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Cathie Wood’s Ark Investment Management on Monday further raised its exposure in the U.S listed Chinese electric vehicle maker Xpeng Inc (NYSE:XPENG), continuing its buying spree in the company that aims to rival Tesla Inc (NASDAQ:TSLA).
Ark Invest bought 31,178 shares — estimated to be worth $1.2 million — in the Guangzhou, China-based Xpeng.
Xpeng’s shares closed 5.67% lower at $39.44 a share on Monday and are down 17% over the past month.
Xpeng and other Chinese peer stocks such as Nio Inc (NYSE:NIO) have been under pressure lately amid DiDi Global Inc's (NYSE:DIDI) plans to delist from the New York Stock Exchange.
See Also: Cathie Wood Loads Up Another $4.3M In This Chinese Tesla Rival
Xpeng’s homegrown Shanghai, China-based rival Nio on Saturday revealed a new sedan that would compete with Tesla’s Model 3.
Xpeng delivered more electric vehicles than Nio and Li Auto in November. The company has said it 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.
ARKQ held 608,120 shares — worth $25.4 million in Xpeng, prior to Monday’s trade.
Tesla is the only other all-electric company in which Ark Invest has exposure. The investment firm counts Tesla as its largest holding and owns shares worth billions in the company via its exchange-traded funds.
Photo: Courtesy of Xpeng
