Ray Dalio's Hedge Fund Exits Tesla In Q1, Doubles Down On These Chinese EV Players Instead
Bridgewater Associates, led by billionaire Ray Dalio, completely exited its position in Tesla Inc NASDAQ:TSLA in the first quarter and the world's largest hedge fund significantly doubled down raising exposure in the U.S.- listed Chinese electric vehicle maker Nio Inc NYSE:NIO, Xpeng Inc NYSE:XPEV and Li Auto Inc NASDAQ:LI instead, regulatory filings showed on Friday.
Pulls Out Of Tesla: The hedge fund sold all of its 25,488 shares that it held in the Elon Musk-led Tesla at a time when shares of the electric vehicle maker traded in volatile territory -- at levels as-low-as
Despite the volatility, Tesla shares still rose 1.97% in the first quarter to close at
Scoops Up These Chinese EV Cos: The hedge fund more than doubled stakes in Li Auto and Xpeng while it significantly raised exposure in Nio at a time when shares of the companies have been under pressure.
In Li Auto, the hedge fund bought 1.79 million shares, lifting its exposure by 115.6% quarter-on-quarter to 3.35 million shares in the
Li Auto shares fell 19.6% in the first quarter to close at
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Bridgewater bought 2.25 million shares in Nio and 1.08 million shares in Xpeng in the first three months of the year. The new exposure lifted the stake in Nio by 73.5% to 5.32 million shares. The Xpeng stake rose 101.2% during the period to 2.15 million shares.
Nio shares fell 33.5% in the first quarter to close at
Legacy Rivals: The
In GM, Bridgewater bought 28,772 shares, raising its stake by 14.3% to 229,138 shares.
The hedge fund bought 486,840 shares in Ford, lifting its exposure by 28.4% to 2.29 million shares at the end of the first quarter.
GM and Ford shares fell 25.4% and 18.5% in the first quarter.
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