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George Soros' Fund Buys Up Nio And This US EV Stock, While Selling Entire Stake In These 2 Companies

By Shanthi Rexaline

Billionaire investor George Soros' Soros Fund Management has worked around with its electric vehicle portfolio in the first quarter, according to a 13F filing submitted to the SEC on Friday.

Fresh Positions In Nio, Lucid: Soros' fund bought 101.796 million shares of Chinese EV startup Nio, Inc. (NYSE:NIO) in the first quarter after holding no position in the company in the previous quarter.

Nio stock has gone through torrid times ever since it hit an all-time high of $66.99 in mid-January 2021. Much of the weakness is a function of external factors such as macroeconomics and geopolitics.

The fund also bought 600,000 Lucid Group, Inc. (NYSE:LCID) shares in the first quarter, from no stake in the previous quarter.

Related Link: Nio Analyst Predicts Over 200% Upside For Stock: 'EV Maker Has Clear Growth Prospects In 2022'

Adds to Rivian Holdings: Rivian Automotive, Inc. (NASDAQ:RIVN) may have been going through tough times amid execution issues. That did not deter from Soros' firm from accumulating more shares in the EV pickup truck maker.

The fund held 25.88 million shares in Rivian at the end of the first quarter, up from 19.84 million at the end of the fourth quarter.

GM, Fisker Stake Liquidated: Soros Fund Management sold its entire stake in legacy automaker General Motors Corporation (NYSE:GM) and Fisker, Inc. (NYSE:FSR).

The fund held 1.26 million and 317,300 shares in these two companies, respectively, at the end of the fourth quarter.

Photo: Courtesy of Norway UN (New York) on Flickr

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Dive Deeper:
EV Week In Review: Elon Musk Shrugs Off China Shocker, Tesla India Plans On Backburner, Lordstown Gets Lifeline, Canoo Sinks On Going Concern Warning And More
The EV space was broadly lower in the week ending May 13, although closing off their lows. The industry took cues…
Ford Unloads More Rivian Stock On Friday: What Investors Should Know
Rivian Automotive, Inc. (NASDAQ: RIVN) stock came under significant selling pressure last week amid liquidation by insiders following IPO lockup…
Morning Brief: Top Financial Stories Dominating on Friday, May 13
CNBC
Stock Market Tries To Bounce From Fresh 2022 Lows; Tesla CEO Elon Musk Puts Twitter Deal 'On Hold': Weekly Review
The major indexes fell to fresh 2022 lows before bouncing late in the week. Tesla CEO Elon Musk put his…
One subscription that gives you access to news from hundreds of sites
Ford unloads further 7 million shares of electric-vehicle startup Rivian
Sale leaves auto maker with about 9.7% stake in Rivian, whose stock price has been under pressure
Why Nio And Electric Vehicle Peers Are Plunging In Hong Kong Today
Shares of U.S.-listed Chinese electric automakers Nio Inc.
Get all your news in one place