Billionaire George Soros’s investment fund has doubled down on its bet on Rivian Automotive Inc. and taken new positions on EV makers Nio Inc. and Lucid Motors Inc., according to a filing late Friday.
As disclosed in February, Soros’s fund had bought nearly 20 million shares of Rivian RIVN, +9.88%, worth about $2 billion at the time.
The investment has not paid off amid steep declines for Rivian shares this year, but the fund bought another 6 million shares in the period ended March 31, the Friday filing shows.
That brings the fund’s stake to about 25.9 million shares, worth about $693 million. Rivian shares have lost about 74% this year, compared with losses of around 16% for 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 the extended session Friday, after ending the regular trading day up more than 9%.
Rivian earlier this week posted a wider-than-expected first-quarter loss and revenue that also disappointed Wall Street.
Investors cheered, however, that the EV maker kept its production guidance at 25,000 EVs this year and that Rivian’s $17 billion in cash on hand would be enough to launch the platform for a cheaper EV out of the future Rivian plant in Georgia.
The filing also revealed new stakes in EV makers Lucid LCID, +14.79% and on China-based Nio NIO, +9.24%, and shows that the fund sold off its positions on EV maker Fisker Inc. FSR, +5.57% and on auto maker General Motors Co. GM, +7.45%
It also sold off its stakes on ride-hailing company Lyft Inc LYFT, +7.58% and Peloton Interactive Inc. PTON, +16.52%
Among the fund’s new additions were stakes on Bank of America Corp. BAC, +0.29%, Etsy Inc. ETSY, +4.80% and Eventbrite Inc. EB, +7.62%