Norway’s sovereign wealth fund acquired shares in Lucid Motors for the first time since the EV maker went public in mid-2021, part of its major push into automotive investments during the fourth quarter.
Norges Bank Investment Management held more than 1.29 million Lucid shares valued at $13.68 million as of December 31, according to a portfolio update filed with the US Securities and Exchange Commission.
The purchase came as the fund returned to Tesla, Rivian, Ford, and General Motors in the same quarter after fully exiting those positions three months earlier.
Vanguard Increases Stake
Vanguard Group, the world’s second-largest asset manager, increased its Lucid stake for the sixth consecutive quarter to a new record high, as EV reported last week.
The firm held 12 million shares by year-end following a 6% increase in the fourth quarter, making it one of Lucid‘s largest institutional investors alongside Saudi Arabia’s Public Investment Fund and Uber.
PIF has invested approximately $9 billion in Lucid since 2018, when it agreed to purchase “up to 100,000” EVs through 2030.
Uber invested roughly $300 million in the company last year as part of a partnership to co-develop a robotaxi with Lucid and Nuro.
Approximately 510 institutions collectively held 296.5 million Lucid shares by the end of the fourth quarter, according to Fintel data, though several firms have yet to report their Q4 holdings.
Lucid’s Mid-Size SUV
Lucid shares have fallen 34.2% over the past three months and hit an all-time low of $9.37 last week as investors await details on the company’s third model.
The mid-size SUV’s price is expected to range between $50,000 to $70,000 range, significantly below the average selling price of the Gravity SUV and Air sedan.
The base trim of about $50,000 has not yet been confirmed to start production in “late 2026” — which is the model’s start of production target set by the EV maker.
The SUV — which has not yet been officially named — is likely to be unveiled at Lucid’s Investor Day scheduled for March 12.
The company said late last month that the management will provide a “comprehensive update on the company’s strategic priorities, operational execution, long-term growth roadmap, and financial outlook.”
Rivian, announced California based EV maker, said on Tuesday that it has also selected March 12 to reveal full pricing and specifications for its mid-size R2 SUV.
New Record Low
Lucid shares closed 1.5% lower on Tuesday at $10.92. As of press time, the stock was edging higher at $10.94 in Wednesday’s pre-market trading.
Lucid shares briefly rose to $25.23 after the stock split before retreating to around $10.
The stock peaked at $36.40 on January 6, 2025, and fell to $10.46 by December 31 — a 71.3% decline.
Lucid‘s stock price crash throughout last year was mainly driven by the CEO and CTO Peter Rawlinson’s exit exactly a year ago, slower than expected Gravity production ramp up, major software issues on both models and the twice reduced annual production guidance.
The latest pullback began after Lucid missed third-quarter earnings expectations, which were announced on the same day as the departure of Eric Bach, senior vice president of product and chief engineer.
