Cathie Wood Trims $2M Stake In Chinese Electric Scooter Maker — Keeps Loading Up On Tesla Stock

Cathie Wood-led ARK Investment Management offloaded 446,845 shares of Beijing-headquartered Niu Technologies NIU at an estimated valuation of over $2 million on Wednesday. The sale was done via the ARK Autonomous Tech. & Robotics ETF ARKQ.

Niu, a Chinese electric scooter company, has seen its stock price decline by over 24% since the first week of January this year. The fall started after the company announced sales volume results for the fourth quarter of 2022.

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Niu sold 138,279 units in the quarter, including e-motorcycles, e-mopeds, e-bicycles and kick-scooters, which represented a 41.9% year-over-year decline. The number of units sold in China market and international markets stood at 118,065 and 20,214, a 42.5% and a 38.7% decrease, respectively.

Niu said that it experienced even more challenges from COVID-related policy changes during the quarter. “Beginning in early October, strict control measures led to a sharp retail traffic decline in our major markets, including Guangzhou, Beijing and other top-tier cities. Entering into December, Omicron outbreaks across the country severely disrupted manufacturing, logistics and offline store operations,” it said.

Niu is currently the 32^nd largest holding of ARK Autonomous Tech. & Robotics ETF with a weight of 0.64%, according to the latest data available on ARK’s website at the time of writing.

Tesla Buy: ARK continued to load up on Tesla shares, buying 49,983 shares of the EV-maker at an estimated valuation of over $6.4 million based on Wednesday’s closing price. Shares of Tesla closed 2.06% lower on Wednesday and lost another 1.34% in extended trading.

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