Written by Cláudio Afonso | LinkedIn | X
Geode Capital, the index fund business of Fidelity and one of the largest shareholders of Lucid Motors has released its quarterly portfolio update, revealing the acquisition of 1,433,024 shares in the second quarter.
This purchase marks a 9.62% increase in Geode’s stake in the luxury electric vehicle (EV) maker, bringing its total holdings to 16,332,315 shares.
Geode Capital, which counts Apple, Microsoft, and Nvidia as its top three holdings, initially invested in Lucid shortly after its merger with the SPAC Churchill Capital Corp IV in late 2021, starting with 5,653,525 shares.
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The fund has consistently reinforced its position since then, with its largest acquisition occurring mid-last year when it added nearly 2.57 million shares.
According to the Nasdaq official website, Geode Capital Management is the fifth largest investor behind Morgan Stanley, Blackrock, Vanguard and the PIF.
Last week, Lucid disclosed that its largest shareholder, the Public Investment Fund (PIF) of Saudi Arabia, which owns about 60% of the company, will inject an additional $1.5 billion in cash. This follows a previous agreement in March, in where PIF committed to investing $1 billion.
The California-based company delivered 2,394 vehicles in the second quarter of the year and produced 2,110 units.
Last weekend, Lucid hosted an event on Sunday in Torrance, CA, attended by over 250 owners who had the opportunity to meet the management team and get an exclusive first look at the company’s second model, the three-row SUV, Gravity.
According to Lucid enthusiasts who talked with executives at the event, the model is on track to begin production in November/December, with deliveries expected to start shortly thereafter.
On the last day of July, Lucid’s CEO, Peter Rawlinson, announced that the first pre-production units of the Gravity had rolled off the production line.
Last week, the company reiterated its annual production guidance of 9,000 vehicles as it prepares to start producing its second model, the Gravity SUV, later this year.
With 1,728 vehicles produced in the first quarter and 2,110 vehicles in the second quarter, the California-based EV maker expects to produce 5,162 vehicles in the second half of the year.
Lucid Motors reported its earnings results from the second quarter of the year with revenue beating analysts’ estimates: $200.6 million versus $186.2 million.
Written by Cláudio Afonso | LinkedIn | X
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The post Lucid’s Major Investor Increases Position by in Q2 to Over 16 mln Shares first appeared on EV.