Cathie Wood Loads Up Another $4.3M In This Chinese Tesla Rival

Cathie Wood Loads Up Another $4.3M In This Chinese Tesla Rival $XPeng (XPEV.US)$ on the dip.

Ark Invest bought 97,697 shares — estimated to be worth $4.34 million — in the Guangzhou, China-based Xpeng.

Xpeng’s stock closed 1.92% lower at $44.47 a share on Tuesday and has fallen 7.35% in the past five days.

Xpeng and other Chinese peer shares such as $NIO Inc (NIO.US)$ have been under pressure recently amid $DiDi Global (Delisted) (DIDI.US)$ plans to delist from the New York Stock Exchange.

Xpeng bolted ahead of local rivals Nio and $Li Auto (LI.US)$ in terms of monthly volume when it reported November deliveries.

Each of the three players said they delivered more than 10,000 electric vehicles — 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.

Xpeng Chairman Brian Gu last month said 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 ramp up investments overseas next year, including in Sweden, Denmark and the Netherlands.

Ark Invest bought shares in Xpeng via the $ARK Autonomous Technology & Robotics ETF (ARKQ.US)$

ARKQ held 524,034 shares — worth $23.74 million in Xpeng, prior to Tuesday’s trade.