Written by Cláudio Afonso | LinkedIn | X
BlackRock Inc., the world’s largest asset manager, reduced its stake in electric vehicle maker Lucid Motors by 4.8% as it sold 2,171,966 shares in the third quarter, according to data from Fintel.
The firm held 43,056,832 shares of Lucid, valued at nearly $152 million, as of September 30, down from 45,228,798 shares by the end of the second quarter.
Between April and June, BlackRock had increased its stake in Lucid by 4.39 million shares, underscoring its dynamic positioning in the California-based EV maker.
BlackRock initially opened a position in Lucid following the company’s merger with Churchill Capital Corp. IV in late 2021, acquiring 7.59 million shares. By the end of that year, the firm had increased its stake to more than 12.6 million shares.
Over the past three years, BlackRock’s total holdings in Lucid grew by approximately 36 million shares, peaking at over 49 million shares in the fourth quarter of 2023.
Despite Lucid’s 52% year-to-date loss, institutional ownership of the company remains strong, with 673 institutional investors collectively holding 1.68 billion shares—a near-record high.
Lucid shares hit an all-time low of $1.93 last Friday, extending year-to-date decline to 53%. The stock rebounded slightly to close at $2.01, recovering some of the day’s earlier losses.
The company’s CEO Peter Rawlinson said on Friday that production of the Gravity SUV is set to begin “imminently” at the company’s plant in Casa Grande, Arizona.
Last week, Lucid started accepting orders in the U.S. for the higher trim of its second model, which starts at $94,500. The highly awaited $80,000-trim arrives in about a year, in late 2025.
Peter Rawlinson commented on Chinese competitors in a new interview released last week, where he reiterated that the companies are “certainly heavily subsidized by central governments.”
In the same interview, Lucid’s CEO criticized the quality of electric vehicles available in the U.S., stating that many Americans have found their experiences with EVs underwhelming.
Written by Cláudio Afonso | LinkedIn | X
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