UBS Group disclosed in its quarterly portfolio update that it has slashed its Rivian holdings by 28.6% to 13.9 million shares in the final quarter of 2025.
The Swiss bank ended last year holding about 16 million fewer shares than it did at the start of the year.one of the ten largest institutional investors in the Irvine-based EV maker, ended
In addition to the cut, UBS reduced the number of Call options by 2.8% representing 11.5 million shares and raised its Put options by 55.3% to 2,559,100 shares.
The 14 million-share stake was valued at over $274.7 million by December 31, 2025, and has since declined to $191.4 million, as the company’s stock plunged over the past few weeks.
Rivian shares reached a 2025 high of $22.69 on December 22, following autonomy-related news in the previous week.
Since then, the stock has fallen 39.5%, closing at $13.73 on Thursday — marking the eleventh consecutive trading session of losses, the longest streak since late 2022.
In mid-January, UBS analyst Joseph Spak downgraded Rivian to Sell from Neutral, warning that the stock’s recent rally on artificial intelligence enthusiasm has created an unfavorable risk-reward setup.
Previous Holdings
By the end of the third quarter, UBS held a position of 19.5 million shares in Rivian, having added just about 500,000 shares to the stake during that period.
Between April and June, however, the Swiss firm had sold off 10.1 million shares in the automaker, representing 35% of its position — and its biggest quarterly movement this year.
The bank first invested in Rivian shortly after the company went public in late 2021.
It steadily increased its holdings over the following three years, reaching about 2 million shares by the third quarter of 2024.
In the fourth quarter of the same year, the bank sharply increased its holdings in the Irvine-headquartered company, adding nearly 29 million shares between October and December.
It finished the year with a record position in the Rivian, which was then trimmed slightly in the first quarter of 2025.
Other Positions
UBS also holds a position in EV makers Lucid Motors and Tesla.
The firm cut its stake in the Elon Musk-led company by 15% in the fourth quarter, finishing the year with 4 million shares held, worth $1.8 billion.
In Lucid, on the other hand, UBS nearly doubled its holdings by the end of 2025, from 3.8 million shares to 7.7 million. The stake was valued at $81 million by the year end.
Rivian Institutional Ownership
As of Friday, data from Nasdaq shows that 863 institutions collectively hold 678 million shares in Rivian.
The number of shares held by institutional investors peaked a year ago at over 700 million, but has since declined to around 650 million shares.
The EV maker is primarily backed by Amazon, which invested in the company in 2019. The retail giant holds 158 million shares in the EV maker since then.
Volkswagen also invested in Rivian late last year, as part of the two companies’ partnership on software development.
The legacy automaker committed to investing up to $5.8 billion, provided the company reported positive gross profit results.
As of June 30, Volkswagen held 146 million shares in the EV maker.
Vanguard and BlackRock, the two largest asset managers in the world, are the biggest institutional investors in Rivian after the two companies.
Vanguard has slightly trimmed its position in the EV maker during the final quarter of 2025, by 0.3%, as it sold 264,234 shares.
As of Friday morning, BlackRock has not yet filed its quarterly report update.
