State Street raised its Rivian holding for a 19th consecutive quarter, adding 13.6% in the three months to September to a record 25,444,018 Class A shares, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The Boston-based asset manager and custody bank has increased the position every quarter since it first reported Rivian shares at the end of 2021, when it held 2,911,450. It held 22,396,819 at the end of June.
State Street also lifted its Tesla stake to a record 118,773,869 shares from 117,456,756 in June.
The third-quarter report lists 4,310 stakes worth $3.44 trillion, up from $3.38 trillion in June.
It covers State Street Corp. and 11 included managers, among them State Street Global Advisors, which runs the SPDR exchange-traded funds, and State Street Bank and Trust Co.
Most of State Street’s equity holdings sit in index funds, so quarterly changes largely track index weightings, fund flows and companies’ share issuance rather than a view on a stock.
Biggest Rivian Addition Since 2022
The 3,047,199 shares State Street added in the third quarter were the most in a single quarter since September 2022, when it added 5,371,852. The holding has grown more than eightfold since its first report.
The position equals about 1.75% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20. Its value slipped 2.2% to $380.1 million from $388.6 million, as Rivian shares fell 13.9% over the quarter to $14.94.
Rivian closed at $12.80 on Thursday, down 5.5%, which would value the stake at about $325.7 million. The stock has fallen 35.1% this year from its 2025 closing price of $19.71, and is 43.6% below the 52-week high of $22.69 it touched on December 22, 2025.
It hit a 52-week closing low of $11.43 on October 26, before third-quarter results, and has since risen 12.0%.
State Street also trimmed its Rivian convertible notes. It held $35.9 million in principal of the 4.625% notes due March 2029, down 3.5% from $37.2 million, and $41.3 million of the 3.625% notes due October 2030, down 9.8% from $45.8 million. Note figures are principal amounts and are not comparable with the share count.
Rivian reported third-quarter results on October 29.
Deliveries rose 46% to 19,248 vehicles and revenue rose 38% to $2.155 billion, and the company raised its 2026 delivery forecast to 67,000 to 70,000 vehicles from 65,000 to 70,000.
Among filers so far, State Street’s Rivian holding trails only Amazon’s 158,363,834 shares, Baillie Gifford’s 41,758,982 and JPMorgan Chase’s record 29,444,117.
Fidelity’s parent FMR raised its stake 23.7% to 10,574,694 shares and Geode Capital Management added 10.6% to 17,774,791.
Tesla Stake Rises
The 1,317,113 Tesla shares State Street added lifted its holding 1.1% to the highest in its reports going back to 2021, adjusted for Tesla’s 3-for-1 stock split in August 2022. The previous high was the June count, after a slight dip in March to 114,695,458 shares.
The stake equals about 3.0% of the 3,952,757,946 shares Tesla reported outstanding on October 15. Its value fell 14.7% to $42.14 billion from $49.40 billion, as Tesla shares dropped 15.6% over the quarter to $354.81. Tesla made up 1.23% of the value of State Street’s reported portfolio, down from 1.46% in June.
It is the largest Tesla holding among institutions that have reported third-quarter positions so far.
Tesla closed at $397.45 on Thursday, up 1.7%, which would value the stake at about $47.21 billion. The stock is down 11.6% this year from its 2025 closing price of $449.72 and 18.9% below its record close of $489.88 on December 16, 2025.
Tesla reported a 56% drop in third-quarter operating income on October 21 as spending on autonomy, robotics and compute rose, with revenue flat at $28.05 billion. It delivered 486,532 vehicles in the quarter.
Other large Tesla holders that have filed moved in both directions. Invesco raised its stake 4.6% to 58,042,026 shares, while JPMorgan Chase cut 21.1% to 33,111,574 and FMR trimmed 2.4% to 38,820,605.
Other Carmakers
State Street trimmed its General Motors holding 3.3% to 42,970,878 shares, worth $3.31 billion, the largest drop in shares among its carmaker positions. It was the seventh consecutive quarterly decline and the smallest GM holding in State Street’s reports since at least 2019, down from 59,618,532 at the end of 2023.
GM’s own share count fell faster, to 843,549,423 on October 9 from 877,451,541 on July 10, according to its quarterly reports, so State Street’s stake edged up to about 5.09% of the company from 5.06%.
Its Ford stake was little changed at 193,794,379 shares, worth $2.34 billion, below the record 195,833,532 it reported at the end of 2025.
Its Lucid holding rose 1.9% to 5,353,523 shares, worth $21.8 million, after State Street doubled the position in the second quarter.
It is the largest Lucid holding in State Street’s filings since Lucid’s 2021 listing, adjusted for the 2025 reverse split, and equals about 1.35% of the 396,252,830 shares Lucid reported outstanding on November 3.
Among Chinese EV makers, State Street cut its Nio holding 1.0% to 4,764,822 ADS, worth $16.3 million, and reduced both of its Nio note lines.
It held $13.8 million in principal of the 3.875% notes due October 2029, down 5.8%, and $13.5 million of the 4.625% notes due October 2030, down 6.9%. Nio’s ADS closed at $3.05 on Thursday, their lowest close since April 2020, leaving them down 40.2% this year.
Its XPeng position was little changed at 859,645 ADS, and Li Auto fell 2.4% to 599,141 ADS. Polestar fell 1.5% to 446,551 ADS.
State Street’s Nvidia holding rose 1.5% to 1,025,075,347 shares, worth $234.36 billion. Nvidia shares closed at $166.19 on Thursday, down 4.3%, their lowest close since March 30, after the board accepted Jensen Huang’s resignation as Chief Executive Officer. The stock is down 10.9% this year and 30.5% below its record close of $239.24 on October 6.
Positions in Toyota, Honda, Stellantis and Ferrari were little changed.
Managers have until November 16 to report holdings as of September 30. BlackRock and Vanguard, typically the two largest institutional holders of Tesla, had not filed as of Friday.
