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World's Biggest Sovereign Wealth Fund Cashes Out Of Rivian, Trims Tesla Stake, But Bulks Up On This Chinese EV Maker

By Shanthi Rexaline

Norges Bank, the central bank of Norway and the sponsor of the world's biggest sovereign wealth fund (the Norwegian Oil Fund), has substantially changed its allocation toward electric vehicle stocks in the first quarter.

Norges' Big EV Portfolio Changes: Norges Bank sold its entire stake in Rivian Automotive, Inc. (NASDAQ:RIVN) in the first quarter, selling all the 1.993 million shares it held at the end of the fourth quarter.

Rivian stock sale may have been a strategic move ahead of the company's initial public offering lockup expiration.

The bank also offloaded about 70% of its holdings in Chinese EV startup XPeng, Inc. (NYSE:XPEV) and was left with 1.403 million shares of this Cathie Wood-backed company at the end of the first quarter.

A noteworthy buy has been that of XPeng's peer Li Auto, Inc. (NASDAQ:LI). At the end of the first quarter, Norges Bank held about 4.50 million shares of Li Auto, up 47% from the previous quarter.

Related Link: Largest US Pension Fund Sold FAANG Stocks In Q1: Which Chip Stock Did It Buy Instead?

Other Buys/Sells: Norges Bank increased its bets on Nio, Inc. (NYSE:NIO). This is despite the stock of the Chinese EV startup struggling amid the geopolitical, macroeconomic and regulatory challenges.

On the other hand, it disposed some shares of EV market leader Tesla, Inc. (NYSE:NIO).

Norges Bank modestly boosted its position on legacy automakers General Motors Corporation (NYSE:GM) and Ford Motor Company (NYSE:F).

Here're the EV Buys & Sells In Q1:

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Dive Deeper:
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Shares of U.S.-listed Chinese electric automakers Nio Inc.
Rivian Stock Soars Amid Signs Of EV Ramp, Strong Demand For Aspiring Tesla Rival
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Norwegian Central Bank Substantially Reduces Stakes In Alibaba And This Chipmaker: Here's What Norges Bought Instead
Amid the ongoing tech rout, Norges Bank made some cosmetic moves on its tech investments, barring a few liquidations and…
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One subscription that gives you access to news from hundreds of sites
Tesla Stock: Tesla's China Production Grinds To Near Halt Again But Exports To Europe Restart
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Get all your news in one place