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

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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%