People’s Fund Management Company Ark Invest, directed by Cathie Bois, Monday further increased its exposure to the US-listed Chinese electric vehicle maker Xpeng Inc. XPEVjust days after debuting on the stock exchange, and also sold more shares in Tesla Inc. TSLA.
Ark Invest has purchased 254,601 shares – valued at $11.78 million – of Xpeng, based in Guangzhou, China.
Xpeng stock closed up 5.69% at $46.28 per share on Wednesday, but has fallen about 10% in the past five days.
Xpeng outpaces local rivals Nio Inc. NIO and Li Auto Inc LI in terms of monthly volume when it announced November deliveries last week.
Each of the three players said they had delivered more than 10,000 electric vehicles – with Xpeng leading the pack with 15,613 units, Li Auto taking second place with 13,485 units and Nio sending 10,878 units to dealers during the month.
Xpeng chairman and chairman Brian Gu said last month that the company aims to sell half of its electric vehicles outside of China.
The maker of electric sedans and SUVs already sells electric vehicles in Norway and plans to increase its investments abroad next year, including setting up in Sweden, Denmark and the Netherlands in 2022.
Ark Invest again bought Xpeng shares through the Ark Autonomous Technology and Robotics ETF ARKQ Monday.
Tesla is the only other purely electric vehicle manufacturing company in which Ark Invest has purchased large quantities. The company counts Tesla as its largest holding and owns billions worth of stock in the company through its exchange-traded funds.
The investment firm has been posting stock profits since early September, when the company’s shares began a rally.
See also: Budget EV Houngguang sales surpass Nio, Xpeng and Li Auto combined in November, a record 22% increase
On Monday, Ark Invest sold an additional 33,929 shares of Tesla, valued at $34.22 million.
Ark Invest held 2.09 million shares – worth about $2.11 billion – in Tesla before Monday’s transaction. Tesla shares pared earlier losses on Monday to close down 0.59% at $1,009.01 per share. The title is still up 38.3% since the start of the year.
See also: Cathie Wood sells another $87.5 million in Tesla and takes a stand on this Chinese electric vehicle stock
Here are some other Key Ark Invest trades on Monday:
- Sold 284,650 shares — estimated at $21.4 million — in JD.com Inc. J.D.. The stock closed down 3.54% at $75.19 per share.
- Bought 230,883 shares — valued at $10.26 million — in Twitter Inc. TWTR. The stock closed up 5.73% at $44.47 per share.