UBS Group disclosed in its quarterly portfolio update that it reduced its Rivian holdings by 26.4% in the first quarter of 2026, ending March with just below 10.3 million shares in the EV maker.
The Swiss bank has now cut its stake in the Irvine-based company for the second consecutive quarter, after selling 28.6% of its shares — 13.9 million — in the final three months of 2025.
The position is also its smallest in nearly two years, just below the 10.6 million shares UBS held at the end of the third quarter of 2024.
UBS ended 2025 holding about 16 million fewer shares than it did at the start of the year.
As of Wednesday, the firm’s roughly 10 million-share stake in Rivian is worth over $149.7 million.
Rivian shares reached a 2025 high of $22.69 on December 22, following the autonomy-related updated provided in its inaugural AI and Autonomy Day held in its Palo Alto offices.
Since then, the stock has fallen 35.7%, closing at $14.60 on Tuesday.
As of press time, Rivian‘s shares were trading nearly flat at $14.65.
Previous Holdings
By the end of the third quarter, UBS held 19.5 million shares in Rivian, having added roughly 500,000 shares during that period.
However, between April and June, the Swiss firm sold off 10.1 million shares — 35% of its position — marking its largest quarterly reduction of the year.
The bank first invested in Rivian shortly after the company went public in late 2021. The bank has steadily increased its holdings over the following three years, reaching 2 million shares by the second quarter of 2024.
In the fourth quarter of the same year, UBS sharply increased its position, adding nearly 29 million shares between October and December. It finished 2024 with a record stake in Rivian, which it then trimmed slightly in the first quarter of 2025.
Rivian Institutional Ownership
As of Wednesday, Nasdaq data shows 904 institutions collectively hold 708.8 million shares in Rivian.
Most of the major institutional investors have not yet disclosed their first-quarter filing updates with the SEC.
The EV maker has been primarily backed by Amazon, which first invested in the company in 2019 and holds approximately 158 million shares.
Volkswagen has since overtaken Amazon as Rivian’s largest shareholder, according to a Monday disclosure.
The German group now holds 209.8 million Class A common shares, representing a 15.9% stake — up from 146 million shares as of mid-2025.
Volkswagen’s growing position stems from its up-to-$5.8 billion commitment to Rivian, tied to the software joint venture the two companies established in late 2024.
Of that total, $4 billion had been disbursed as of late April, with the successful completion of winter testing milestones unlocking the latest $1 billion equity tranche.
An additional $1 billion in nonrecourse debt is expected in October, with the remaining roughly $500 million due in 2027 or upon the start of joint vehicle production.
Analyst Take on Rivian
UBS analyst Joseph Spak has shifted his stance on Rivian twice in recent months.
In a February 13 note, the Swiss bank upgraded the stock from Sell to Neutral — just one month after downgrading it — following better-than-expected fourth-quarter earnings.
Spak raised his price target to $16, citing a more balanced risk-reward at the time, and said the firm remains excited about Rivian‘s product pipeline and brand.
However, he flagged that the company’s 2026 delivery guidance of 62,000 to 67,000 units depends heavily on a strong R2 production ramp, warning that it may require near-flawless production execution.
The analyst also noted that Rivian is still burning cash and that UBS does not see positive EBITDA for a number of years.
More recently, in a late April note, UBS raised doubts over Rivian‘s ambition to license its software stack to legacy automakers — a strategy CEO RJ Scaringe has compared to becoming the auto industry’s “Android.”
Lucid Record
In the same filing, UBS revealed that it increased its stake in Lucid Motors to a new record of 9.1 million shares.
The bank added 1,466,254 shares during the first three months of 2026, a 19.1% increase from the previous quarter.
UBS’s current stake in Lucid is valued at $57.1 million.
History
During Lucid‘s first two years as a publicly listed company, UBS held modest positions equivalent to no more than 200,000 post-split adjusted shares.
In the final quarter of 2023, however, the bank increased its stake more than threefold to the equivalent of 701,000 adjusted shares.
UBS reduced its position through the first three quarters of 2024 before dramatically reversing course, increasing its holdings by more than 3,000% with a major purchase in the final months of the year.
That brought its stake to 2.41 million adjusted shares.
The bank’s position in Lucid has since fluctuated significantly over the past year, according to quarterly filings adjusted for the August 2025 1-for-10 reverse stock split.
Lucid Institutional Owners
As of Wednesday, Lucid had 432 institutional shareholders with a combined total of over 254.7 million shares, Nasdaq data showed.
With most institutions yet to report their quarterly portfolio updates, UBS ranks as Lucid‘s second-largest institutional shareholder — when excluding the company’s primary backer, Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF), and Uber.
The bank sits between Vanguard and BlackRock, two of the largest asset managers in the world.
Lucid Stock Performance
Lucid shares have fallen sharply from their post-SPAC highs.
The premium EV brand debuted on the Nasdaq in July 2021 via a merger with special purpose acquisition company Churchill Capital Corp IV.
Last summer, Lucid executed a 1-for-10 reverse stock split while trading in the $2.00 to $3.00 range on a pre-split basis.
Interim chief executive Marc Winterhoff dismissed suggestions at the time that the move was driven by delisting concerns, framing it instead as a measure to attract institutional investors who face restrictions on holding low-priced securities.
Between September 2, when the split was implemented, and Tuesday, the stock has dropped by 68.4%.
The company went through successive all-time lows in the past few months, trading as low as $5.62 last week.
As of press time, Lucid‘s stock was trading 3% lower at $6.04.
