The Japanese bank Sumimoto Mitsui Trust Holdings (SMBC) raised its stake by nearly 8% in Rivian to over 1.8 million shares during the second quarter, according to a new filing with the Securities and Exchange Commission.
The country’s second largest bank held 1,831,402 shares in the US electric vehicle maker as of June 30, which were valued at $25.2 million.
This marks the company’s highest number of shares held in the company since it opened its position in the final quarter of 2021, when Rivian went public.
Initially, the firm held 469,970 shares valued at $48 million. Since the last quarter of 2022, it has maintained a stake of over 1 million shares in the automaker, with minor fluctuations in recent quarters.
According to Nasdaq, Rivian is held by 857 institutional investors, which hold about 634 million shares as of Monday.
The company’s largest institutional shareholders in the first quarter were Amazon (158 million shares), which has invested over $700 million in the automaker, followed by major asset managers Vanguard (77 million) and BlackRock (nearly 50 million).
Late last month, Swiss bank Vontobel reported to the SEC that its position in Rivian nearly tripled during the April-June period to 450,318 shares, a record stake for the firm, valued at nearly $6.19 million.
As of the time of writing, Rivian is trading 1.60% higher at $12.58. The stock has lost 5.4% year to date and 13.9% over the past twelve months.
SMBC held nearly 8.5 million shares in Tesla by the end of the second quarter, which were valued at over $2.6 billion. The stake was raised by 1.9% between April and June.
The firm started investing in the US brand in the third quarter of 2013, three years after its IPO.
Sumimoto Mitsui also had a stake in EV maker Lucid Motors. However, it closed its position in the third quarter of 2024, when it sold all the 224,093 shares it held. In the prior quarter, these shares were worth $585,000.
The same happened with Chinese EV maker Nio. Sumimoto held 424,322 shares by the end of the third quarter of 2024. They were sold by the end of the year.
In mid-2024, the Japanese firm held over 3.3 million shares in the Beijing-based company, which valued more than $13.9 million.
By the end of 2022, SMBC closed its position in XPeng. It had held over 1.2 million shares worth around $12 million. The firm started investing in the Guangzhou-based brand in late 2020.
