Cathie Wood Loads Up Another $3.2M In This Chinese Tesla Rival

Cathie Wood led Ark Investment Management on Monday raised its exposure in the U.S.-listed Chinese electric vehicle maker Xpeng Inc XPEV, whose deliveries are growing fast.

The popular money managing firm bought 87,092 shares —estimated to be worth $3.2 million — in the Guangzhou, China-based Xpeng.

Xpeng shares have been under pressure lately amid Beijing’s heightened scrutiny on tech-linked stocks. Shares of the EV maker closed 0.7% lower at $37 a share on Monday. The stock is down 26.4% year-to-date.

Xpeng delivered 12,922 electric vehicles in January, more than local rivals Nio Inc NIO and Li Auto Inc’s LI 9,652 units and 12,268, respectively. 

Tesla Inc. TSLA sold nearly 60,000 Chinese-made vehicles in January, as per CPCA data, more than half of the combined sales of Nio, Xpeng, and Li, even though the local trio’s deliveries are growing fast.

See Also: Cathie Wood Continues Buying-Spree In Tesla And This Rival Chinese Automaker

Ark Invest has been buying shares in Xpeng, the only other pure electric vehicle player besides Tesla in its portfolio.

The St. Petersburg, Florida based Ark Invest also bought 453,296 shares —estimated to be worth $7.8 million– in TuSimple Holdings Inc TSP on Monday. The stock last closed 4.6% higher at $17.23.

The firm sold 128,181 shares — estimated to be worth $9.82 million— in Magna International Inc MGA. The stock closed 1.2% higher at $76.6 a share.

Photo: Courtesy of Xpeng