BNP Paribas trimmed its stake in Chinese EV maker Nio by 38% during the first quarter of 2026, while nearly doubling its position in Lucid Motors.
The update was revealed on the French banking giant’s latest 13F filing with the US Securities and Exchange Commission this Tuesday.
The bank sold over 8.2 million Nio shares between January and March, reducing its holdings to 13.3 million shares — valued at $80.4 million as of March 31.
BNP Paribas had held one of the largest institutional stakes in the Chinese EV maker — reaching a record 21.6 million shares by the end of 2025.
BNP x Nio
The bank first opened a position in Nio in the first quarter of 2019, months after the company’s initial public offering.
BNP held 1 million shares at the time, worth $5 million.
Holdings jumped 200% the following quarter to nearly 4 million shares, and peaked at 4.6 million in the second quarter of 2022 — before the bank exited the position entirely in the third quarter of that year.
The bank reopened its Nio stake by the end of 2022 with 4.3 million shares, worth $42 million.
The position fluctuated around 5 million shares through most of 2023 and 2024, before being cut in half at the end of 2024.
BNP Paribas then rebuilt the stake throughout 2025, growing it to its record level by year-end.
Nio’s Institutional Ownership
Nio currently has 511 institutional owners holding cumulative positions of approximately 295 million shares, according to Nasdaq.
As of the end of 2025, the largest shareholders included CYVN Holdings — the company’s main backer — followed by D.E. Shaw & Co. with over 48 million shares.
BNP Paribas and Jane Street Group followed with around 20 million shares each.
The French Bank is now likely to drop below its top 10 largest institutional investors.
As of Tuesday, most of Nio‘s major shareholders had yet to file their quarterly portfolios with the SEC.
Lucid Motors
BNP Paribas has significantly expanded its stake in Lucid over the past two quarters.
As of March 31, the bank held 1,952,164 shares of Lucid equity, up from 996,316 shares at the end of 2025.
The position was valued at approximately $18.6 million, reflecting a near-doubling of its holdings.
The increase represents an addition of 955,848 shares during the first three months of the year — a jump of roughly 96% from the prior reporting period.
That follows a more modest increase in the fourth quarter, when BNP Paribas added 30,487 shares, a 3.2% uptick from the previous quarter.
The reported value of the position has fluctuated alongside Lucid‘s share price.
In late September, BNP’s Lucid stake was valued at approximately $23 million despite comprising fewer shares, which reflected a higher average share price at the time.
By the end of March, the nearly doubled position carried a lower reported value of $18.6 million, consistent with Lucid‘s stock trading at compressed levels in the opening months of the year.
Lucid’s Stock
Last summer, Lucid executed a 1-for-10 reverse stock split after trading in the $2.00 to $3.00 range on a pre-split basis.
Institutional share counts were proportionally reduced as a result, though underlying ownership stakes remained unchanged.
The premium EV brand debuted on the Nasdaq in July 2021 via a merger with special purpose acquisition company Churchill Capital Corp IV.
Its shares have dropped sharply from post-SPAC highs since then.
By the time Lucid announced the split, interim CEO Marc Winterhoff said the move was not intended to avoid delisting risk, but rather to attract investment from institutional shareholders that do not invest in companies trading below $5.00.
The stock has lost over 60% of its value since the split, however, and hit successive all-time lows in recent months — trading as low as $5.62 in early May.
As of press time, Lucid shares were trading 1% lower at $5.98 on Tuesday’s market session, after generally trading around $6 in the past days.
Lucid’s Institutional Ownership
As of Tuesday, Lucid had 446 institutional shareholders with a combined total of over 266.2 million shares, according to Nasdaq.
UBS disclosed last week that it increased its Lucid stake to a record 9.1 million shares, adding 1,466,254 shares during the first quarter — a 19.1% increase from the previous quarter.
The bank ranks among the EV maker’s ten largest institutional investors.
Lucid is primarily owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), followed by Uber.
The ride-hailing giant held 37,753,583 shares in the EV maker by the end of March, representing an 11.5% stake.
