One of Tesla’s biggest investors took an 11.4% stake in rival Nio



Baillie Gifford & Co., the second-biggest shareholder of Tesla stock, has obtained an interest in Niothe Chinese electric vehicle automaker that recently became a publicly traded company.

Baillie Gifford currently possesses an 11.44% stake in Nio, as per a regulatory filing submitted Tuesday. The business disclosed that it had purchased 85.3 million stocks, which were valued at about $515 million at the close of trading Monday.

Baillie Gifford is the biggest shareholder of Tesla stock. CEO Elon Musk, Tesla’s biggest shareholder, possess about 20 percent of the provider.

The filing pushed stocks of Nio to close at $7.39up from its launching of 6.19 this morning. Shares are another 7% at after-hours trading and are continued to rise.
Nio shares

Nio increased $1 billion as it surfaced on the New York Stock Exchange last month.

Nio wants to develop into the Tesla of China — and outside. The business has operations in the U.S., U.K. and Germany, even though it only sells its ES8 vehicle in China. The 7-seater ES8 SUV is priced at 448,000 RMB, or about $65,000. That’s cheaper than Tesla’s automobiles, especially because brand new, greater import tariffs have pushed up the price of its own Model X SUV and Model S sedan.

Those tariffs, and other expenses like transport Tesla vehicles abroad, is pushing the U.S. automaker to accelerate its own China factory plans.

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