Just saw that Wolverine dumped 3.5M Lucid shares back in Q4 for around $56M. They still hold a ton, but the move is pretty telling if you ask me.

Lucid's been bleeding cash trying to scale production. The Gravity SUV launch is supposed to open a new market, but honestly the sales numbers are still pretty weak. Meanwhile Rivian's already crushing it with their electric SUVs and way ahead on the buy side from investors.

What's interesting is Wolverine's portfolio shows they're clearly betting on different horses here. Rivian as one of their top holdings versus cutting back on Lucid? That's a pretty clear signal about which model they think wins in this space. The stock's down almost 60% year-over-year, so the market maker sentiment doesn't look great either.

I get that Saudi PIF keeps backing them, but at some point the business needs to actually make money. Curious if others are seeing this as a buying opportunity or if Wolverine's onto something about the competitive landscape shifting.