London-based HSBC Holdings increased its position in EV maker Lucid Motors by over six times from April to June, closing the second quarter with a record 3,395,795 shares.
The British bank held just 501,844 shares in the first quarter, meaning it added nearly 2.9 million shares between April and June.
As of June 30, HSBC’s stake in Lucid was valued at $7.21 million.
The previous record stake was reached in the final quarter of 2023, when the bank held 2.28 million shares, worth nearly $9.8 million by then.
Throughout 2024, the firm steadily reduced its holdings in Lucid, closing the year with 173,967 shares — just 20,000 more than when it first invested in the company at the time of its IPO in late 2021.
Lucid‘s institutional ownership jumped since the beginning of the year, from about 1.6 billion shares to nearly 2.29 billion shares, collectively held by 550 institutions as of Wednesday, according to data from Nasdaq.
The company is mainly backed by Saudi Arabia’s Public Investment Fund (PIF), which holds a stake of over 60%.
Institutions have been disclosing their quarterly filings with the SEC in the latest weeks, including several of Lucid‘s largest owners.
Vanguard made a marginal adjustment to its holdings in the period, holding 111,238,011 shares in the EV maker, valued at more than $250 million.
BlackRock, the world’s largest asset manager, strengthened its position as the third biggest institutional shareholder in Lucid, with a total stake of just under 53.7 million shares as of June 30.
Geode Capital Management increased its stake in the company by 1.55 million shares to 22.6 million.
UBS, which ranked as the second largest institution with a stake in Rivian in the previous quarter, has not yet reported its holdings for the April-June period.
In mid-July, Lucid announced plans for a 1-for-10 reverse stock split, which according to interim CEO Marc Winterhoff, was not prompted by concerns over a potential Nasdaq delisting.
As it announced the stock-split, the company unveiled a robotaxi partnership with Uber and Nuro, which led shares to soar.
Last week, the stock reversed to levels seen before the announcement, as concerns grew around both the stock split and the company’s second quarter earnings results.
HSBC also owned a position in US EV makers Rivian and Tesla.
In the Irvine-based automaker, the British firm increased its position by 62.7% to 1.8 million shares during the second quarter, worth $24.73 million as of the end of June.
Vanguard added nearly 2 million Rivian shares in the same period, holding 79,076,202 shares by the end of the quarter.
The world’s largest asset manager BlackRock slightly increased its position by adding 274,000 shares to its total of over 50 million shares.
Contrary to Rivian, HSBC trimmed its stake in Tesla by 500,000 shares. It held 7,523,868 shares, valued at $2.39 billion, by the end of the quarter.
