London-based RWC Asset Management acquired 10,467,320 shares in the electric vehicle maker Nio in the third quarter of 2025, marking its return to the stock nearly five years after exiting its position.
The investment firm operates under the Redwheel brand, purchased the shares at an estimated average price that valued the position at $79.8 million as of September 30, 2025, according to a new SEC filing.
However, as Nio‘s US-listed shares have declined approximately 9% over the past five weeks, the stake is currently valued at approximately $71.8 million.
RWC Asset Management
RWC Asset Management, a UK-based investment manager that manages active equities and convertible bond strategies, runs both hedge-style alternative investment structures and conventional fund management mandates.
According to its latest report dated September 30, 2025, the firm manages a total of 19 positions with a combined market value of $637 million.
The Comeback
The Nio position represents a return to the stock for RWC, which first acquired shares in the Shanghai-based EV maker during the third quarter of 2020.
In that initial investment, the firm purchased 10,149,332 shares valued at $215.4 million at the time.
However, by February 8, 2021, RWC disclosed it had completely exited the position during the final quarter of 2020, selling all shares.
The new stake makes Nio one of three fresh positions RWC added during the third quarter of 2025, according to the firm’s latest filing.
The investment firm also increased holdings in six existing positions and decreased 10 others during the quarter, while maintaining activity across 16 of its 19 total positions.
Nio’s Largest Institutional Shareholders
RWC has jumped directly to the top of Nio’s institutional shareholders, only behind UBS.
However, most firms have not yet reported their third quarter portfolio update.
Besides UBS with more than 70 million and RWC with 10.5 million shares, the podium is completed with Morgan Stanley which held 10.1 million shares as of the end of the second quarter.
According to Fintel, Nio currently has a total of 441 institutional shareholders holding more than 184.4 million shares.
Jpmorgan Chase trimmed its stake in the EV maker by 30% in the third quarter and ended September holding 3.45 million shares.
Nio‘s inclusion in RWC’s portfolio comes as the electric vehicle manufacturer has reportedly shown strong order momentum.
Weekly Orders
CarFans platform founder Sun Shaojun wrote on Weibo this Monday that “Nio Group got around 10,000 new orders last week” during the first full week of November.
The company had reportedly secured over 10,000 weekly orders for three consecutive weeks in October, contributing to a new monthly record of 40,397 vehicles delivered that month.
As of press time, Nio shares are trading 1.8% higher on Monday’s pre-market session at $6.98.
The company’s US-listed shares have jumped 57.4% year to date with most of those gains being achieved in the last few months after a sluggish start of the year.
