Baillie Gifford increased its position in Nio ADR by 25.09% during the fourth quarter, valued most recently at $1.18 billion.
Scottish investment firm Baillie Gifford & Co increased its position in Nio (NYSE: NIO) in the fourth quarter and liquidated its position in the Chinese electric vehicle company's local peer Li Auto (NASDAQ: LI).
At the end of the fourth quarter, Baillie Gifford owned 121,059,075 US-traded ADRs of Nio, according to a 13F filing on the SEC's website on January 24.
That's up 24,277,897 shares, or 25.09 percent, from 96,781,178 shares at the end of the third quarter, CnEVPost's calculations show. Baillie Gifford increased its position in Nio by 50,039 shares or 0.05 percent in the third quarter.
Baillie Gifford's holdings in Nio were worth $1.18 billion at the end of the fourth quarter, down 22.66 percent from $1.53 billion at the end of the third quarter.
Nio fell 38 percent in the fourth quarter. The company fell 27 percent in the third quarter, rose 3 percent in the second quarter and fell 34 percent in the first quarter.
While increasing its position in Nio, Baillie Gifford liquidated its position in Li Auto in the fourth quarter, after cutting its position significantly in the third quarter.
The fund's holdings in Li Auto stood at 5,825,186 shares at the end of the third quarter, down 54.70 percent from the end of the second quarter, and down 72.79 percent in value from the end of the second quarter.
Li Auto declined 11 percent in the fourth quarter. It fell 20 percent in the first quarter, rose 41 percent in the second quarter and fell 40 percent in the third quarter.
In the electric vehicle space, Baillie Gifford's holdings also include Tesla (NASDAQ: TSLA), and it trimmed its position in the electric vehicle giant slightly in the fourth quarter.
The fund owned 26,814,338 shares of Tesla at the end of the fourth quarter, down 1,062,495 shares or 3.81 percent from 27,876,833 shares at the end of the third quarter.
Baillie Gifford increased its position in Tesla by 18,472,529 shares, or 196.43 percent, in the third quarter. Prior to that, the fund had reduced its position in Tesla for five consecutive quarters.
Tesla fell 59 percent in the fourth quarter. It was up 2 percent in the first quarter, down 38 percent in the second quarter and up 18 percent in the third quarter.
As of December 31, 2022, Baillie Gifford does not own shares of Xpeng (NYSE: XPEV) or BYD (OTCMKTS: BYDDY).
