Goldman Sachs has nearly doubled its stake in electric vehicle maker Lucid Motors in the first quarter of the year, according to a new SEC filing.
After almost exiting its position in early 2024, the investment bank has increased its holdings in the company for four consecutive quarters.
The investment bank added nearly 2.56 million shares between January and March, closing the first quarter with 5,440,620 Lucid shares — a position valued at over 13 million.
In the final three months of the year, Goldman Sachs had increased its stake by about 50% adding 960,243 shares.
Nearly four years ago, when the EV maker went public via a merger with the special purpose acquisition company Churchill Capital Corp IV, the New York-based firm closed the first quarter of Lucid’s history in the stock market with 11,784,876 shares.
However, following a spike to an all-time high of over $57 in November 2021, Lucid’s share price declined sharply, and Goldman Sachs has since cut its holdings significantly on three separate occasions over the past three years.
According to Fintel, the Newark-headquartered carmaker has 690 institutional shareholders as of Monday holding just below 2.26 billion shares with Saudi Arabia’s Public Investment Fund holding a vast majority of them.
In the same quarterly portfolio update, the bank disclosed it dumped nearly 2.4 million Nio shares during the first quarter of the year, cutting its position to a new 6-year low.
Separately, Goldman Sachs also revealed it acquired 7.19 million shares in the EV maker Rivian, taking its stake in the company to a new record high of 11.72 million shares.
Earlier this Monday, Cantor Fitzgerald analyst Andres Sheppard described Lucid’s mid-size platform as “a meaningful catalyst for the company.” The launch of the first model under the new platform is planned for late next year with prices starting at around $50,000.
The company’s Head of Investor Relations Maynard Um announced last Friday that he is leaving the carmaker after over three years in the role. The executive becomes the twelfth high-level worker to exit Lucid since late 2023 — including the former CEO and CTO Peter Rawlinson, who transitioned to an advisory role last February.
