Cathie Wood's Ark Buys an Electric-Vehicle Maker and Sells Another

On Friday, Ark funds in particular sold shares of electric-vehicle leader $Tesla (TSLA.US)$ and bought into $NIO Inc (NIO.US)$, the Chinese EV producer. (All valuations are as of Friday's close.)
As for Tesla, Wood has said her sales of the stock merely represented profit-taking and that she believes in the company for the long term. On Friday, Ark funds sold Tesla shares valued at $147.6 million. Tesla is still the No. 1 holding in Ark’s flagship Ark Innovation ETF $ARK Innovation ETF (ARKK.US)$
$ARK Autonomous Technology & Robotics ETF (ARKQ.US)$ bought 420,057 shares of Nio, worth $8.4 million.