Cathie Wood’s Ark Investment Management on Friday loaded up another 18,000 shares — worth about $823,320 — in the U.S. listed Chinese electric vehicle maker Xpeng Inc(NYSE:XPEV).
Xpeng’s stock closed 4.5% higher at $44.47 a share on Wednesday. The stock is up about 3.7% fp or the year.
The Guangzhou, China-based company bolted ahead of local rivals Nio and Li Auto Inc(NASDAQ:LI) last month with deliveries.
Each of the three players delivered more than 10,000 electric vehicles — with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month.
Xpeng ChairmanBrian Gusaid last month the company aims to sell half of its electric vehicles outside of China.
The maker of electric sedans and SUVs already sells electric vehicles in Norway and plans to ramp up investments overseas next year, including in Sweden, Denmark and the Netherlands.
The Shanghai-based Nio has similar plans and said last week it plans to foray into Germany, the Netherlands, Sweden and Denmark in 2022 and aims to have a presence in 25 countries by 2025.
Ark Invest first bought shares in Xpeng on Dec. 3 and has since piled up shares in the electric vehicle company’s stock on six days, all via the Ark Autonomous Technology & Robotics ETF(BATS:ARKQ).
ARKQ held 637,042 shares — worth $27.88 million in Xpeng, prior to Thursday’s trade.
Besides Xpeng, the Elon Musk-led Tesla is the only all-electric vehicle maker in which Ark Invest has bought large amounts. The firm counts Tesla as its largest holding and owns shares worth billions in the company via its exchange-traded funds.
The investment firm has been booking profit in Tesla since early September when shares of the company began an upward march.
Ark also sold 2,273 shares — estimated to be worth $6.68 million — in Alphabet Inc Class C(NASDAQ:GOOG). The stock closed 1.89% higher at $2,938.9 a share on Wednesday.
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