Written by Cláudio Afonso | LinkedIn | X
Switzerland’s central bank reduced its position in luxury electric vehicle maker Lucid by 36 percent while also trimming its stakes in Rivian and Tesla by 3 percent and 4 percent, respectively.
As of the end of the first quarter, the Swiss National Bank held 1.8 million shares of Lucid, valued at $5.1 million. Since the previous update in early February, the bank reduced its position by 36 percent from nearly 3 million shares.
NEVER MISS AN UPDATE
In the second quarter of 2023, the Swiss National Bank reached a peak in its Lucid holdings, reporting over 3.2 million shares. It has since cut 50 percent of its position over the last quarters.
The luxury electric vehicle startup announced on Friday that is cutting its workforce as part of a restructuring and cost reduction plan. Some of the teams affected include vehicle engineering, IT, Human Resources, Powertrain, and Manufacturing, according to what former employees told EV.
Rivian Automotive, which went public around the same time as Lucid, has also seen recent reductions in the Swiss bank’s holdings with the latest update revealing that the bank sold 67,000 shares in the first quarter of the year.
The bank opened a position in Rivian shortly after the initial public offering in late 2021 by adding more than 650 thousand shares and continued increasing its position in the company until mid last year when it started selling part of it. Since then, the bank has sold 332 thousand shares.
Electric vehicle maker has announced on Thursday a series of new incentives aimed at boosting sales and clearing inventory of its 2023 and 2024 R1 models, including the R1S SUV and R1T truck.
The incentives include significant discounts, free upgrades, and lowered prices on battery options as the company prepares to launch refreshed versions of both models in early next year.
Regarding Tesla, one of its largest holdings, the Swiss National Bank disclosed it sold 4 percent of its stake, amounting to 364,400 shares. The current value of its position—8.57 million shares—is over $1.53 billion.
The firm started investing in Tesla in 2013 when it added nearly 63 thousand shares and reached a allocation percentage of over 2.15 percent two years ago when holding reached about 11.45 million shares.
Written by Cláudio Afonso | LinkedIn | X
NEVER MISS AN UPDATE
The post Swiss Central Bank Cuts Lucid Stake by 36%, Trims Rivian and Tesla first appeared on EV.