Citi Loads Up On Tesla, Lucid And Rivian In Q3 While Slashing XPeng, General Motors

Citi increased its Tesla common-stock holding 10.1% to 8.69 million shares, worth roughly $3.09 billion at the quarter-end.

• The firm more than doubled its Lucid (LCID) stake, lifting it 106% to 4.25 million shares from 2.06 million as of Q2-end.
• The firm also sold its small stake in Faraday Future in the quarter. 
• Among Chinese EV makers, Citi added more Nio shares, while slashing its stake in XPeng and Li Auto.

Citigroup raised its stake in Tesla (TSLA) and a few other automakers in the third quarter, while cutting its stake in others including General Motors (GM) and XPeng (XPEV), according to a new filing.

The firm increased its Tesla common-stock holding 10.1% to 8.69 million shares, worth roughly $3.09 billion at the quarter-end. That compared with about 7.9 million shares valued near $3.32 billion three months earlier. The equity rise occurred even as the shares fell over the quarter, leaving the position’s market value down about 7%.

RIVN, LCID See Additions

Citigroup more than doubled its Lucid (LCID) stake, lifting it 106% to 4.25 million shares from 2.06 million as of Q2-end. The position’s value still climbed only about 25% to $17.3 million because the stock dropped in the timeframe.

The firm’s Rivian (RIVN) stake rose 39.7%to 8.56 million shares, partially reversing a second-quarter cut and leaving the holding just below levels reported at the end of March. The firm also sold its small stake in Faraday Future in the quarter.

Mixed Moves On Chinese EVs And Legacy Carmakers

Citigroup raised its Nio ADS holding 20% to 816,755 in the quarter.

By contrast, the bank reduced its XPeng holding 82.6% to 235,012 ADS and trimmed Li Auto holdings 20.1% to 2.23 million ADS, which remained its largest Chinese EV equity position at about $25.3 million.

Citigroup’s Ford stake grew 31% to 13.05 million, while General Motors holdings declined 5% to 1.70 million.

Citigroup’s overall reported holdings edged up to about $308.3 billion from $302.7 billion the prior quarter.

How Did TSLA Retail Traders React?

On Stocktwits, retail sentiment around TSLA stock was 'extremely bearish' at the time of writing, while retail chatter stayed at 'normal' levels. Sentiment around RIVN, meanwhile, trended in the ‘extremely bullish’ territory.

TSLA stock has dropped 24% year-to-date. 

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