Vanguard Group filed its quarterly portfolio update with the SEC on Friday, reporting that it added 615,108 Lucid shares in the first three months of the year.
The world’s second-largest asset manager, which has $10 trillion in assets under management, closed the first quarter with nearly 111 million Lucid shares.
After slightly increasing its stake in the Newark-headquartered EV maker by 0.56%, Vanguard remained Lucid’s largest institutional shareholder. By the end of March, the shares were valued at $268 million.
The firm initially acquired 35,512,620 shares of Lucid in the third quarter of 2021, a year after the company went public via a merger with the special purpose acquisition company (SPAC) Churchill Capital Corp IV.
Despite trimming its position in Lucid by 20.21% in the final three months of 2021 and by a marginal 0.06% in the second quarter of 2024, Vanguard has increased its overall stake in the company since its IPO.
As of Tuesday and according to Fintel, Lucid has 691 institutional shareholders holding a total of 2,261,241,309 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.
Saudi Arabia’s Public Investment Fund (PIF) holds 2,256,239,302 shares in Lucid — 79.4% of the total number of shares held by institutional investors. The fund has invested over $6.4 billion in the company since 2018.
Excluding the PIF, the three largest institutional owners are Vanguard Group, BlackRock, and D. E. Shaw & Co., with the last two holding 49.3 million (as of Mar. 31) and 24.4 million shares (as of Dec.31), respectively.
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.
At the end of the first quarter, Vanguard held 246,887,705 shares in Tesla, in which it is the biggest institutional owner. The asset manager is also Rivian’s largest owner after Amazon, holding nearly 77.1 million shares.
In the first quarter, the U.S. giant maintained the 367,000 shares it held in Geely-backed Polestar late last year and raised its position in Zeekr by 5% to about 821,000.
Late last month, the firm disclosed that it raised its Ford stake to 11.71% in the first quarter, closing March with 457,660,261 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.
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.
