UBS Group AG disclosed in a new regulatory filing this Thursday that it slashed its position in EV maker Rivian by nearly 35% between April and June.
The Swiss bank closed the second quarter holding 19,016,860 shares in the company, after having sold about 10.1 million. The stake was valued at $261 million.
In addition to the cut, UBS Group AG raised the number of Call options by 28% representing 16.82 million shares and trimmed its Put options by 5.7% to 582,500 shares.
The bank first invested in Rivian shortly after the company went public in late 2021.
It then steadily increased its holdings over the next few years, reaching about 2 million shares by the third quarter of 2024 — when it sold more than half of its stake.
The bank sharply increased its holdings in the Irvine-headquartered company during the fourth quarter of 2024, 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.
UBS also reduced its stake in Newark-based EV maker Lucid Motors. It sold over 4.6 million shares in the company while increasing its put option exposure by 246% to the equivalent of 2,449,500 shares.
The bank held 7,982,126 Tesla shares by the end of the second quarter, up by 1.47 million shares. The stake was valued at over $2.53 billion as of June 30.
Regarding Chinese automakers, UBS held 70 million shares in Shanghai-based Nio, selling 4 million shares of the premium EV maker between April and June.
It closed the second quarter holding 8.3 million XPeng shares, after having added nearly 1 million shares in the Guangzhou-based company in the second quarter.
Its stake in Geely-backed Polestar was also trimmed to slightly below 2 million shares — a mark it had reached in the first quarter, when it reported 2.34 million shares in the EV maker.
Several institutional shareholders have been updating their quarterly portfolios disclosing adjustments in their Rivian holdings.
Vanguard and BlackRock both raised their holdings in the EV maker during the second quarter, remaining its largest institutional owners, with 79 million and 50 million shares, respectively.
They are followed by Baillie Gifford, which held 47.58 million shares by the end of June, and UBS.
Since Rivian‘s initial public offering, institutional investors have consistently held between 600 million and 700 million shares — including Amazon’s stake.
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.
In total — and according to Nasdaq data — there are 865 institutions holding 645 million shares in Rivian. Its early investor and main backer, Amazon, owns over 158 million of those.
