Citigroup more than doubled its holding of Lucid shares and sold most of its XPeng position in the third quarter, according to a regulatory filing that also showed larger stakes in Rivian, Tesla and Ford.
The bank held 4,250,535 Lucid shares as of September 30, up 106.0% from 2,063,017 three months earlier, its Form 13F filed with the U.S. Securities and Exchange Commission on Wednesday shows.
It cut its XPeng holding 82.6% to 235,012 American depositary shares (ADS), from 1,350,191 at the end of June.
Citigroup files a single 13F that combines the holdings of Citigroup Inc. with 10 other included managers, among them Citibank, N.A. and its broker-dealer Citigroup Global Markets Inc.
Lucid Shares Up, Calls Cut
The 2,187,518 Lucid shares Citigroup added follow a 457,480-share increase in the second quarter.
The position was worth $17.3 million at quarter-end, up 25.3%, as Lucid’s stock fell 39.2% over the quarter, from $6.69 to $4.07.
Citigroup also reduced its Lucid call options to contracts on 100,000 underlying shares, from 698,000, and held puts on 307,100 underlying shares, down from 324,560.
The filing lists no Lucid convertible notes.
XPeng Build Largely Reversed
The XPeng sale of 1,115,179 ADS unwound most of a build that had taken the holding to more than eleven times its end-2025 level in the second quarter, as the bank’s previous filing showed.
The remaining 235,012 ADS sit below the 298,050 the bank reported at the end of March. The position was worth $2.2 million, down 87.4%, as XPeng’s ADS fell 27.8% to $9.56 over the quarter.
The filing shows no XPeng options or convertible notes.
Nio Shares Up, Puts Unchanged
Citigroup raised its Nio holding 20.0% to 816,755 ADS, a second straight quarterly increase, while the value of the position fell 18.6% to $2.8 million as the ADS dropped to $3.43 from $5.06.
The bank kept put options on 3,000,000 underlying Nio shares, unchanged from June, and closed out calls on 295,300 shares that it had opened in the second quarter.
The puts now cover more than three and a half times the common holding. Options positions in a bank’s 13F can reflect hedging of client and market-making activity, and the filing does not say what they are for.
Citigroup also reported a new position in Nio’s 4.625% convertible notes due 2030, with $1,156,000 in principal valued at $1,087,542.
Rivian Back Near Earlier Levels
The bank raised its Rivian Class A holding 39.7% to 8,561,351 shares, reversing part of the 2,547,235-share cut it made in the second quarter.
That leaves the position slightly below the 8,674,247 shares it held at the end of March, and below the 9,864,221 it reported at the end of 2025.
Rivian calls doubled to contracts on 1,265,500 underlying shares, while puts fell 16.8% to 2,980,000.
Citigroup also halved its holding of Rivian’s 4.625% convertible notes due 2029 to $4,321,000 in principal and reported a new $4,820,000 position in Rivian’s 3.625% convertible notes due 2030.
Tesla, Ford and GM
Citigroup’s Tesla holding rose 10.1% to 8,694,840 shares, worth $3.09 billion at the September 30 close of $354.81, down 7.1% in value as the stock fell 15.6% over the quarter.
Most of the Tesla shares sit in an entry reported jointly by Citigroup Financial Products, Citigroup Global Markets Holdings and broker-dealer Citigroup Global Markets Inc., which rose to 6,405,284 from 5,774,092. An entry reported by Citibank, N.A. and Citicorp LLC fell to 18,916 shares from 219,625.
Its Tesla puts rose 30.4% to contracts on 6,165,900 underlying shares, while calls fell 11.6% to 2,087,500. The filing values the puts at $2.19 billion and the calls at $741 million, based on the underlying shares at the quarter-end price rather than the premium paid.
The bank raised its Ford holding 31.0% to 13,054,477 shares and cut its General Motors stake 5.0% to 1,702,123 shares.
Li Auto and Smaller Positions
Citigroup reduced its Li Auto holding 20.1% to 2,230,512 ADS, worth $25.3 million, keeping Li Auto as its largest Chinese EV equity position.
It reported 3,796 Polestar ADS, worth $24,826.
The bank no longer reported a position in Faraday Future, after listing 342,077 shares worth $78,849 in June. Neither filing lists any VinFast or Lotus Technology securities.
The filing covers 12,011 information-table entries with a total reported value of $308.3 billion, up 1.8% from $302.7 billion and 11,343 entries at the end of June.
13F filings show long positions in U.S.-listed securities as of the last day of each quarter. They do not show short positions or trades made after September 30.
Values in the filing reflect quarter-end closing prices. Each of Citigroup’s EV lines divides to the September 30 close for that stock, from Tesla’s $354.81 to Nio’s $3.43.
