UBS disclosed in a new SEC filing it closed the first quarter of the year holding about 57.12 million shares in the EV maker Lucid Motors.
The bank acquired more than 33 million shares between January and March.
The purchase allowed it to surpass BlackRock — the world’s largest asset manager — and become Lucid’s second-largest institutional shareholder.
Based on Lucid’s closing price on Tuesday, UBS’s stake is valued at more than $151 million.
During Lucid’s first two years as a publicly listed company, the Swiss banking titan held no more than 2 million shares.
However, in the final quarter of 2023, UBS increased its stake in the Newark-headquartered EV maker from nearly 2.09 million shares to 7 million.
UBS reduced its position in each of the first three quarters of 2024 before increasing its holdings by more than 3,000% with the purchase of 23.35 million shares in the last quarter of the year.
Lucid debuted on the Nasdaq in July 2021 via a merger with the special purpose acquisition company (SPAC) Churchill Capital Corp IV.
In the same 13F filing, UBS also disclosed it slightly reduced its position in the EV maker Rivian by about 3%.
The bank also trimmed its stake in Tesla selling over 750,000 shares in the first quarter of the year.
The Swiss bank acquired over 30 million shares in the Chinese EV maker Nio holding a total of nearly 75 million as of March 31.
Lucid‘s largest institutional investor, Vanguard, added 615,108 shares in the first three months of the year, as EV reported on Tuesday.
As of Wednesday and according to Fintel, Lucid has 693 institutional shareholders holding a total of 2,293,724,607 shares.
The number of shares held by institutions jumped nearly 30% in the last quarter, from nearly 1.7 billion in the fourth quarter of 2024.
Goldman Sachs also increased its position in Lucid last quarter, nearly doubling its stake by adding nearly 2.56 million shares. The firm now holds 5,440,620 Lucid shares.
Lucid reported its first quarter earnings results last week, posting a revenue of $235 million, within its target of between $232 million and $236 million.
Amid the earnings results, Lucid announced four new vice presidents, saying it has “strengthened its executive leadership team as it prepares for future growth.”
This week, the company hired Karim Farhat as its new director to lead the charging and smart energy units, as stated by the executive on LinkedIn.
