JP Morgan Chase sold nearly 3.9 million Nio shares during the second quarter, cutting its position by 59% and extending a rapid unwind of what had been the bank’s largest-ever stake in the Chinese automaker just six months ago.
The New York-based firm held 2,688,359 Nio American depositary shares as of June 30, down from approximately 6.56 million at the end of March, according to its latest 13F filing with the SEC.
The position is currently valued at approximately $12.2 million. The selloff marks the second consecutive quarter of aggressive liquidation.
JP Morgan closed 2025 with a five-year record of nearly 12.7 million shares worth $64.7 million — the largest position the bank had ever held in the Chinese automaker.
By March 31, the firm had already cut 48.2% of that stake, reducing the holding to roughly 6.56 million shares.
Across the two quarters, JP Morgan has shed approximately 10 million shares — a 78.8% reduction from the Q4 2025 peak.
7 Years of Fluctuations
JP Morgan’s position in Nio has been defined by extreme volatility since the firm first invested in Q1 2019 with 288,448 shares, valued at $1.47 million at the time.
The bank accumulated aggressively during 2019 and 2020, crossing 10 million shares in the third quarter of 2020 — its previous peak before last year’s record.
JP Morgan then sold 73% of its position in the final months of 2020, just before the stock reached an all-time high of $66.99 in January 2021.
Holdings stabilized in the 4,000-to-5,700 range through 2022 before declining through 2023 and into 2024.
By Q1 2024, the position sat at 2,264,000 shares. A modest recovery brought the stake to 3,987,000 by the end of 2024.
The most dramatic swing came in 2025.
JP Morgan nearly exited entirely in Q1 2025, selling 95.3% of its holdings to just 187,562 shares while simultaneously buying put options betting on further declines.
The firm then reversed course, adding 4.75 million shares in Q2 2025, cutting 30% in Q3, and nearly quadrupling to a new record in Q4.
At 2,688,359 shares, the current holding sits roughly in line with where JP Morgan stood for most of 2024 — but well below the multi-year averages.
Q2 Stock Performance
Nio‘s US-listed shares declined 16.1% over the April-to-June period.
The stock closed at $6.03 on March 31 and peaked at $7.00 on April 17, before entering a sustained pullback that took shares to $5.06 by June 30.
By mid-June, the stock was trading in a $4.73-to-$5.20 range, where it has largely remained since.
However, Nio‘s US-listed shares closed at $4.54 on Wednesday and were trading $1.7 lower at $4.51 on Thursday’s pre-trading session.
The pullback came despite an acceleration in delivery volume.
Nio Inc. delivered 107,658 vehicles in the second quarter, up 49.4% year-over-year and up 29% from the first quarter’s 83,465 units.
The company’s ES9 flagship SUV began deliveries on May 27 and crossed 20,000 cumulative units within 73 days.
The Shanghai-based EV maker is expected to report second-quarter financial results by the end of August.
Institutional Ownership
CYVN Holdings, the Abu Dhabi government-backed fund that invested approximately $3.3 billion across two rounds in 2023, remains the company’s largest shareholder.
As of Thursday morning, several institutional shareholders had yet to file their quarterly portfolios with the SEC.
According to Nasdaq data, and as of press time, Nio was held by 507 institutional holders with a combined total of 283.7 million shares.
D.E. Shaw held the largest position among US institutional investors as of the end of the first quarter, despite having sharply cut its stake by over 9 million shares.
The firm is followed by Morgan Stanley, Renaissance Technologies, Bank of America, Goldman Sachs and BNP Paribas — none of which have updated their portfolios as of yet.
BlackRock cut its Nio position by 11.8% during the quarter, selling more than 1.2 million shares to end the period with 9,461,793 ADS valued at $47.9 million.
The reduction ended two consecutive quarters of aggressive accumulation by the world’s largest asset manager.
Deutsche Bank trimmed its Nio stake by 18% to 341,698 ADS, valued at approximately $1.7 million, while sharply expanding positions in fellow Chinese automakers XPeng and Li Auto.
Citigroup moved in the opposite direction, returning to Nio buying for the first time in five quarters. The bank added 186,358 ADS for a 37.7% increase, lifting its position to 680,573 shares.
IMC-Chicago more than doubled its Nio stake to 2,572,872 ADS during the quarter, a 120.4% increase, while simultaneously cutting its Tesla position by 45% and fully exiting Rivian.
