Tesla Bull Cathie Wood Increased Stake in This Warren Buffett-backed Chinese EV Maker On Monday

Tesla Inc TSLA bull Cathie Wood-led Ark Investment Management on Monday further raised its exposure in BYD Co BYDDY, a Chinese electric vehicle maker that has the backing of veteran investor Warren Buffett's Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B). 

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.

BYD, short for Build Your Dreams and founded by Chinese billionaire Wang Chuanfu, competes with local rivals such as Nio Inc NIO, XPeng Inc XPEV, Li Auto Inc LI, and the current global EV leader Tesla.

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 ARKQ.

See Also: Cathie Wood Trims $147M From Tesla Stake And Initiates Position In This Rival EV Maker

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.