UBS disclosed in a new SEC filing that it acquired 3.81 million shares of Lucid Motors in the fourth quarter of 2025, nearly doubling its position in the EV maker while shares fell approximately 30% during the period.
Lucid shares fell from around $14.27 at the start of October to $9.50 by year-end, reaching a low point in late December before partially recovering.
Despite the decline, the Swiss bank increased its stake by 98.7%, with holdings valued at approximately $73.16 million based on Thursday’s closing price.
With most institutions yet to report their quarterly portfolio updates, UBS ranks as Lucid‘s third-largest institutional shareholder when excluding the company’s primary backer, Saudi Arabia’s sovereign wealth fund Public Investment Fund (PIF).
PIF has invested about $9 billion in the EV maker since 2018 and its stake is currently at more than 50%.
The filing marks the latest in a series of moves by UBS to build a significant position in the California-based EV maker over the past two years.
Aggressive Accumulation
UBS’s position in Lucid has fluctuated significantly over the past year, according to quarterly filings adjusted for the August 2025 1 for 10 reverse stock split.
The bank held approximately 5.71 million shares at the end of Q1 2025, reduced its position to 5.25 million shares in Q2 (down 8%), and cut further to 3.86 million shares in Q3 (down 26%).
The Q4 acquisition of 3.81 million shares brought its total holdings to 7.68 million shares, a 99% increase from the prior quarter.
Based on Lucid‘s closing price on Thursday, UBS’s current stake is valued at more than $73 million.
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.
However, in the final quarter of 2023, 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 2024.
The purchase brought its stake to 2.41 million adjusted shares.
The bank then more than doubled that position in Q1 2025, becoming Lucid’s second largest institutional shareholder.
As of Friday, Lucid has 480 institutional shareholders holding a combined total of over 252.2 million shares, according to Nasdaq data.
Stock Performance
Lucid shares have fallen sharply from their post-SPAC highs.
The stock traded at $9.98 on Friday morning, up 4.67% on the day but down significantly from levels above $14 seen in early October 2025.
The premium EV brand debuted on the Nasdaq in July 2021 via a merger with special purpose acquisition company Churchill Capital Corp IV.
In August 2025, Lucid executed a 1-for-10 reverse stock split while trading in the $2 to $3 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.
Additionally, Winterhoff mentioned that the move was aimed at decreasing the stock’s volatility.
The company is currently expanding into eight additional European markets in 2026 and has begun deliveries of the Gravity SUV in the United States, though European deliveries of the three-row electric SUV have been delayed beyond their originally planned January start.
