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

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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.

As disclosed successful February, Soros’s money had bought astir 20 cardinal shares of Rivian RIVN, worth astir $2 cardinal astatine the time.

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

See also: Rivian has been a ‘train wreck,’ but could beryllium turning a corner

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

It besides sold disconnected its stakes connected ride-hailing institution Lyft Inc LYFT and Peloton Interactive Inc. PTON

Among the fund’s caller additions were stakes connected Bank of America Corp. BAC, Etsy Inc. ETSY and Eventbrite Inc. EB

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