Morgan Stanley submitted on Thursday its first quarter filing with the SEC, reporting that it cut its stake in Lucid Motors by 62.5% — or 14.29 million shares.
By the end of March, the bank held 8,571,105 shares valued at $20.74 million. In the previous quarter, the investment firm had added more than 7 million shares to its holdings — from 15.61 million to nearly 22.87 million shares.
According to Nasdaq, Morgan Stanley ranks as Lucid Motors‘ eleventh biggest institutional shareholder as of Friday.
First-quarter data revealed the largest decline since Lucid was listed on the Nasdaq in July 2021, following its merger with the special purpose acquisition company (SPAC) Churchill Capital Corp IV — in which Morgan Stanley had a position.
The firm has gradually built up its stake in the automaker over the years, despite a few minor reductions. Its holdings have doubled on two separate occasions.
In the second quarter of 2023, the bank grew its stake by 120.3%, reaching nearly 9.64 million shares. Then, following a slight reduction in the last quarter of the same year, Morgan Stanley increased its position in Lucid to 17.43 million shares in the first quarter of 2024.
In the latest 13F report, the bank revealed that it also trimmed its position in Rivian by nearly 2.5 million shares, holding 17 million shares by the end of March.
The firm slightly increased its stake in Tesla by about 412,000 shares — over 45.37 million by March 31. It ranks as the fifth largest institutional shareholder in the Elon Musk-led brand.
Institutional Ownership
As of Friday, the EV maker has 544 institutional owners, holding about 2.24 billion shares. The number of shares held by institutions jumped nearly 30% in the last quarter, from around 1.7 billion in the fourth quarter of 2024.
Saudi Arabia’s Public Investment Fund (PIF) owned 78% of Lucid between January and March — over 1.77 billion shares. Excluding the fund, Vanguard remained its largest shareholder, with 110.93 million shares valued at $289.4 million.
UBS surpassed BlackRock as the second largest institutional shareholder by adding 33 million shares in the past quarter — a total of 57 million. BlackRock, the world’s biggest asset manager, held 49.33 million Lucid shares by March 31.
In the first three months of the year, D.E. Shaw & Co raised its stake in Lucid by 15 million shares, a 62.3% increase. The group ranked as the fourth largest institution with a position in the automaker, holding over 39.66 million shares.
Goldman Sachs also increased its holdings in Lucid last quarter, nearly doubling its stake by adding nearly 2.56 million shares — a total of 5,440,620 shares.
Earlier this week, Nuveen opened a position in the automaker, with 3,399,034 shares in the first quarter, a stake currently valued at nearly $9.4 million.
TechCrunch reported on Thursday that Lucid’s record deliveries in the first quarter were achieved in part through sales to rental fleets.
The EV maker delivered 3,100 vehicles in the first quarter — surpassing the previous record by 100 units. According to Lucid’s latest regulatory filing, about 300 of those vehicles were sold to “rental companies.”
However, when asked for clarification, Lucid told TechCrunch that the term referred to leasing companies, and that the vehicles were subsequently leased back to Lucid itself.
On Thursday, the U.S. brand has been named the official mobility partner of the 2025 Gonet Geneva Open, an ATP 250 tennis tournament held in Switzerland.
Lucid’s interim CEO Marc Winterhoff stated earlier this week that the company will continue expanding in Europe and the Middle East: “We have started Abu Dhabi and we’re looking into Qatar and other additional markets coming very soon.”
