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.

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).

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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, and Li Auto combined.