Vanguard raised its Rivian holding to a record in the third quarter and made its first sizeable cut to Lucid, new filings with the U.S. Securities and Exchange Commission (SEC) showed on Friday.
The Pennsylvania-based asset manager held 96,485,266 Rivian Class A shares at the end of September, up 20.2% from 80,292,848 three months earlier. Its Lucid holding fell 8.6% to 15,890,528 shares from a record 17,381,371 in June.
The figures combine the seven Vanguard entities that filed Form 13F-HR reports for the quarter ended September 30, all of them on Friday.
Largest Rivian Stake Yet
The September figure is the largest Rivian holding Vanguard has reported since the EV maker’s 2021 listing. The previous high was 82,311,042 shares in March.
Vanguard added 16,192,418 shares in the quarter, its largest quarterly increase since the first three months of 2023, when the holding rose to 61,428,303 from 37,037,417.
The stake equals about 6.6% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20. Among third-quarter 13F filers so far, only Amazon.com Inc., with 158,363,834 shares, reported more.
Vanguard’s two main filing entities drove the increase. Vanguard Capital Management lifted its holding to 47,285,426 shares from 39,268,910, and Vanguard Portfolio Management to 41,985,207 from 34,835,795.
The filings valued the combined position at about $1.44 billion, or $14.94 a share, against $1.39 billion at $17.35 in June. At Thursday’s $12.80 close, the stake would be worth about $1.24 billion.
Other Holders Add Too
Vanguard’s move matches a pattern in this week’s filings. State Street raised its Rivian holding for a 19th straight quarter to a record 25,444,018 shares, and JPMorgan Chase lifted its stake to a record.
Capital Group raised its holding by 59.6% to 30,595,699 shares, its largest since 2022, and Fidelity lifted its stake to its largest since June 2025. Renaissance Technologies moved the other way, cutting its holding by 58.1%.
Rivian raised its 2026 outlook on October 29 and now expects to deliver 67,000 to 70,000 vehicles this year, after a record 19,248 in the third quarter.
The holdings grew as Rivian’s stock fell. The shares lost 13.9% in the third quarter and traded at $12.57 at 12:22 p.m. ET on Friday, down 36.3% this year from their 2025 close of $19.71.
They closed at $11.43 on October 26, their lowest close since April 22, 2025.
First Lucid Cut
The Lucid reduction of 1,490,843 shares is the largest in Vanguard’s filings since Lucid listed in 2021, after adjusting for the EV maker’s 1-for-10 reverse split in 2025.
The holding had risen in almost every quarter before, including a 41.9% jump in the second quarter from 12,248,321 shares in March.
Both main entities trimmed. Vanguard Capital Management cut its holding to 7,292,840 shares from 8,018,928, and Vanguard Portfolio Management to 7,258,457 from 7,973,235.
The September stake still equals about 4.0% of Lucid’s 396,252,830 shares outstanding on November 3, the second-largest Lucid holding in Vanguard’s filings. It is larger than the 14,794,441 shares UBS reported at a record, the biggest of any other third-quarter filer so far.
Other managers have also pulled back. Dimensional Fund Advisors reported no Lucid shares at the end of September after four straight cuts.
The filings valued Vanguard’s Lucid position at about $64.7 million, or $4.07 a share, down from $116.3 million at $6.69 in June. At Thursday’s $3.26 close, it would be worth about $51.8 million.
Stock Performance
Lucid’s shares fell 39.2% in the third quarter. They closed at a record low of $2.98 on November 5 and touched $2.96 on Friday, trading at $3.02 at 12:22 p.m. ET. They are down 71.5% this year from $10.57 at the end of 2025.
Lucid delivered 3,806 vehicles in the third quarter, and Chief Financial Officer Alexander De Bock said it expects more in the fourth.
The company withdrew its 2026 annual production target earlier this year.
Other Vanguardd Holdings
Vanguard’s Tesla holding rose 0.4% to 258,431,445 shares, 0.2% below the record 258,925,024 it reported at the end of 2025, after adjusting for Tesla’s 2020 and 2022 stock splits. The stake equals about 6.5% of Tesla’s 3,952,757,946 shares outstanding on October 15.
Its Ford holding was little changed at 469,478,719 shares, just below the December 2025 high of 471,705,454.
Vanguard cut its Uber stake by 3.4% to 177,877,132 shares, a third straight decline and the smallest since June 2024. Its Stellantis holding fell 7.0% to 83,972,989, the lowest since September 2024, and its General Motors stake dropped 2.8% to 101,423,365, the lowest since March 2025.
Vanguard reported no Nio, XPeng or Li Auto shares in any of the seven filings.
Seven Filers Instead of One
Vanguard Group Inc. filed a single 13F report covering its holdings through the end of 2025. Since the first quarter of 2026, the firm has reported through separate entities.
The two largest are Vanguard Capital Management, whose September report lists 4,072 entries worth $4.76 trillion, and Vanguard Portfolio Management, with 3,126 entries worth $2.21 trillion. Vanguard Fiduciary Trust, Vanguard Global Advisers, Vanguard Advisers, Vanguard National Trust and Vanguard Investments Australia account for the rest.
Comparisons with 2025 and earlier use Vanguard Group’s consolidated reports.
