Cathie Wood-led Ark Investment Management on Tuesday bought 11,143 shares in BYD Co estimated to be worth $498,760 based on their last closing price, further raising its bets on the Chinese automaker that is quickly switching to making new energy vehicles.
Shenzhen, China-headquartered BYD’s stock OTC closed 3.4% higher at $44.7 a share on Tuesday. The stock is down 36% so far this year.
BYD is backed by Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) Chairman Warren Buffett.
The veteran investor owns about an 8% stake in the automaker that competes with Tesla Inc and local rivals such as Xpeng Inc, Nio Inc and Li Auto Inc.
St. Petersburg, Florida-based Ark Invest held 320,214 shares — worth $13.8 million — in BYD via the ARK Autonomous Technology & Robotics ETF, before Tuesday’s trade.
This is Ark Invest’s second straight buy this year in BYD after months of accumulating some shares in 2021.
In February, BYD sold over double the number of electric vehicles than Nio, Xpeng and Li Auto combined.