Norway’s central bank Norges Bank disclosed this week on its latest 13F filing with the SEC that it closed its position in the three major U.S. EV makers between January and March.
The institution 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 end of the year.
Tesla
Norges Bank had registered a record stake in Tesla late last year — since it first opened a position in the company in mid-2012.
The holdings had progressively risen, only showing a significant change in the third quarter of 2022, with the company’s 3-for-1 stock split — where shares jumped from 8 million to 26 million.
Before first exiting its position in the EV maker in the third quarter of 2024, the Oslo-based bank had progressively increased its stake to a record high of 30 million shares.
By December, the bank held 35.7 million shares in Tesla. With a value of $14.42 billion at the time, the shares were all sold between January and March.
Norges Bank was Tesla‘s eighth biggest institutional shareholder by the end of 2024, in an universe of over 4,000 institutions. According to Nasdaq, these investors collectively hold over 1.58 billion shares as of Friday.
Vanguard is the company’s largest institutional owner with 246,887,705 shares (14.1% of the total), which were valued at nearly $64 billion by the end of March.
It is followed by BlackRock which reported 205.67 million Tesla shares by the end of the quarter. The world’s largest asset manager has been increasing its stake for 23 consecutive quarters.
Rivian
Norges Bank started investing in Rivian by late 2021, initially holding nearly 2 million shares. Its stake peaked at over 11.8 million shares in the second quarter of 2023, before being reduced to around 5–7 million shares.
The holdings remained relatively stable within that range until the firm fully exited its position for the first time a year later — selling nearly 6.67 million shares that were worth $89 million by the end of September 2024.
The bank reopened position in the Irvine-based automaker by the end of the year, with 9,271,289 shares. However, the whole stake was cut in the first three months of the year.
According to Nasdaq, Rivian has 857 institutional owners holding over 641 million shares. Amazon is the largest shareholder, with 158.36 million shares of the company since its initial public offering.
CEO Jeff Bezos had previously announced in 2019 that Amazon invested in the brand and ordered 100,000 Rivian electric vans to be delivered by 2030.
On the biggest institutional owners list follow the two leading asset managers globally, Vanguard Group and BlackRock, and Baillie Gifford, with 77 million, 49 million and 48 million shares, respectively. UBS is the fifth largest institutional shareholder with 29 million shares.
According to a Form 144 filed with the SEC on Thursday, CEO RJ Scaringe indicated his intention to sell 107,144 shares from the company. Over the last three months, the CEO sold 356,144 Rivian shares.
Lucid
Norway’s central bank first acquired Lucid shares in the first quarter of 2022, more than half a year after the company merged with Churchill Capital Corp IV. Its initial holdings were 3.8 million shares.
Similarly to Rivian, the firm’s strongest stake was reached between April and June 2023, with 18 million shares worth $124.79 million at the time. Since then, it sequentially declined until the position was exited by the end of September 2024.
Norges Bank reinvested in Lucid in the fourth quarter — with 3,127,976 shares valued at nearly $9.45 million. However, the shares were sold between January and March.
Nasdaq showed on Friday that Lucid Motors has 544 institutional owners, holding about 2.24 billion shares. Saudi Arabia’s Public Investment Fund (PIF) owned 78% of the company in the first quarter — 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 with a total of 57 million shares, while the world’s biggest asset manager held 49.33 million by March 31.
Norges Bank previously held a position in Chinese EV makers XPeng and Nio. However, both positions were exited in the first half of 2024.
