Lucid Group shareholders: Who owns the most LCID stock?
Electric vehicle (EV) maker Lucid Group (LCID) may have the world’s longest-range production car, but its stock performance has been spiralling down.
As of 23 September, the Lucid stock price had dropped more than 62% year-to-date. In August, the company halved its production guideline. However, it still has a large number of institutional investors.
Who owns Lucid stock? We examine the biggest Lucid Group shareholders and what prompts them to hold the company’s stock.
About Lucid Group
Lucid Motors (LCID) is a California-based electric vehicle (EV) manufacturer. Lucid completed a merger with special purpose acquisition company (SPAC) Churchill Capital Corp. IV (CCIV) on July 23, 2021. As the merger completed, CCIV stock was delisted from the New York Stock Exchange (NYSE), where it had traded since July 2020. The combined company operates as Lucid Group, which is also involved in energy storage and original equipment manufacturing.
On July 26, 2021, Lucid Group became a publicly listed company trading on the Nasdaq Global Select Market with its Class A common stock and public warrants listed under the new ticker symbols 'LCID' and 'LCIDW', respectively.
Lucid began as Atieva in 2007. The company was founded by Sam Weng, a former co-founder and vice president (VP) of sales and marketing at Astoria Networks, former Tesla (TSLA) vice president Bernard Tse and inventor Sheaupyng Lin.
At first, Atieva focused on developing electric batteries and powertrains for other vehicle manufacturers. The firm started to develop high performance, luxury EVs in 2016 when it was rebranded as Lucid Motors.
The company’s main product is the Lucid Air electric luxury sedan. By August 2022, the company had 37,000 reservations for Lucid Air and had delivered 679 units to customers.
In 2018, Saudi Arabia's Public Investment Fund (PIF) invested more than $1bn in Lucid Motors. The money will help fund the development, testing and production of Lucid Air, as well as the construction of a manufacturing facility in Arizona and the launch of the company's retail strategy in North America. In December 2019, the company began construction on the Arizona facility.
Lucid stock performance and price drivers
LCID Group stock debuted on the market at $25.24 a share and ended the first trading day at $26.83 a share, 10.64% higher than the opening price.
Lucid Group hit its highest price of $57.75 on 17 November 2021 after it reported that reservations of Lucid Air had jumped 30% to 17,000 by 15 November, up from around 13,000 in September 2021.
However, things have been on the downward trajectory since then. The company’s share price suffered from a broader market sell-off of tech stocks and challenges to ramp up production.
Automakers, particularly EV manufacturers, have been hit by widespread semiconductor shortages since 2020, which delayed production and hurt sales. Chips are needed in car manufacturing for features such as automatic braking, power steering and airbag deployment.
In the second quarter of 2022, Lucid halved its production guidance for 2022 to 6,000-7,000 vehicles, from the initial plan of 12,000 to 14,000 vehicles.
Year-to-date, the Lucid Group stock price has fallen more than 62%. Since its debut in 2021, the stock has declined by nearly 41%. As of 22 September, Lucid’s stock closed at $14.31.
Who owns Lucid stock?
Before diving into who owns Lucid stock, let’s check how many Lucid Group shareholders are there? According to Nasdaq data, as of 23 September, Lucid had 1.672 billion outstanding shares spread across different types of investors.
About 53% of Lucid’s stock owners were institutional investors, while 47% were insider investors, according to WallStreetZen data, as of 23 September. In comparison, institutional shareholders accounted for 14.22% in Tesla (TSLA) and 49.43% in Ford (F).
Sovereign wealth funds, pension funds, banks, money managers and insurance companies are among the types of institutional investors who own Lucid shares.
Biggest institutional Lucid Group shareholders
An institutional investor is a company that invests on behalf of others. Investments made by institutional investors depend on their clients' objectives. Retail investors are individuals who invest their own money.
Institutional investors typically have more financial muscle than retail investors, allowing them to trade big volumes of shares and exert significant influence on stock movements. Information on institutional holdings can be used to forecast a company’s volatility and value, according to Nasdaq.
Based on data compiled by Nasdaq and WallStreetZen, as of 23 September, Public Investment Fund, Vanguard Group and Blackrock (BLK) are three top LCID holders among institutional investors.
Public Investment Fund
The Kingdom of Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), owns the biggest amount of Lucid’s stock: 60.7% worth $15.80bn, according to July data from Security and Exchange Commission (SEC) filing.
As the Kingdom’s investment arm, PIF has a broad portfolio of domestic, regional, and international investments across asset classes and geographies. With $6,120bn of assets under management (AUM), PIF is the world’s six largest sovereign wealth fund, according to data from SWFInstitute.
According to Nasdaq’s data, as of June 2022, consumer cyclicals account for the biggest portion in PIF investments (nearly 53%). Technology comes second (30.33%).
In addition to Lucid, the PIF has invested in several major US companies, including Starbucks (SBUX), Paypal Holdings (PYPL), Microsoft (MSFT) and Cotsco Wholesale Corporation (CSTO).
Lucid has started construction of its factory in Saudi Arabia, the AMP-2, which will have the capacity to produce 155,000 EVs. It was part of an agreement that the company signed in February 2022 with the Kingdom’s government. As part of the deal, Saudi Arabia will purchase 100,000 Lucid’s cars over a 10-year period.
M.Klein & Company
Global strategic advisory and investment firm M. Klein & Company was the second biggest Lucid stock owner among institutional shareholders, with 51.75 million shares representing a 3% stake, according to data from SEC’s filing.
The company was founded in 2012 by investment banker Michael Klein, who has three decades of leadership experience at Citigroup.
Vanguard Group
Pennsylvania-based investment advisor Vanguard Group was the third biggest Lucid shareholder among institutions, with roughly 2.46% of the overall stock worth $642.12m, according to WallStreetZen and Nasdaq data, as of 23 September.
According to Advratings, Vanguard is the world’s second largest asset manager, with $7.5trn of AUM, as of 30 April 2022.
Established in 1975, Vanguard offers a broad range of investments, advice, retirement services and insights to individual investors, institutions and financial professionals.
The company is well-known for its work in developing index-tracking mutual and exchange-traded funds (ETFs) that are easily accessible to retail investors. Such financial instruments are designed to track the performance of a benchmark index, such as the S&P 500 (US500) or the US Tech 100 (US Tech 100).
Biggest individual shareholders of Lucid Group stock
Lucid insiders who own the most shares of LCID are the company’s CEO and Chief Technology Officer (CTO) Peter Dore Rawlinson, Director Turqi Alnowaiser, and Senior Vice President of Product and Chief Engineer Eric Bach, according to SEC filings data.
Peter Dore Rawlinson
Peter Rawlinson has served as the company’s CEO and CTO since April 2019. Before joining Lucid, Rawlinson was Vice President of Vehicle Engineering and Chief Engineering at Tesla (TSLA). Rawlinson holds a 1.26% stake of 21.24 million shares, according to September SEC filings, making him Lucid's biggest individual insider investor.
Turqi Alnowaiser
Turqi Alnowaiser has been on the Lucid board of directors since 2019. Since June 2021, he has served as PIF’s deputy governor and head of the international investments division. As of 6 September 2022, Alnowaiser held roughly 2 million shares, representing a 0.12% stake in Lucid, according to SEC’s filings.
Eric Bach
Prior to working with Lucid, Eric Bach was Tesla’s chief engineer from 2012 to 2015. As of 6 September, Bach had 1.75 million shares, representing a 0.10% stake in Lucid, based on SEC data.
FAQs
How many shares of LCID are there?
LCID has 1.672 billion of outstanding shares, as of 23 September 2022.
Who is the largest shareholder of Lucid?
Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), was the largest institutional Lucid holder, with 1.015 billion shares (a 60.7% stake), as of July SEC filings. Lucid’s CEO Peter Rawlinson was the biggest insider investor with more than 21 million LCID shares (1.24%), according to September SEC filings.
Is Lucid a good stock to hold?
Whether Lucid (LCID) is a good stock to hold depends on your risk tolerance, investment objectives, portfolio composition, and experience in the markets. You should do your own research. And never trade money that you cannot afford to lose.
Markets in this article
Related topics
