JPMorgan Chase & Co. cut its Tesla holding by 21.1% in the third quarter to 33,111,574 shares, the smallest since September 2024, and raised its Rivian stake by 30.0% to a record 29,444,117 shares, according to its latest 13F filing with the U.S. Securities and Exchange Commission.
The bank sold a net 8,860,713 Tesla shares from 41,972,287 at the end of June. The holding was valued at $11.68 billion at the end of September, down from $17.29 billion, as Tesla’s stock also fell 15.6% over the quarter.
It equals about 0.84% of the 3,952,757,946 shares Tesla reported outstanding on October 15. Tesla made up 0.63% of the reported portfolio, down from 0.96% in June.
The report was filed on Thursday and lists 35,990 entries worth $1.84 trillion, up from $1.81 trillion in June.
Tesla
The cut follows a peak of 46,075,161 shares at the end of March, the most in JPMorgan’s filings since at least September 2023. The September count is the lowest since the 31,720,617 shares reported for September 2024.
J.P. Morgan Investment Management Inc., the asset-management arm, accounted for most of the reduction, cutting its line to 20,997,567 shares from 28,457,705. That accounts for 84.2% of the decline, and the unit still holds 63.4% of the total.
JPMorgan Chase Bank’s line fell to 4,883,735 from 6,041,307, and J.P. Morgan Securities LLC’s to 1,501,758 from 2,778,844. J.P. Morgan Mansart Management Ltd moved the other way, raising its line to 1,778,839 shares from 706,181.
The shares are spread across 21 lines.
JPMorgan’s Tesla option lines grew. It reported calls on 1,720,700 underlying shares, up from 1,276,600, and puts on 1,631,000, roughly double the 795,000 in June.
The move contrasts with Deutsche Bank, which raised its Tesla holding 8.5% to the most since 2019, with Citigroup, which added 10.1% to 8,694,840 shares, and with UBS, which trimmed its stake by 1.2%. Baillie Gifford cut its Tesla holding for a 27th consecutive quarter, to 642,296 shares.
Rivian
JPMorgan’s Rivian Class A holding rose from 22,651,249 shares in June, the most in its filings since Rivian listed in late 2021. The previous high was 22,781,407 shares, reported for March.
The position was valued at $441.6 million and equals about 2.02% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20.
The increase was spread across units. J.P. Morgan Investment Management raised its line to 14,504,369 shares from 10,693,650, J.P. Morgan Securities LLC to 7,894,059 from 6,312,936, and JPMorgan Chase Bank to 6,155,238 from 4,863,950.
JPMorgan cut its Rivian puts to 1,199,300 underlying shares from 1,516,100 and its calls to 127,800 from 502,500. It also held $17.95 million in principal of Rivian convertible notes, up from $16.50 million. One series rose to $15.03 million from $13.57 million, and the other was unchanged at $2.93 million.
The three units together hold 97.0% of the Rivian shares. Among institutions that have filed third-quarter reports so far, JPMorgan’s Rivian stake is the third-largest, behind Amazon, at 158,363,834 shares, and Baillie Gifford, at 41,758,982. State Street, which filed on Thursday, reported 25,444,018.
A year earlier, at the end of September 2025, JPMorgan held 5,692,798 Rivian shares, so the holding has more than quintupled in 12 months.
Rivian reported third-quarter results on October 29. 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. Its adjusted EBITDA loss widened to $435 million from $379 million.
Research Calls
JPMorgan analyst Rajat Gupta rates Tesla ‘Neutral’ and raised his target to $430 from $415 on October 22. He rates Rivian ‘Underweight’ and raised his target to $15 from $9 in July, 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.
Gupta had cut his Tesla target to $445 from $475 on July 23, and cut it to $415 on September 28 before raising it again in October.
“We believe the acceleration in legacy auto sales coinciding with developments in TSLA’s robotaxi should drive positive feedback loops for both segments,” Gupta wrote on July 6, when he kept a $475 target.
When he raised the Rivian target in July, Gupta wrote that second-quarter deliveries of 12,194 units beat both the Bloomberg consensus of 10,607 and JPMorgan’s own 11,000 estimate.
He said the new target reflected “ongoing strides in autonomy (inc UBER partnership), VW architecture partnership, and recent strength in deliveries.”
Other Carmakers
JPMorgan cut its Nio holding by 97.7% to 62,998 ADS while raising XPeng about 33-fold to 1,410,977 ADS and Li Auto about tenfold to 826,043 ADS. Its Lucid holding rose 20.8% to 144,918 shares.
Among U.S. carmakers, it cut Ford by 11.4% to 28,559,535 shares and General Motors by 6.4% to 3,957,933 shares. It cut its Ford puts to 2,462,000 underlying shares from 3,165,100 and its GM puts to 169,300 from 618,100.
JPMorgan raised its Ferrari holding by 34.1% to 3,232,302 shares, worth $1.30 billion, its largest carmaker position after Tesla and Rivian. It cut Stellantis by 12.3% to 10,015,008 shares.
Most large filers that have reported made smaller changes to Tesla. Fidelity’s parent FMR trimmed its holding by 2.4% to 38,820,605 shares, and Bank of New York Mellon cut its stake by 1.7% to 14,215,567 shares. Geode Capital Management added 1.4% to its Tesla holding.
The Shares
Tesla closed up 1.7% at $397.45 on Thursday, about 7.6% below Gupta’s target. At that price, JPMorgan’s stake would be worth about $13.16 billion.
Rivian fell 5.5% to $12.80, 14.7% below Gupta’s $15 target, which would put the bank’s holding at about $376.9 million.
Tesla delivered 486,532 vehicles and produced 464,391 in the third quarter. Rivian delivered 19,248, up 46% from a year earlier.
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 by the close of trading on Thursday.
