During the third quarter of 2025, Norges Bank sold all its holdings in Rivian and Lucid Motors, marking the second time this year that the bank exited positions in these electric vehicle manufacturers.
Additionally, Norway’s sovereign wealth fund has also dumped its $11.8 billion stake in Tesla. It held about 37 million shares in the Elon Musk-led company.
The fund had reopened positions in both Lucid and Rivi companies, with a total worth $120 million.
However, between July and September, it sold over 15 million shares, according to data from Fintel.
Rivian
After purchasing nearly 7.7 million shares in Irvine-based Rivian during the second quarter, the Norwegian bank has now slashed its holdings to 0.
Norges Bank, which manages over $2 trillion in assets, had first invested in Rivian by the end of 2021, when the EV maker went public.
By the end of the third quarter of 2023, it reached its peak position at 11.8 million shares.
Since Rivian‘s initial public offering, institutional investors have consistently held between 600 million and 700 million shares.
These include Amazon and Volkswagen, which owned the largest positions in the EV maker by the end of the second quarter.
Lucid
Norges Bank also acquired over 7 million shares in Lucid Motors between April and June. The position was dumped in the following quarter.
The Norwegian bank’s record stake in the EV maker, since it started investing in the third quarter of 2021, was reached in mid-2023 — when it held over 18 million shares.
Contrary to the bank’s move, 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.
By then, every 10 shares were consolidated into one, with the adjusted number of institutionally held shares now standing at approximately 220 million.
Of those, Saudi Arabia’s Public Investment Fund (PIF), which backs the EV maker, held a majority of 177 million shares by the end of the second quarter (about 77%).
Vanguard follows, having set a record stake in the EV maker in the third quarter, with more than 11.35 million shares, as well as BlackRock.
