Baillie Gifford increased its position in NIO by 8.99 percent during the second quarter, while decreasing its positions in Tesla and Li Auto by 4.16 percent and 2.79 percent, respectively.

Baillie Gifford increases holdings in NIO, cuts Tesla and Li Auto in Q2-CnEVPost

Scottish investment firm Baillie Gifford & Co, one of NIO's biggest backers, significantly increased its position in the Chinese electric vehicle maker in the second quarter, after holding it largely unchanged for the past year.

Baillie Gifford held 96,731,139 US-traded ADRs of NIO at the end of the second quarter, according to a 13F filing posted Monday on the US Securities and Exchange Commission's website.

That's up 7,980,518 shares, or 8.99 percent, from 88,750,621 shares at the end of the first quarter, CnEVPost's calculations show.

Baillie Gifford's holdings in NIO were valued at $2.1 billion at the end of the second quarter, up 12.46 percent from $1.87 billion at the end of the first quarter.

This is the first time Baillie Gifford has significantly increased its position in NIO in more than a year.

Its position in NIO has declined in every quarter since the second quarter of last year, albeit minimally, including a 0.12 percent decrease in the first quarter of this year.

NIO's share price has been weak this year, falling 34 percent in the first quarter and rising 3 percent in the second quarter.

While increasing its position in NIO, Baillie Gifford continued to trim its positions in Tesla and Li Auto. It has no holdings in XPeng Motors or BYD.

As of the end of the second quarter, the fund owned 9,404,304 shares of Tesla, down 407,949 shares, or 4.16 percent, from 9,812,253 shares at the end of the first quarter.

Baillie Gifford increases holdings in NIO, cuts Tesla and Li Auto in Q2-CnEVPost

Baillie Gifford has reduced its holdings in Tesla for the fifth consecutive quarter since at least the second quarter of last year, including a 22 percent reduction in the fourth quarter of last year, according to data tracked by CnEVPost.

The fund's Tesla holdings were worth about $6.3 billion at the end of the second quarter.

Baillie Gifford also cut its position in Li Auto by 2.79 percent in the second quarter to 12,858,488 shares, with the latest holdings worth about $493 million. This is the fourth consecutive quarter that the fund has reduced its position in Li Auto since the third quarter of last year.

Baillie Gifford increases holdings in NIO, cuts Tesla and Li Auto in Q2-CnEVPost

Li Auto fell 20 percent in the first quarter and rose 41 percent in the second quarter. Tesla rose 2 percent in the first quarter and fell 38 percent in the second quarter.

Baillie Gifford increases holdings in NIO, cuts Tesla and Li Auto in Q2-CnEVPost

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