During Slump in EV Stocks, George Soros Decreases Rivian Investment and Leaves Tesla.
Billionaire investor George Soros has cut his stake in EV automaker Rivian and exited his position in Tesla, according to recent 13F filings. Other fund managers, including David Einhorn of Greenlight Capital and Rivian shareholder Ford, have also sold stakes in the EV sector. Despite this, Amazon, the largest investor in Rivian, has placed an order for up to 100,000 electric delivery trucks from the company. Rivian reported better-than-expected earnings for Q1 2023 and is building a new plant in Georgia with an annual capacity of 400,000 cars. Wall Street has identified Rivian as a potential “next Tesla,” although competing in the EV industry is becoming more challenging. Tesla, which has set a 2023 production guidance of 1.8 million cars, has pinned its hopes on increasing sales to reach its target of producing 20 million cars annually by 2030. While Soros has exited Tesla, Cathie Wood of ARK Invest has increased her stake in the automaker and raised her target price to $2,000 with expectations that the stock will hit that level by 2026.