Cathie Wood Sheds Another $30M In Tesla But Continues Buying Spree In This Chinese EV Maker

Cathie Wood’s Ark Investment Management on Wednesday bought more shares in the U.S listed Chinese electric vehicle maker $XPeng (XPEV.US)$ on the dip and sold more shares in $Tesla (TSLA.US)$ amid a profit-booking spree.

The popular money managing firm bought 43,100 shares — estimated to be worth $1.91 million — in the Guangzhou, China-headquartered electric vehicle maker that aims to rival Tesla.

Xpeng shares closed 1.8% lower at $44.5 a share on Wednesday. The stock is down 19% in the past month.

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

Besides Xpeng, Tesla is the only other all-electric company in which Ark Invest has exposure. The investment firm counts Tesla as its largest holding and owns shares worth billions in the company via its exchange-traded funds.

Ark Invest on Wednesday sold 27,885 shares — estimated to be worth $30.3 million — in the Elon Musk-led company’s stock.

Ark has been selling shares in Tesla since September as the stock delivered robust gains after record third-quarter deliveries and a large order from car rental company $HERTZ GLOBAL HOLDINGS INC C/WTS 30/06/2051 (TO PUR COM) (HTZWW.US)$