The Tesla of China soars after Tesla’s largest outside investor loads up on its stock (NIO) |
Nio shares surged Tuesday after a filing showed that Baillie Gifford & Co, Tesla’s largest investor after Elon Musk, has a big stake in the company.
The filing revealed that Baillie Gifford & Co owned 85.3 million NIO shares, representing an 11% stake in the Chinese carmaker.
Nio went public in the US last month and soared 75% on its second trading day.
Shares of Nio, the electric-car maker touted as the Tesla of China, rallied more than 20% in late trading Tuesday on news that Baillie Gifford & Co, Tesla’s largest investor after Elon Musk, had a significant position.
The stock was up by about 7% after the closing bell.
Markets Insider
SCHEDULE 13G Under the Securities Exchange Act of 1934
https://www.sec.gov/Archives/edgar/data/1088875/000108887518000054/NIOInc30092018.txt
Tesla’s Top Outside Investor Takes 11% Stake in Challenger NIO – Bloomberg