Written by Cláudio Afonso | LinkedIn | X
Edinburgh-based asset manager Baillie Gifford raised its ownership stake in the electric vehicle maker Rivian to 5% as of the end of the third quarter, a new SEC filing revealed on Thursday.
Baillie Gifford now holds 50.36 million shares in Rivian, representing a 52.53% increase from the second quarter of the year, when it held 33.01 million shares. The firm is now the third largest institutional shareholder behind Rivian’s partner Amazon and the Vanguard Group.
At the time of writing, Rivian’s shares were up 4% at $10.11, a few hours before the EV maker releases its third quarter earnings results.
Since the last quarter of 2023, the asset manager has been increasing its stake in the EV manufacturer. It ended the first quarter of this year with 25.30 million shares, up sequentially from just 3.11 million shares.
Between April and June, Baillie Gifford increased its holdings to 33.01 million shares, a 30.49% jump from the prior quarter, and ended September with a total of 50.36 million shares, representing a 52.53% increase in shares held.
According to the Schedule 13G form filed with the Securities and Exchange Commission (SEC) on Thursday, Baillie Gifford now holds sole voting power over 50.4 million shares and sole dispositive power over 28.1 million shares of Rivian’s common stock.
The company’s U.S. sales dropped 34.9% in October, with the electric vehicle maker delivering an estimated 3,380 units, down from 5,195 in September and 5,133 in August, according to estimates released earlier this week by Motor Intelligence.
The company recently adjusted its annual production guidance to between 47,000 and 49,000 vehicles, a decrease from its prior target of 57,000 units, citing supply chain challenges impacting production of both its R1 models and RCV platform.
In the third quarter, Rivian produced 13,157 vehicles and delivered 10,018 units, representing a 36% drop compared to Q3 2023 and a 27% decline from the previous quarter. The last time Rivian’s quarterly deliveries fell below 12,500 was in early 2023.
Rivian’s revised production guidance targets annual deliveries between 50,500 and 52,000 units.
Written by Cláudio Afonso | LinkedIn | X
