Billionaire George Soros’s concern money has doubled down connected its stake connected Rivian Automotive Inc. and taken caller positions connected EV makers Nio Inc. and Lucid Motors Inc., according to a filing precocious Friday.
The concern has not paid disconnected amid steep declines for Rivian shares this year, but the money bought different 6 cardinal shares successful the play ended March 31, the Friday filing shows.
That brings the fund’s involvement to astir 25.9 cardinal shares, worthy astir $693 million. Rivian shares person mislaid astir 74% this year, compared with losses of astir 16% for the S&P 500 index. SPX
Shares of Rivian fell 0.2% successful the extended league Friday, aft ending the regular trading time up much than 9%.
Rivian earlier this week posted a wider-than-expected first-quarter nonaccomplishment and gross that besides disappointed Wall Street.
Investors cheered, however, that the EV shaper kept its accumulation guidance astatine 25,000 EVs this twelvemonth and that Rivian’s $17 cardinal successful currency connected manus would beryllium capable to motorboat the level for a cheaper EV retired of the aboriginal Rivian works successful Georgia.
The filing besides revealed caller stakes successful EV makers Lucid LCID and connected China-based Nio NIO, and shows that the money sold disconnected its positions connected EV shaper Fisker Inc. FSR and connected car shaper General Motors Co. GM