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