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Nio, Inc. (NYSE:NIO) shares were sought after by institutional investors in the first quarter in an apparent bid to capitalize on a pullback in the electric vehicle stock.
What Happened: Asia-focused private equity firm Hillhouse Capital bought 127,000 shares of Nio in the first quarter, a 13F filing by the firm revealed. Hillhouse's stake in Nio at the end of the quarter was valued at $4.958 million.
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Incidentally, the private equity firm sold off its position in Nio in the fourth quarter.
In the third quarter of 2020, the firm held 2.412 million shares of Nio, valued at $51.18 million.
Hillhouse also bought 658,595 shares of Nio's Chinese EV peer XPeng Inc (NYSE:XPEV) in the first quarter. The stake was valued at $24.05 million. The firm had no position in XPeng in the fourth quarter.
Related Link: Germany Could Be Nio's Next Stop After Norway Foray, Reports Say
Why It's Important: Nio and XPeng are two prominent players in the growing Chinese EV market. These companies have capitalized on the momentum with product lineups, particularly with respect to technology and customer service.
Both Nio and XPeng are planning overseas expansion. XPeng has already started sexporting its vehicles to Norway, while Nio recently announced its entry into Norway by setting up an office and service infrastructure in the European country.
Nio and XPeng are likely to benefit from the acceleration that is expected in EV adoption. If these companies can match their vision with execution, in all likelihood, their shares could emerge as attractive investment options.
At last check, Nio shares were up 1.3% at $34.25, while XPeng shares were adding 3.1% to $26.93.
Related Link: XPeng Unveils The P5, A LiDAR-Equipped New Sedan Model With Advanced Features And Tech
Photo courtesy of Nio.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.