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Benzinga
Benzinga
Business
Rachit Vats

Cathie Wood Trims $147M From Tesla Stake And Initiates Position In This Rival EV Maker

Cathie Wood Tesla Inc. Ark Invest Ark Investment Management BYD NYSE Xpeng

Cathie Wood-led Ark Investment Management on Friday bought shares in the U.S. listed Chinese electric vehicle Nio Inc (NYSE:NIO), a first for the popular investment firm that has built significant stakes in global EV leader Tesla Inc (NASDAQ:TSLA) and has been piling up shares in local rivals Xpeng Inc (NYSE:XPEV) and BYD Co (OTC:BYDDY).

Ark Invest swooped up 420,057 shares — estimated to be worth $8.36 million based on Friday’s closing — in Nio on the dip.

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