Written by Cláudio Afonso | LinkedIn | X
Goldman Sachs significantly reduced its stake in Chinese electric vehicle (EV) maker Nio, selling nearly 5.56 million shares during the second quarter, according to a portfolio update filed on Tuesday.
In the second quarter of the year, Goldman Sachs increased its stake in Tesla by 22% acquiring 755,418 shares. As of the end of June, the total market value of the bank’s portfolio stood at $510.132 billion.
The investment bank, which began investing in Nio shortly after its 2018 initial public offering (IPO), had steadily increased its holdings until the third quarter of 2022, when it held over 32.3 million shares.
Since then, Goldman Sachs has been gradually reducing its stake in the Shanghai-based manufacturer. The bank sold 18.5 million shares in the last quarter of 2022 and another 5.3 million shares in the following quarter.
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In early 2022, the company reached its peak of institutional ownership, with nearly 600,000 shares held by institutional investors when the stock price traded between $20 and $30 per share.
According to Fintel, Nio’s institutional shareholders hold now about 321 million shares, nearly 50% percent less.
Nio shares have fallen 57% year to date as investors await increased production volumes from the company and its upcoming sub-brands, Onvo and Firefly, which are expected to drive the company toward profitability.
The company delivered 20,498 vehicles last month and its year to date deliveries are up nearly 44% from last year. In late September, the group will deliver the first units of the family-oriented SUV L60, the first model under the sub-brand Onvo.
Since the first quarter of 2023, Geode has been increasing its position in the electric vehicle (EV) maker Nio by between 3% and 5% every quarter, and the last quarter was no exception.
As reported earlier this week, Geode Capital Management, Fidelity’s index fund arm, added 232,135 additional Nio shares during the second quarter, bringing its total holdings to 7,885,425 shares.
SG Americas, the U.S. broker-dealer subsidiary of France’s third-largest listed bank Société Générale, has also increased its holdings in the company.
After buying the first shares in the electric vehicle (EV) maker back in early 2019 (73,837 to be precise), the fund increased its position in the company in the following quarter up to 3,641,105 — the most shares it ever owned.
In the second quarter, Sweden’s third largest pension fund, AMF Pensionsforsakring AB, has reduced its position in by selling 562,700 shares, as revealed in a form filed last week.
During the second quarter, the fund increased its stake in Geely’s EV brand Polestar by 400 percent by adding 17.5 million shares. AMF’s current position in Polestar is valued at nearly $21 million.
Written by Cláudio Afonso | LinkedIn | X
