Written by Cláudio Afonso | LinkedIn | X
BlackRock, the world’s largest asset manager, disclosed in a quarterly filing on Friday that it added 5.4 million shares in the EV maker Lucid Motors in the fourth quarter of 2024. The firm increased its stake in the company by 12.7%.
BlackRock ended the year holding more than 48.5 million Lucid shares, valued at nearly $147 million, according to its latest 13F filing.
Over the past three years, BlackRock’s position in Lucid has expanded by approximately 36 million shares, peaking at over 49 million in the fourth quarter of 2023.
BlackRock first took a position in Lucid after the EV maker’s merger with Churchill Capital Corp. IV in 2021, initially acquiring 7.59 million shares. By the end of that year, its holdings had grown to over 12.6 million shares.
Saudi-Backed EV Maker
Lucid currently has 666 institutional investors holding a combined 1.69 billion shares, near a record high. Saudi’s Public Investment Fund (PIF) has a stake of about 60% in the company.
In October, Lucid announced a combined public offering and private placement of approximately 637 million shares to raise over $1.7 billion.
The offering consisted of a public sale of over 262 million shares, while Ayar Third Investment — an affiliate of the PIF — committed to buying nearly 375 million shares through a private placement.
US Sales in January
The company sold 665 vehicles in January, down from a record 780 in December, according to Motor Intelligence estimates released last week.
Year over year, Lucid’s U.S. sales rose 51%, with an estimated 615 Air sedans and 50 Gravity SUVs registered last month.
After having delivered the first units of its second model — the Gravity SUV — in late December, Lucid has not yet revealed when U.S. and Canadian customers can expect the first deliveries of the high-end variant.
Last week, the SUV gained access to Tesla’s supercharger network with CEO Peter Rawlinson naming it “the most available and convenient charging network in the United States and Canada.”
According to Motor Intelligence, fourth-quarter sales in the U.S. stood at 2,162 units while 2024 figures were 7,578 vehicles.
Lucid’s chief executive, Peter Rawlinson, ended 2024 by taking delivery of his own Gravity SUV, becoming one of the first owners of the company’s second model. The EV maker shared the moment on social media, calling it an “extra special delivery” to close out the year.
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