Capital Group cut its Tesla holding by 7.2% in the third quarter to 51,686,302 shares, its smallest since March 2025, while raising its Uber stake to the highest in its filings going back to 2021.
The Los Angeles-based manager of the American Funds held 55,666,552 Tesla shares at the end of June, the most since December 2022. The 3,980,250 shares it shed were its largest quarterly reduction since the end of 2024, according to filings with the U.S. Securities and Exchange Commission.
The Tesla stake was valued at $18.34 billion at the end of September, down 21.7% from $23.41 billion, and equals about 1.3% of the 3,952,757,946 shares Tesla reported outstanding on October 15.
Tesla made up about 0.9% of the group’s combined reported value, down from 1.1% in June.
Capital Group reports its U.S.-listed holdings through eight separate 13F filers, all filed on November 12 for the quarter ended September 30, with a combined value of $2.04 trillion. The figures in this story combine them. The filings list no Tesla options or notes.
Divisions Split on Tesla
Most of the Tesla reduction came from Capital Research Global Investors, which cut its holding by 27.9% to 6,126,316 shares from 8,499,204. Capital World Investors, which holds the bulk of the stake, trimmed 4.4% to 43,734,195 shares.
Capital International Investors moved the other way, more than tripling its small position to 502,559 shares from 140,224. The group’s equity divisions make investment decisions independently of each other.
Capital Group’s Tesla holding has stayed between about 49.6 million and 55.7 million shares since mid-2024. It fell to 49,617,710 shares in March 2025, rose to 54,902,064 by September 2025 and reached the June peak after a dip at the end of last year.
Tesla’s Stock and Results
Tesla shares fell 15.6% over the third quarter to $354.81. They closed at $397.45 on Thursday, up 1.7%, which would value Capital Group’s stake at about $20.54 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. It has risen 33.2% since its 2026 closing low of $298.32 on July 29.
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.
It has since opened its robotaxi service around the clock in all eight U.S. cities where it operates.
Other large holders that have reported split on Tesla. State Street raised its stake to a record 118,773,869 shares and Invesco added 4.6% to 58,042,026, while JPMorgan Chase cut 21.1% to 33,111,574 and Fidelity’s parent FMR trimmed 2.4% to 38,820,605. Renaissance Technologies cut its holding by 38.4% to 684,145 shares.
Uber at a Multiyear High
Capital Group raised its Uber holding by 3.0% to 151,735,363 shares, worth $10.40 billion, from 147,346,656 in June. It was the fourth consecutive quarterly increase and the largest Uber holding in Capital Group’s filings since Uber’s 2019 listing, above the 149,516,238 shares it held at the end of 2024.
The stake equals about 7.4% of the 2,041,898,070 shares Uber reported outstanding on October 30.
Capital Research Global Investors holds most of it, with 133,206,807 shares, up from 130,662,156. Capital World Investors raised its stake to 18,383,924 from 16,673,529. The group also kept $70 million in principal of one Uber convertible note issue and $1.96 million of its 0.875% notes due December 2028, both unchanged.
Uber shares fell 5.1% over the quarter to $68.51 and closed at $69.12 on Thursday. The stock is down 15.4% this year and 25.3% below its 52-week closing high of $92.57 on December 8, 2025. It hit a 52-week closing low of $65.25 on October 30.
“Our focus on autonomous is now on commercial execution, with approximately 700 fully driverless vehicles expected on Uber by year-end and over 2,000 in 2027,” Chief Executive Officer Dara Khosrowshahi said in the company’s November 4 results release.
Uber is building a network of robotaxi partners. Its Vice President of Engineering and Science and its global head of autonomous mobility are both due to leave on November 16, Bloomberg reported.
Nvidia and Other Holdings
Capital Group cut its Nvidia holding by 5.2% to 388,087,551 shares, worth $88.63 billion. Capital World Investors cut 18.6% and Capital International Investors 10.9%, while Capital Research Global Investors added 4.7% to 212,285,219 shares.
Nvidia shares rose 14.1% over the quarter to $228.38 and closed at $166.19 on Thursday, 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.
Among carmakers, Capital Group raised its Rivian holding by 59.6% to 30,595,699 shares, its largest since the end of 2022.
It cut General Motors by 7.5% to 18,105,171 shares, worth $1.39 billion, its smallest since June 2025 and far below the 113,744,656 shares it held in June 2023. The stake equals about 2.1% of the 843,549,423 shares GM reported outstanding on October 9.
GM shares closed at $86.25 on Thursday, up 6.1% this year, after a 52-week closing high of $92.43 on November 4.
Capital Group sold all 5,915,055 of its Stellantis shares, leaving it with none for the first time since the carmaker was formed in 2021. It had held 135,614,159 Stellantis shares in March 2025 before cutting the position by 89.9% the following quarter.
Its Ferrari holding slipped 3.6% to 1,307,749 shares, down from 3,738,233 a year earlier. It also sold all 1,207,579 of its shares in auto supplier Aptiv and cut lithium producer Albemarle by 9.9% to 11,405,372 shares. It reported no Ford, Lucid, Nio, XPeng or Li Auto shares in either quarter.
Managers have until November 16 to report holdings as of September 30. Vanguard and BlackRock, typically Tesla’s two largest institutional holders, had not filed as of Friday.
