Vanguard Group, the world’s second-largest asset manager, has increased its stake in Lucid Motors for the sixth consecutive quarter.
Shares of the California-based premium EV brand soared on Friday morning by more than 13% to $10.79.
According to its latest quarterly portfolio update, Vanguard held 12 million shares in the EV maker by the end of 2025.
Following the 6% stake increase in the fourth quarter, the asset manager remains one of Lucid‘s largest institutional investors.
The other two major institutional investors are Saudi Arabia’s Public Investment Fund (PIF) and Uber.
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.
History + Other Positions
Vanguard’s stake was valued at nearly $127.5 million by December 31, 2025.
It has since then declined to $114.9 million, as Lucid shares continue to plummet.
Vanguard initially acquired around 3.5 million shares of Lucid in the third quarter of 2021.
The purchase came shortly after the EV maker went public through a merger with the special purpose acquisition company (SPAC) Churchill Capital Corp IV.
In the final three months of 2021, Vanguard reduced its position by 20.2%.
Since then, Vanguard has increased its holdings in Lucid consistently, only having trimmed the stake once — by 0.06% in the second quarter of 2024.
Vanguard is a long-term investor across multiple industries, managing assets of over $12 trillion as of late 2025.
Its largest holdings are concentrated in Wall Street’s ‘Mag Seven’: Apple, Nvidia, Microsoft, Amazon, Alphabet (Google), Meta, and Tesla.
For each of these companies, Vanguard held between 258 million and 1.4 billion shares, with a total value ranging from $100 billion to $300 billion, as of the end of 2025.
In Tesla, the firm increased its position by 3% — or 6 million shares — to 258.9 million. It is the 26th consecutive quarter in which the asset manager purchases Tesla shares.
Vanguard slightly trimmed its holdings in EV maker Rivian last month, by around 264,000 shares, representing just 0.3% of its 81 million-share stake — which is worth $1.6 billion.
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 Fintel, 506 institutions collectively held 294 million Lucid shares by the end of the fourth quarter.
Institutional interest in Lucid has emerged in the third quarter, after the company’s shares surpassed $5 per share, due to a reverse 1-for-10 stock split became effective in early September.
The company’s interim CEO, Marc Winterhoff, explained that most brokerage firms do not lend out stocks priced below $5, which has limited some institutions’ ability to buy Lucid shares.
Stock Performance
After the stock split, Lucid shares briefly rose to a high of $25.23, but later dropped to around $10.
In 2025, the stock peaked at $36.40 on January 6, 2025, and fell to its lowest point of $10.46 on December 31, representing a 71.3% decline in share value.
The stock’s pullback began after Lucid missed third-quarter earnings expectations, which led to executive changes — namely the exit of Eric Bach, Senior Vice President of Product and Chief Engineer, who was let go, an internal source exclusively told EV.
The company is now focusing on ramping up Gravity deliveries across the globe, while solving software issues with the SUV.
As of press time, Lucid shares were trading 13% higher at $10.77.
