Goldman Sachs filed its portfolio update with the US Securities and Exchange Commission (SEC) on Tuesday, revealing that its holdings in Nio jumped by 57% during the fourth quarter.
The New York-headquartered firm held nearly 14.4 million shares in the Chinese EV maker by the end of 2025, a position worth $73.3 million as of December 31.
Goldman Sachs opened a position in Nio shortly after its 2018 initial public offering and gradually increased its stake, reaching a peak of over 32.3 million shares in the third quarter of 2022.
The stake’s value has fallen by nearly $2 million over the past 40 days, mirroring Nio’s 2.7% share price decline — from a closing price of $5.10 on December 31 to $4.97 on Tuesday’s market session.
Goldman Sachs began reducing its position in the EV maker in the following quarters, despite slight fluctuations.
In the first quarter of 2025, it held only 1.8 million shares in the EV maker, its lowest holdings since 2019.
The firm purchased 1.3 million shares in the second quarter and an additional 6 million in the third one, before the latest addition of 5 million shares by the end of the year.
Nio’s Institutional Ownership
Between mid-2022 and mid-2025, the number of Nio shares held by institutional investors dropped over 61%.
In the third quarter, however, institutional interest in Nio jumped as the stock more than doubled, before ultimately losing part of those gains in the final months of the year.
According to Nasdaq data on Wednesday, a total of 480 institutional investors held nearly 318 million shares combined in Nio.
Nio‘s largest institutional shareholder as of the end of the third quarter, following its backer CYVN Holdings, was Aspex Management.
The Hong Kong-based hedge fund purchased 35 million shares between July and September, returning to the company for the first time in nearly three years.
UBS, which filed its fourth-quarter update late last month, held 24.5 million shares in the EV maker by the end of 2025, a 14.7% sequential decrease.
BNP Paribas reported a 3 million-share increase in Nio last quarter, with holdings totaling 21.6 million shares by the end of 2025.
WT Asset Management also returned to the stock between July and September, purchasing over $18.6 million shares after having exited its position in the automaker in late 2021.
In the final months of the year, however, it slashed its position by 32.3%, selling 6 million shares.
Goldman Sachs currently places sixth among Nio‘s largest institutional shareholders. However, several key institutions had yet to disclose their quarterly portfolios as of Wednesday.
Goldman Sachs Portfolio
Goldman Sachs held a position in 5,549 companies by the end of the fourth quarter, a portfolio with a total market value of $715.9 billion, according to Nasdaq.
Its most valuable stakes are in Nvidia, Apple, and Microsoft, followed by the other ‘Mag 7’ companies.
The firm also reduced its holdings in several other automakers.
It trimmed its Tesla holdings by 8.3% to 27.4 million shares, valued at $12.3 billion, and cut its stake in Guangzhou-based XPeng by about 8% to 3.3 million shares worth $66 million.
However, it increased its positions in both Rivian and Lucid.
By the end of 2025, it held 5.7 million Rivian shares after boosting its stake by 6%, giving the position a value of $112 million.
It also raised its Lucid holdings by 28% to 849,097 shares, valued at roughly $9 million.
In Stellantis — its third-largest holding by share count — the company increased its position to 71.7 million shares after purchasing more than 3.5 million additional shares in the past quarter.
The stake was valued at approximately $780 million.
