Cathie Wood Sells Another $87.5M In Tesla And Initiates Position In This Chinese EV Stock

Cathie Wood’s money managing firm Ark Invest on Thursday for the first time bought shares in the U.S. listed Chinese electric vehicle maker $XPeng (XPEV.US)$ on the dip and sold more shares in $Tesla (TSLA.US)$

Ark Invest picked up 277,263 shares — estimated to be worth $13.39 million — in the Guangzhou, China-based Xpeng.

Shares of the company closed 5.57% lower at $48.29 a share on Thursday. The stock has risen 9.50% so far this year.

The development comes a day after the China-based electric vehicle maker reported November deliveries that came ahead of local rivals $NIO Inc (NIO.US)$ and $Li Auto (LI.US)$

The three players delivered more than 10,000 electric vehicles each — with Xpeng leading the pack at 15,613 units, Li Auto grabbing the second spot at 13,485 units and Nio dispatching 10,878 units to dealers during the month.

This latest exposure in Xpeng will be the second such buy for Ark Invest in a pure play electric vehicle company, as it also owns shares in Elon Musk-led Tesla.

To be sure, Ark Invest also owns OTC shares of Chinese automaker $BYD Company ADR (BYDDY.US)$ , which is backed by $Berkshire Hathaway-A (BRK.A.US)$ $Berkshire Hathaway-B (BRK.B.US)$ Chairman Warren Buffett.

A Tesla super-bull, Wood has been favouring the Musk led company and set a $3,000 price target for the electric vehicle stock by 2025. The popular money manager has however said she would not buy the recently listed $Rivian Automotive (RIVN.US)$ at the current levels.