Soros fund doubles down on Rivian bet, buys stakes in Lucid, Nio

Billionaire George Soros’ investment fund has doubled its commitment to Rivian Automotive Inc. and has taken new positions on electric vehicle manufacturers Nio Inc. and Lucid Motors Inc., according to a presentation Friday afternoon.

As revealed in February, the Soros fund had bought about 20 million shares of Rivian RIVN,
+ 9.88%,
at the time, it had about $ 2 billion.

The investment has not paid off amid a sharp drop in Rivian shares this year, but the fund bought another 6 million shares in the period ended March 31, according to Friday’s presentation.

As a result, the fund’s stake is about $ 25.9 million, worth about $ 693 million. Rivian shares have lost about 74% this year, compared to losses of about 16% in the S&P 500 index. SPX,
+ 2.39%

See also: Rivian has been a “train wreck,” but could be turning a corner

Shares of Rivian fell 0.2% in Friday’s extended session, after ending the usual day with more than 9%.

Rivian posted a larger-than-expected first-quarter loss and revenue earlier this week that was also expected to disappoint Wall Street.

Investors applauded, however, that the electric vehicle manufacturer maintained its production target at 25,000 electric vehicles this year and that the $ 17 billion in cash available from Rivian would be enough to launch the platform for a cheaper electric vehicle. of Rivian’s future plant in Georgia.

The presentation also revealed new bets on Lucid LCID electric vehicle manufacturers,
+ 14.79%
and Nio NIO, based in China,
+ 9.24%,
and shows that the fund sold its positions in the maker of EV Fisker Inc. FSR,
+ 5.57%
and automaker General Motors Co. GM,
+ 7.45%

He also sold his stakes in the car transport company Lyft Inc. LYFT,
+ 7.58%
and Peloton Interactive Inc. PTON,
+ 16.52%

New additions to the fund included holdings in Bank of America Corp. BAC,
+ 0.29%,
Etsy Inc. ETSY,
+ 4.80%
and Eventbrite Inc. EB,
+ 7.62%

Source link

Leave a Reply