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

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
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.

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

and on China-based Nio
and shows that the fund sold off its positions on EV maker Fisker Inc.

and on auto maker General Motors Co.

It also sold off its stakes on ride-hailing company Lyft Inc

and Peloton Interactive Inc.

Among the fund’s new additions were stakes on Bank of America Corp.
Etsy Inc.

and Eventbrite Inc.

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