Several of the biggest institutional investors in Lucid Motors increased their stakes during the fourth quarter of 2025, buying into a roughly 30% decline in the Saudi-backed EV maker’s stock.
The company executed a 1-for-10 reverse stock split in August with the interim CEO Marc Winterhoff denying that the move was driven by the delisting risk.
The stock reached a new all time low earlier this month at $9.37, equivalent to $0.937 pre-reverse split.
UBS Group, Morgan Stanley, Norges Bank and BlackRock were among those that significantly increased their stakes during the three months ended December 31, according to 13F filings with the Securities and Exchange Commission.
In the final quarter of 2025, a period in which Lucid shares fell from approximately $14.27 at the start of October to $9.50 by late December — a level that would become the stock’s all-time post-split low when tested again on January 20.
Multi-strategy hedge funds reduced exposure as Lucid continued to report net losses averaging approximately $855 million per quarter through the first three quarters of 2025.
As of Friday, Lucid had 431 institutional holders owning a combined of more than 252. million shares — according to Nasdaq data.
That figure excludes the controlling stake held by Saudi Arabia’s Public Investment Fund (PIF), which owns approximately 1.77 billion shares — a 58.4% position in the EV maker.
Major Buyers
The most aggressive buying came from Wall Street’s largest banks and asset managers.
UBS nearly doubled its Lucid stake during the quarter, adding 3,812,848 shares for a 98.7% increase to 7,677,272 shares valued at approximately $74.9 million based on the year-end price.
The Swiss bank has dramatically reversed its earlier approach to Lucid.
After reducing its position through the first three quarters of 2024, UBS increased its holdings by more than 3,000% in Q4 2024, then more than doubled again in Q1 2025.
Morgan Stanley more than tripled its position, purchasing 3,081,346 additional shares — a 219.2% increase — to reach 4,487,208 shares worth roughly $43.7 million at year-end.
The bank’s reported value of the position rose 41.8% during the quarter despite the stock decline, reflecting the scale of its purchases.
BlackRock, the world’s largest asset manager, raised its Lucid position by 7.4%, purchasing 415,044 shares to close the year holding 6,057,353 shares valued at approximately $59.1 million.
That represents a record high for BlackRock’s stake in the EV maker since it first took a position in the third quarter of 2021, shortly after Lucid went public through a merger with Churchill Capital Corp IV.
Norges Bank, Norway’s sovereign wealth fund, expanded its holding by 65.8%, adding 513,673 shares to bring its total to 1,294,178 shares valued at about $12.6 million.
Bank of America added 509,471 shares for a 41.7% increase, while Citigroup nearly quadrupled its position, purchasing 720,494 shares for a 299.1% increase to 961,358 shares.
Among index and passive managers, Vanguard Group — Lucid‘s third-largest institutional holder behind the PIF and Uber — added 701,826 shares for a 6.2% increase to 12,061,286 shares worth approximately $117.6 million.
State Street increased by 6.6%, Geode Capital Management LLC by 3.2%, and Barclays Plc by 24%.
London-based quantitative fund Marshall Wace LLP grew its stake by 6% and Balyasny Asset Management L.P. added 18.7%.
Hedge Fund Exits
The buying by large banks and index funds was partly offset by significant sales from multi-strategy and derivatives-focused firms.
Wolverine Asset Management LLC made the quarter’s largest single sale, reducing its position by 3,522,200 shares — a 17.4% decrease — to 16,778,500.
The Chicago-based firm disclosed its remaining Lucid holding as a put position, suggesting hedging or options-related activity rather than a directional equity bet.
Despite the sale, Wolverine remains one of Lucid‘s largest institutional shareholders.
Millennium Management made the most dramatic exit among major holders, selling 4,919,307 shares to cut its position by 82.3% to 1,058,844 shares.
The sale reduced Millennium’s Lucid holding from one of its larger positions to a residual stake valued at approximately $10.3 million.
Marex Group Plc reduced its position by 21.4%, selling 277,249 shares, while Dimensional Fund Advisors trimmed its holding by 7.7%, disposing of 129,918 shares to reduce its stake to 1,560,871.
Susquehanna International Group LLP also sharply reduced its common equity exposure, cutting its stake by 38.8% to 456,841 shares.
Its affiliated entity, Susquehanna Portfolio Strategies, separately exited its position entirely, selling all 44,042 shares.
However, the Bala Cynwyd, Pennsylvania-based firm — founded by billionaire Jeff Yass — continues to maintain large derivatives exposure in Lucid through nearly symmetrical put and call options positions covering approximately 7 million and 7.3 million shares, respectively.
Those positions are consistent with Susquehanna’s well-known options market-making activities.
New and Unchanged Positions
Among newly disclosed positions, Miami-based hedge fund Shaolin Capital Management reported a significant new stake of 12,360,600 shares as a put position — a 644.4% increase that represents an estimated value of approximately $130.7 million based on the filing.
Uber, which held 13,715,121 shares as of the year end after the $300 million investment announced in mid last year, maintained its position unchanged during the quarter.
The ride-hailing company’s Lucid stake is tied to its autonomous vehicle investment with the EV maker, which began on-road testing of a jointly developed robotaxi in December.
Uber said in July it would purchase 20,000 Gravity SUVs, which will be equipped with Nuro’s autonomous driving sensor suite to serve as exclusive robotaxis via the ride-hailing app.
The PIF, Lucid‘s main baker, has invested approximately $9 billion in the EV maker since 2018.
Broader Context
The institutional accumulation occurred against a backdrop of mounting operational and financial challenges for Lucid.
The company is scheduled to report fourth-quarter earnings on February 24.
Lucid produced 18,378 vehicles in 2025, up 104% from the prior year, and delivered 15,841, a 55% increase.
Fourth-quarter production of 8,412 vehicles was up 116% from the third quarter, driven by the ramp of its Gravity SUV.
However, the company continues to post deep losses — its net profit margin stood at roughly negative 214% as of the most recent filing — and its stock has fallen approximately 72% over the past 12 months.
Shares closed at $9.75 on Thursday, near their all-time post-split low and well below the 52-week high of $35.90 reached in February 2025.
In November, Lucid raised $975 million through a convertible senior notes offering at 7% interest due 2031, using most of the proceeds to repurchase outstanding 2026 notes.
The company ended the third quarter with approximately $5.5 billion in total liquidity.
