On Monday, Ark Investment Management led by Cathie Wood increased their position and raised their exposure in Chinese electric vehicle company Xpeng Inc. The company is listed in the US under the symbol NYSE: XPEV.
Ark Invest through the Ark Autonomous Technology & Robotics ETF (BATS: ARKQ) purchased an additional 31,178 shares at an estimated $1.2 Million market price.
Xpeng’s shares closed at a low $39.44 a share on Monday, adding to a skid of nearly 17% over the past month.
Monday, December 20th, saw the stock drop to its lowest in the last month at $38.68 per share. As of publication on December 21st it was up 7.62% trading at $42.48. The increase in stock price sees Cathie’s Ark investment from Monday gain $118,476.4 on the 31,178 shares purchased.
ARKQ held 639,298 total shares worth $27.15 Million. The only other all-electric company in which Ark has exposure isxpeng Tesla. Tesla is Ark’s largest holding and the investment firm holds shares worth billions via the various exchange-traded funds. Tesla (NASDAQ: TSLA) is down 22.84% over the last 1 Month period to a level below $900 trading at $892.60.
On December 14th, Ark Invest previously bought 97,697 shares worth an estimated $4.34 million at market price in the China-based EV.
Xpeng is among other Chinese peers publicly listed companies that include Nio Inc (NYSE: NIO) and Li Auto Inc (NASDAQ: LI) that are under recent pressure amid the plans of DiDi Global Inc’s (NYSE: DIDI) to delist from the New York Stock Exchange.
Xpeng’s homegrown Shanghai, China-based rival Nio on Saturday during Nio Day debuted the company’s new ET5 sedan to rival Tesla’s Model 3.
Xpeng delivered more electric vehicles than Nio and Li Auto in November with the company stating a goal of selling over half of its electric vehicles outside of China.
All three of the above mentioned have delivered over 10,000 electric vehicles to date with Xpeng leading at over 15,613, Li Auto at 13,485 and Nio with 10,878 units delivered to dealers during the month.