Billionaire George Soros’s funding fund has doubled down on its wager on Rivian Automotive Inc. and brought new positions on EV makers Nio Inc. and Lucid Motors Inc., in keeping with a submitting late Friday.
As disclosed in February, Soros’s fund had purchased almost 20 million shares of Rivian
value about $2 billion on the time.
The funding has not paid off amid steep declines for Rivian shares this 12 months, however the fund purchased one other 6 million shares within the interval ended March 31, the Friday submitting exhibits.
That brings the fund’s stake to about 25.9 million shares, value about $693 million. Rivian shares have misplaced about 74% this 12 months, in contrast with losses of round 16% for the S&P 500 index.
See additionally: Rivian has been a ‘practice wreck,’ however may very well be turning a nook
Shares of Rivian fell 0.2% within the prolonged session Friday, after ending the common buying and selling day up greater than 9%.
Rivian earlier this week posted a wider-than-expected first-quarter loss and income that additionally dissatisfied Wall Avenue.
Traders cheered, nonetheless, that the EV maker stored its manufacturing steering at 25,000 EVs this 12 months and that Rivian’s $17 billion in money available can be sufficient to launch the platform for a less expensive EV out of the long run Rivian plant in Georgia.
The submitting additionally revealed new stakes in EV makers Lucid
and on China-based Nio
and exhibits that the fund bought off its positions on EV maker Fisker Inc.
and on auto maker Common Motors Co.
It additionally bought off its stakes on ride-hailing firm Lyft Inc
and Peloton Interactive Inc.
Among the many fund’s new additions had been stakes on Financial institution of America Corp.
and Eventbrite Inc.