According to a filing late Friday, George Soros'investment fund doubled down its bet on Rivian Automotive Inc. and took new positions on EV makers Nio Inc. and Lucid Motors Inc.
In February, Soros s fund had bought nearly 20 million shares of Rivian RIVN, worth about $2 billion at the time.
The investment has not paid off despite the steep declines for Rivian shares this year, but the fund bought 6 million shares in the period ended March 31, according to the Friday filing.
The fund's stake is worth about $693 million, which brings the fund's stake to about 25.9 million shares. Rivian shares have lost about 74% this year, compared to the S&P 500 index's losses of around 16%. See also: Rivian has been a train wreck, but could be turning a corner.
The shares of Rivian fell by 0.2% in the extended session Friday after ending the regular trading day up more than 9%.
Rivian posted a wider-than-expected first-quarter loss and revenue that also disappointed Wall Street.
The investors cheered that the EV maker kept its production guidance at 25,000 EVs this year, and that Rivian s $17 billion in cash on hand would be enough to launch the platform for a cheaper EV out of the future Rivian plant in Georgia.
The filing also revealed new stakes in EV makers Lucid LCID, and on China-based Nio NIO, and shows that the fund sold off its positions on EV maker Fisker Inc. FSR, and automaker General Motors Co. GM.
It also sold its stakes in Lyft Inc LYFT and Peloton Interactive Inc. PTON, as well as its stakes on the ride-hailing company Lyft Inc LYFT.
Among the new additions were stakes in Bank of America Corp., BAC, Etsy Inc. ETSY and Eventbrite Inc. EB, one of the fund's new additions.