UBS Group AG reported 13,355,131 shares of Lucid at the end of the second quarter, an increase of 4,211,605 shares, or 46.1%, from March 31, according to the Form 13F the Swiss bank filed with the Securities and Exchange Commission on Thursday.
The holding is the largest UBS has reported in Lucid, on a share count adjusted for the company’s reverse split.
Value told a different story, rising 2.5% to $89.3 million, as shares of the Saudi-backed EV maker fell 29.8% over the same three months.
Lucid appears on three lines of the filing — common stock, put options and call options.
The put line covers 290,000 underlying shares, up 52.6% from 190,000, with a reported value of $1.9 million. The call line, covering 30,000 underlying shares, appears for the first time and is valued at $200,000.
Why The Position Grew
Lucid issued a large quantity of new stock during the quarter, and part of what UBS bought was required simply to stand still.
The company had 330,144,583 common shares outstanding at March 31 and 394,070,176 at June 30, an increase of 19.4%, following the $1.05 billion package announced on April 14 that combined an underwritten offering priced at $8.112 a share, a $200 million placement to Uber and $550 million of Series C preferred stock taken by Ayar Third Investment Company.
Holding the same proportion of Lucid after that issuance would have required 10,913,979 shares rather than the 9,143,526 UBS started with.
So 1,770,453 of the shares added were needed only to keep pace with Lucid‘s own share count.
The remaining 2,441,152 shares lifted the bank’s stake in Lucid from 2.77% to 3.39%, a rise of 22.4% in proportional terms.
The Options Are Not The Story
Both option lines are small enough that neither carries weight against the common holding.
The 290,000 underlying shares covered by puts amount to 2.2% of the equity position, and the 30,000 covered by calls amount to less than a quarter of one percent.
UBS files through separate entities that report their own holdings, including UBS Asset Management Americas and UBS O’Connor, and those positions are not included in the figures above.
Where UBS Now Sits
Among managers whose second-quarter reports had been filed by Thursday, the holding is the second largest in Lucid behind Uber, which holds 37,753,583 Class A shares through its SMB Holding Corporation subsidiary — 13,715,121 taken in a September 2025 placement and 24,038,462 in April.
BlackRock follows with 12,174,275 shares after a 94.3% increase, then State Street at 5,254,118 and Geode Capital Management at 4,336,269.
Vanguard reports through separate entities that each file their own holdings.
Ayar Third Investment Company, the Public Investment Fund (PIF) affiliate, reports on Schedule 13D rather than Form 13F and does not appear in the same table.
Ayar’s April filing put its holding at 56.85% of Lucid on a beneficial, as-converted basis, a figure that counts preferred stock not yet converted into common and is therefore not comparable with the share counts above.
Comparing With Earlier Quarters
Lucid carried out a 1-for-10 reverse stock split effective at 5:00 p.m. Eastern Time on August 29, 2025, with the shares trading on a split-adjusted basis from September 2.
Share counts filed for periods ending on or before June 30, 2025 are stated in pre-split terms, and the figures below are converted to today’s basis for comparison.
UBS held about 5.7 million shares at the end of March 2025 and 5.2 million at the end of June, then cut the position to 3,864,000 by September 30.
The holding has risen in each of the three quarters since — to 7,677,000 at the end of December, 9,143,526 in March and 13,355,131 in June, a cumulative increase of 245.6%.
Lucid’s Second Quarter
Lucid reported a second-quarter net loss of about $1 billion on August 4, nearly double the figure a year earlier, on revenue of $405.3 million.
Chief executive Silvio Napoli set out an operational reset targeting $1.4 billion of cash-flow improvements, eliminated a second shift at the Arizona plant and delayed the midsize programme production to the second half of 2027.
Ayar’s preferred stock carries a 9% payment-in-kind dividend that compounds with no cap or sunset.
The preferred outstanding at June 30 was convertible into 105,898,045 common shares, equal to 26.9% of the shares outstanding that day, and ranks ahead of common holders alongside $3.3 billion of debt principal.
Managers with more than $100 million under investment discretion had until August 14 to file their second-quarter holdings reports.
