The Soros Fund doubles Rivian’s bet and buys shares in Lucid, Nio

Billionaire George Soros’ mutual fund has doubled its bet on Rivian Automotive Inc. and added new positions in electric vehicle makers Nio Inc. and Lucid Motors Inc., according to a document filed late Friday.

As announced in February, the Soros Fund had bought nearly 20 million shares of Rivian RIVN,
worth around $2 billion at the time.

The investment didn’t pay off given the sharp fall in Rivian shares this year, but the fund bought an additional 6 million shares in the period ended March 31 Delivery on Friday shows.

This puts the fund’s stake in approximately 25.9 million shares worth approximately $693 million. Rivian shares are down about 74% this year, compared to about 16% losses for the S&P 500 index. SPX,

See also: Rivian was a “train wreck” but could turn a corner

Rivian shares fell 0.2% in Friday’s extended session after ending regular trading up more than 9%.

Rivian earlier this week reported a better-than-expected first-quarter loss and revenue that also disappointed Wall Street.

But investors cheered that the electric vehicle maker maintained its production guidance of 25,000 electric vehicles this year and that Rivian’s $17 billion in cash would be enough to launch the platform for a cheaper electric vehicle out of Rivian’s future Georgia plant start.

The filing also revealed new holdings in EV maker Lucid LCID,
and on China-based Nio NIO,
and shows that the fund sold its position in EV maker Fisker Inc. FSR,
and on the car manufacturer General Motors Co. GM,

It also sold its stake in ride-hailing company Lyft Inc LYFT,
and Peloton Interactive Inc. PTON,

New additions to the fund included holdings in Bank of America Corp. BAC,
Etsy Inc. ETSY,
and Eventbrite Inc. EB,
+7.62% The Soros Fund doubles Rivian’s bet and buys shares in Lucid, Nio

Brian Lowry

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