CalSTRS Sells 427,800 Shares of Lucid, Reducing Stake by 32%

The California State Teachers Retirement System (CalSTRS), a large pension plan, has reduced its stake in Lucid Motors by 32 percent, owning 901,363 shares worth $2,568,885 at the end of the first quarter. This reduction comes as Lucid sees broader institutional interest, with major investment firms holding shares. Lucid CEO plans to focus on energy density technology rather than an affordable model, predicting that battery technology prices will decrease. Despite praising Chinese OEMs for improvements, he believes they are still behind Tesla. Lucid recently opened new service centers in Europe and aims to deliver 9,000 vehicles in 2024.