Cathie Wood Loads Up Another $4.3M In This Chinese Tesla Rival

Popular investment management firm Ark Invest,led by Cathie Wood,on Tuesday, bought more shares in the U.S. listed Chinese electric vehicle maker Xpeng Inc(NYSE:XPEV) on the dip.

Ark Invest bought 97,697 shares — estimated to be worth $4.34 million — in the Guangzhou, China-based Xpeng.

Xpeng’s stock closed 1.92% lower at $44.47 a share on Tuesday and has fallen 7.35% in the past five days.

Xpeng and other Chinese peer shares such as Nio Inc(NYSE:NIO) have been under pressure recently.

Xpeng bolted ahead of local rivals Nio and Li Auto Inc(NASDAQ:LI) in terms of monthly volume when it reported November deliveries.

Each of the three players said they delivered more than 10,000 electric vehicles — with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month.

Xpeng Chairman Brian Gu last month said the company aims to sell half of its electric vehicles outside of China.

The maker of electric sedans and SUVs already sells electric vehicles in Norway and plans to ramp up investments overseas next year, including in Sweden, Denmark and the Netherlands.

Ark Invest bought shares in Xpeng via the ArkAutonomous Technology & Robotics ETF.

ARKQ held 524,034 shares — worth $23.74 million in Xpeng, prior to Tuesday’s trade.

Tesla Inc is the only other all-electric vehicle manufacturer in which Ark Invest has bought large amounts. The firm counts Tesla as its largest holding and owns shares worth billions in the company via its exchange-traded funds.

The investment firm has been booking profit in Tesla since early September when shares of the company began an upward march.

Tesla stock has slipped below the $1,000 levels and its market cap is now below $1-trillion as well.

Here are a few other key Ark trades from Tuesday:

• Bought 11,671 shares — estimated to be worth $3 million — in Coinbase Global Inc. The stock closed 1.79% higher at $255.86 a share on Tuesday.
• Sold 56,925 shares — estimated to be worth $4.4 million — inJD.com Inc. The stock closed 0.51% lower at $77.65 a share.