After selling all its holdings in US EV makers Tesla, Rivian and Lucid Motors in the first quarter, Norway’s wealth fund Norges Bank has reopened its position in the three companies in the second quarter.
The bank had reopened all three positions in the last quarter of 2024, when it held over 47 million shares in the trio, worth over $14.55 billion by the year end.
In Irvine-based EV maker Rivian, Norges Bank has bought 7,687,722 shares, worth around $105 million by the end of June.
The company had first invested in Rivian by the end of 2021, when the EV maker went public.
The highest number of shares held by the bank were 11.8 million, by the end of the third quarter of 2023.
Several institutional shareholders have been updating their quarterly portfolios disclosing adjustments in their Rivian holdings.
Nuveen and Legal & General Group (L&G) both trimmed their stakes in the Irvine-based EV maker during the April-June period while Vanguard and BlackRock increased their holdings in the EV maker.
The two latter remain the largest institutional owners in Rivian, with 79 million and 50 million shares, respectively, and are followed by Baillie Gifford, which held 47.58 million shares by the end of June.
Since Rivian‘s initial public offering, institutional investors have consistently held between 600 million and 700 million shares — including Amazon’s stake.
Holdings peaked in mid-2024 at over 700 million shares, but have since declined to around 650 million shares.
Rivian is currently owned by 865 institutions, which hold about 645 million shares, according to data from Nasdaq. Its early investor, Amazon, holds over 158 million of those shares.
Norges Bank bought 7,805,052 shares in Lucid Motors between April and June. Its position is valued at nearly $16.5 million.
Compared to the holdings it had in the final quarter of 2024, before it closed its position in the latest quarter, its stake more than doubled from about 3.12 million shares.
The Norwegian bank’s record position in the EV maker, since it started investing in late 2021 at the time of its IPO, was reached in mid-2023 — when it held over 18 million shares.
According to Nasdaq, Lucid is held by 550 institutions, which hold about 2.29 billion shares as of Thursday.
The company is mainly backed by Saudi Arabia’s Public Investment Fund (PIF), which holds a stake of over 60%. Its largest shareholders include Vanguard, UBS and the world’s largest asset manager, BlackRock.
On Wednesday, HSBC Holdings disclosed that it increased its position in Lucid Motors by over six times in the second quarter — to a record 3,395,795 shares.
In Tesla, contrarily to its move in both Lucid and Rivian, the British company trimmed its stake in the second quarter.
The Elon Musk-led company is owned by 3,989 institutions, collectively holding 1.58 billion shares as of Thursday.
Norges Bank held 37,272,002 shares in the EV maker by June 30, worth nearly $11.84 billion.
It marks the bank’s second highest position in the brand since it started investing in it by mid-2013, three years after it went public.
The record stake was reached in the end of 2024, when it bought 35.7 million shares after having closed its position in the third quarter.
It ranks eighth among Tesla‘s largest institutional shareholders, with Vanguard and BlackRock owning the most shares in the EV maker as of June 30.
In Rivian, Norges Bank is the 14th largest institution, while in Lucid it occupies the 13th position.
