Fidelity’s parent, FMR LLC, raised its Rivian holding by 23.7% in the third quarter to 10,574,694 Class A shares, its largest since June 2025 and more than three times the low it reported a year earlier, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The Boston-based fund manager held 8,546,948 Rivian shares at the end of June. The September position was valued at $158.0 million and equals about 0.73% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20.
Rivian traded at $12.94 at 2:08 p.m. in New York on Thursday, down 4.5% on the day, which would value the stake at approximately $137 million.
The latest quarterly report lists 14,644 entries worth $2.32 trillion, up from $2.30 trillion in June and it covers FMR and eleven related managers.
Rebuilding a Rivian Stake
The increase continues a recovery from September 2025, when FMR reported 3,144,623 Rivian shares, its smallest holding in at least three years. It raised the position to 5,055,035 shares in December and 8,686,269 in March before a slight dip in June.
The September count is the largest since June 2025, when FMR held 15,110,659 shares, and remains well below its levels of 2024. FMR reported 46,087,612 Rivian shares in June 2024 and 37,917,408 in September that year.
The figures for March 2025 and earlier come from restated reports. On November 5, FMR filed 13 amendments covering March 2022 through March 2025, saying securities over which its intermediate holding companies exercise investment discretion are now reported by FMR LLC.
The value of the position rose only 6.5%, from $148.3 million, because Rivian’s stock fell 13.9% over the quarter to $14.94, the September 30 close at which the shares were marked.
Two units drove the increase. Fidelity Management & Research Co., the main fund adviser, added 1,437,425 shares to 7,029,473, or 70.9% of the quarter’s increase. Fidelity Management Trust Co. added 497,054 shares to 2,117,314, and Strategic Advisers held 1,028,070, little changed.
FMR also cut its holding of Rivian convertible notes to $38.42 million in principal from $62.86 million. Its 4.625% notes fell 55.1% to $19.83 million, while its 3.625% notes were little changed at $18.60 million. The filing lists no Rivian options.
Rivian reported third-quarter results on October 29.
Deliveries rose 46% to 19,248 vehicles and revenue rose 38% to $2.155 billion. Its gross margin narrowed to 8% from 11% in the second quarter, and it raised its 2026 delivery forecast to 67,000 to 70,000 vehicles from 65,000 to 70,000, the company said.
Stifel reaffirmed its ‘Buy’ rating and $22 target on Rivian on Thursday, and UBS upgraded the stock to ‘Buy’ on November 2. UBS analyst Joseph Spak called a recent selloff “a buying opportunity ahead of an inflection in R2 ramp and gross margins,” according to Price Target.
Price Target, a sister publication of EV, archives Wall Street analysts’ research on the electric vehicle, artificial intelligence and semiconductor sectors.
Stifel analyst Stephen Gengaro wrote on November 9 that “R2 order conversion has been stronger-than-expected, and although there are some higher near-term costs associated with ramping production, margins seem to be gaining traction.”
Spak set a $17 target with the upgrade. JPMorgan is more conservative, rating Rivian ‘Underweight’ with a $15 target.
Rivian’s adjusted loss before interest, taxes, depreciation and amortization widened to $435 million in the third quarter from $379 million in the second.
Tesla and Other Carmakers
Tesla remains by far FMR’s largest carmaker holding. FMR has raised it from 23,025,963 shares in March 2024 and 29,896,066 in June 2025, and the position was worth $16.73 billion at the end of June.
FMR trimmed its Tesla holding by 2.4% to 38,820,605 shares, valued at $13.77 billion, from 39,766,224 in June, its largest in at least three years. The position equals about 0.98% of the 3,952,757,946 shares Tesla reported outstanding on October 15.
The September count is still FMR’s third-highest in the 11 quarter-end reports since March 2024, after June 2026 and December 2025, when it held 39,484,462 shares. The value fell 17.6% as Tesla’s stock dropped 15.6% over the quarter to $354.81. Tesla made up 0.59% of the reported portfolio.
Fidelity Management Trust Co. cut 1,002,540 Tesla shares and Fidelity Management & Research Co. cut 764,679, while FIAM added 496,636 and Strategic Advisers 270,736. Tesla traded at $390.38 at 2:08 p.m. on Thursday, which would put the stake at about $15.1 billion.
Tesla delivered 486,532 vehicles and produced 464,391 in the third quarter, the company said.
Its General Motors holding fell 10.2% to 17,179,862 shares, worth $1.32 billion, while its Ford stake rose 15.7% to 21,622,720 shares, worth $260.8 million, the most in the 11 quarters since March 2024.
FMR cut its small positions in Chinese EV makers. Its Nio holding fell 68.7% to 113,288 ADS, and its XPeng holding fell 67.1% to 29,179 ADS. Its Li Auto position rose to 26,970 ADS from 8,907.
Its Lucid holding fell 67.1% to 10,803 shares, worth about $44,000.
Among other carmakers, FMR raised Toyota by 22.4% to 1,691,754 ADS, worth $309.8 million, Honda by 11.9% to 2,116,436 ADS and Ferrari by 67.3% to 151,060 shares. It cut Pony AI by 18.5% to 8,815,802 ADS and raised Albemarle by 71.6% to 4,609,831 shares, worth $487.6 million.
Other Rivian Holders
Among institutions that have filed third-quarter reports so far, FMR’s Rivian holding trails those of Amazon, Baillie Gifford, JPMorgan Chase, State Street, Geode Capital Management and UBS.
Amazon reported 158,363,834 Rivian shares, unchanged from June. Baillie Gifford cut its holding 3.4% to 41,758,982 shares, and State Street, which filed on Thursday, raised its stake 13.6% to 25,444,018. Geode, founded as a Fidelity subsidiary, raised Rivian 10.6% to 17,774,791 shares.
Rivian has drawn buyers among the large filers that have reported.
Deutsche Bank raised its Rivian holding 14.1% to a record 2,872,627 shares, and JPMorgan Chase raised its stake 30.0% to a record 29,444,117 shares, its filing on Thursday showed while it cut its Nio holding by 97.7%. Citigroup lifted its holding 39.7% to 8,561,351 shares.
Bank of New York Mellon raised its Rivian holding 10.6% to 3,182,942 shares. UBS trimmed its position 1.3% to 10,724,797 shares.
Among other large managers that have reported, Amundi raised its Rivian holding 10.5% to 7,716,774 shares, Dimensional Fund Advisors raised its stake 13.3% to 8,896,734 shares, and the Swiss National Bank added 13.1% to 2,566,300 shares, according to their filings.
Fidelity’s 10.6 million shares are now about 150,000 shares behind UBS and about a third of JPMorgan’s. Vanguard and BlackRock, typically among Rivian’s biggest institutional holders, have yet to report.
Managers have until November 16 to report holdings as of September 30. Morgan Stanley, BlackRock, Vanguard, Bank of America and Goldman Sachs had not filed as of Thursday.
