its stake, reducing it by 7.42% to 1,650,579 shares. The fund’s position was valued at $3.68 million at the end of May, rising to $4.94 million based on more recent market prices.
Meanwhile, the Fidelity Total Market Index Fund (FSKAX) maintained its position unchanged at 2,177,790 shares, holding steady through the quarter.
In total, the five Fidelity funds held 12,502,738 Lucid shares as of May 31, down slightly from 12,625,748 shares in the previous filing — a net decrease of 123,010 shares, or just 0.97% quarter-over-quarter.
As of Friday, Lucid shares closed at $2.92. If the five Fidelity funds still held the same number of shares disclosed in their latest filings, their combined stake would be valued at approximately $36.5 million.
As reported earlier in the week, the US subsidiary of the Dutch firm IMC has slightly trimmed its stake in Lucid Motors and increased its bearish options exposure in the second quarter of 2025.
The Saudi-backed EV maker announced this month plans for a 1-for-10 reverse stock split.
In an interview with Bloomberg shortly after the announcements, interim CEO Marc Winterhoff dismissed speculation that the reverse split was prompted by concerns over a potential Nasdaq delisting.
