Kingstone Capital Partners disclosed a new stake in Chinese electric vehicle maker Nio during the second quarter, according to a recent SEC filing.
The Texas-based firm held 3,590,292 shares of Nio at the end of June, a position then valued at over $12.3 million.
Following the recent rally in the stock, which reached a four-month high of $4.57 last week, the stake is now worth more than $15.7 million.
US-listed shares of the Shanghai-based automaker have gained over 30% since June 23, after hitting a five-year low of $3.02 in early April.
As of the end of the second quarter, Kingstone Capital Texas held 406 positions with a disclosed portfolio value of $624.2 million.
The firm’s actual assets under management (AUM) are likely higher, as this figure excludes cash holdings.
Its three largest positions are Nvidia (10.4%), Apple (6.3%), and Microsoft (5.3%). New positions opened during the quarter included Disney, AT&T, Snowflake, and Palantir.
Nio has recently seen a modest recovery in institutional interest.
According to Fintel, 474 institutional shareholders now hold a combined 231.7 million shares. However, the figures are about half of the number of Nio shares institutions held in late 2023.
As of the end of the first quarter, UBS was the largest institutional holder, with nearly 75 million shares, followed by Morgan Stanley (20.8 million) and Wolverine Asset Management (19.2 million).
The second half of the year is expected to be pivotal for Nio as it ramps up production of the Firefly EV, its most affordable model to date, under the newly established Firefly sub-brand.
Its other mass-market brand, Onvo, is also set to expand. The L90 SUV, available in six- and seven-seat configurations, and the L80, a five-seater version of the same model, are scheduled to enter the market in the coming months.
The L90 will be launched at the end of this month while the L80 is set to arrive in the final quarter of the year.
Over the weekend, the founder and CEO William Li said the store traffic for the model “remains strong.”
Within its main premium brand, Nio plans to unveil a refreshed version of the ES8 SUV at its annual event in September.
The model is rumored to offer a five-seat layout and replace its five-seat flagship SUV, the ES7 — known as the EL7 in Europe.
In May, Nio launched updated versions of its four best-selling models—the ET5, ET5 Touring, EL6, and EC6—followed by the release of special “Champion Editions” to mark the brand’s 10th anniversary of participation in Formula E.
The new ET5 and ET5 Touring Champion Editions are priced at 316,000 yuan ($44,000) — or 246,000 yuan with the Battery-as-a-Service subscription — while the EC6 Champion Edition starts at 370,000 yuan (300,000 yuan with BaaS).
Nio’s flagship executive sedan, the ET9, is also set to receive a special edition, according to filings in the latest vehicle catalogue published by China’s Ministry of Industry and Information Technology.
