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Tesla Bull Cathie Wood Increased Stake in This Warren Buffett-backed Chinese EV Maker On Monday

Published 29/03/2022, 02:42
© Reuters.  Tesla Bull Cathie Wood Increased Stake in This Warren Buffett-backed Chinese EV Maker On Monday
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Tesla Inc (NASDAQ: TSLA) bull Cathie Wood-led Ark Investment Management on Monday further raised its exposure in BYD Co (OTC: BYDDY), a Chinese electric vehicle maker that has the backing of veteran investor Warren Buffett's Berkshire Hathaway (NYSE:BRKa) Inc (NYSE: BRK-A) (NYSE: BRK-B).

The popular investment firm bought 35,000 shares, estimated to be worth $1.92 million, in the Shenzhen-based legacy automotive player that has switched to making electric vehicles and hybrids.

BYD stock closed 0.7% higher at $54.97 a share on Monday. The stock is down 21% year-to-date.

BYD, short for Build Your Dreams and founded by Chinese billionaire Wang Chuanfu, competes with local rivals such as Nio Inc (NYSE: NIO), XPeng Inc (NYSE: XPEV), Li Auto Inc (NASDAQ: LI), and the current global EV leader Tesla.

St. Petersburg, Florida-based Ark Invest held 411,334 shares, worth $22.45 million, in BYD before Monday’s trade. Ark Invest owns shares in the company via the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ).

See Also: Cathie Wood Trims $147M From Tesla Stake And Initiates Position In This Rival EV Maker

Last week ARKQ initiated a position in Nio and swooped up shares worth $8.4 million based. The ETF also counts Tesla as its top holding, a stock that Wood has estimated will breach the $3,000 milestone by 2025.

This is Ark Invest’s fourth buy in BYD so far this year, a stock that it has been accumulating since 2021.

In February, BYD sold over double the number of electric vehicles than Nio, Xpeng (NYSE:XPEV), and Li Auto combined.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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