Norway’s sovereign wealth fund Norges Bank has closed its position in Tesla, Rivian and Lucid Motors during the first quarter of 2026, according to its latest 13F filing with the US Securities and Exchange Commission (SEC).
The move marks the second time since early 2025 that the Oslo-based fund has fully exited all three US EV makers, after also dumping its holdings in the first and third quarters of 2025.
Norges Bank, which manages Norway’s Government Pension Fund Global, had returned to all three companies in the fourth quarter of 2025 after fully exiting them three months earlier.
The fund previously held positions in Chinese EV makers XPeng and Nio, however both were exited in the first half of 2024.
Tesla
During the first three months of 2026, Norges Bank sold its entire stake of 38 million shares in Tesla, which had been valued at approximately $17.1 billion.
The fund had purchased approximately 38 million shares in the fourth quarter of 2025 after fully exiting its position three months earlier — when it dumped an $11.8 billion stake of about 37 million shares.
The relationship between the Norwegian fund and Tesla has been marked by dramatic swings in the past twelve months, after having progressively grown its position in the company.
Norges Bank first invested in the Elon Musk-led company in mid-2012, three years after it went public, with a stake of around 450,000 shares.
It grew its position to approximately 1 million shares by the end of 2018.
Tesla’s two stock splits — a 5-for-1 split in August 2020 and a 3-for-1 split in 2022 — drove the fund’s share count from around 1.5 million in the second quarter of 2020 to approximately 26 million by the third quarter of 2022.
From there, the bank progressively increased its stake to a record high of 30 million shares before first exiting its position in the third quarter of 2024.
Since then, Norges Bank has fully exited and re-entered Tesla four times — dumping shares in Q3 2024, Q1 2025, Q3 2025 and now Q1 2026, while reopening positions in Q4 2024, Q2 2025 and Q4 2025.
Its record stake was reached in the fourth quarter of 2025.
Two days before Tesla‘s Annual Shareholder Meeting in November 2025, the fund announced it would vote against CEO Elon Musk’s compensation plan.
The pay package tied up to $1 trillion in pay to targets that include a $7.5 trillion market capitalization, the deployment of 1 million robotaxis, and the delivery of 1 million Optimus humanoid robots.
As of Friday, Tesla is owned by 4,629 institutions, which collectively hold 1.87 billion shares, according to data from Nasdaq.
Vanguard and BlackRock remain the company’s largest institutional shareholders, with over 200 million shares each.
Rivian
Norges Bank also exited its position in Rivian.
The fund had re-entered Rivian in the fourth quarter of 2025 with nearly 11.2 million shares valued at $198 million — a 45.4% increase from its second-quarter position of 7,687,722 shares — after having sold its entire stake in the third quarter.
Norges Bank started investing in the Irvine-based EV maker by late 2021, initially holding nearly 2 million shares shortly after the company’s November IPO.
The stake peaked at over 11.8 million shares in mid-2023, before being reduced to around 5 to 7 million shares.
The holdings remained relatively stable within that range until the fund fully exited in the third quarter of 2024.
Several institutional shareholders have been updating their quarterly portfolios, disclosing adjustments in their Rivian holdings.
BlackRock reported last week a stake of nearly 54 million shares in the EV maker, after acquiring 3.5 million shares during the quarter.
Among its major institutional shareholders, Baillie Gifford also updated its portfolio with a slight increase of 40,145 shares in a stake of over 43.8 million.
On the other hand, UBS reduced its Rivian holdings by 26.4% in the first quarter to just below 10.3 million shares.
Citigroup reported that it closed the quarter holding 8,674,247 shares — a 12.1% cut after selling approximately 1.19 million shares between January and March.
Deutsche Bank also trimmed its position for the second straight quarter, holding 1,879,129 shares at the end of March — its lowest level since mid-2024.
As of Friday, Nasdaq data showed Rivian has 935 institutional shareholders, collectively holding 777 million shares.
The company led by RJ Scaringe has been primarily backed by Amazon, which first invested in the company in 2019.
The retail giant has held approximately 158 million shares in the EV maker since.
Recently, Volkswagen Group has overtaken Amazon as Rivian’s largest shareholder, holding 209.8 million Class A common shares representing a 15.9% stake — up from 146 million shares as of mid-2025.
Lucid
The Norwegian fund also closed its position in Lucid Motors, after having re-entered the stock in late 2025.
Norges Bank first invested in Lucid in the third quarter of 2021, at the time of the EV maker’s public listing through a merger with Churchill Capital Corp IV.
The fund maintained a position in the company continuously through the second quarter of 2024, with its holdings peaking at over 18 million shares in mid-2023.
After that peak, the bank progressively reduced its stake through the following quarters before fully exiting in the third quarter of 2024.
It then took a new position in the fourth quarter of 2024 with approximately 1.29 million shares — its first investment in the company since the IPO-era holdings.
Since then, the Norwegian fund’s relationship with Lucid has mirrored its pattern with Tesla and Rivian — fully exiting in Q1 2025, returning in Q2 2025 with over 7.8 million shares, exiting again in Q3 2025, re-entering in Q4 2025 and now exiting once more.
Lucid is primarily backed by Saudi Arabia’s Public Investment Fund (PIF).
Its second largest institutional investor is Uber, which held 37,753,583 shares — an 11.5% stake — by the end of the first quarter, according to Fintel.
As of Friday, Lucid had 445 institutional shareholders with a combined total of over 266 million shares, Nasdaq data showed.
Lucid shares have fallen sharply from their post-SPAC highs.
The premium EV brand debuted on the Nasdaq in July 2021 via its merger with Churchill Capital Corp IV.
Last summer, the company executed a 1-for-10 reverse stock split while trading in the $2.00 to $3.00 range on a pre-split basis.
Interim chief executive Marc Winterhoff dismissed suggestions at the time that the move was driven by delisting concerns, framing it instead as a measure to attract institutional investors who face restrictions on holding low-priced securities.
Since the split was implemented on September 2, the stock has plunged by 68.4%, with the company hitting successive all-time lows in recent months — trading as low as $5.62 last week.
