To The Moon

Cathie Wood-led Ark Investment Management on Wednesday further raised its electric vehicle exposure as it bought shares inTesla Inc and the U.S. listed Chinese electric vehicle maker Xpeng Inc on the dip.

The popular stock picker bought 1,931 shares — estimated to be worth $1.74 million— in the Elon Musk-led company’s stock.

Tesla stock closed 2.75% lower at $905.66 a share on Wednesday. The stock is down 24.5% year-to-date.

Ark Invest sold shares in Tesla via the Ark Innovation ETF. Two other ETFs — the Ark Next Generation Internet ETF and the Ark Autonomous Technology & Robotics ETF own shares as well.

The three ETFs held 1.54 million shares — worth $1.44 billion — in Tesla, prior to Wednesday’s trade.

Tesla lawyers on Tuesday told a federal courtthat Musk’s 2018 tweet claiming that he was considering taking the company private at $420 a share was “entirely truthful,” and that he had secured support from Saudi Arabia’s sovereign wealth fund for the action.

Tesla shares have been under pressure since last week after Musk told investors that the electric vehicle maker is currently not making a $25,000 electric car.

Musk said Tesla does not plan to produce new model vehicles this year and that it is more important to develop the humanoid robot and focus on autopilot, or the full self driving.

The lowered price has pushed Wood to resume buying shares in Tesla after months of profit booking in the stock.

Ark Invest also lifted up its exposure, buying 32,492 shares — estimated to be worth $1.16 million — in the Guangzhou, China-based Xpeng. The money managing firm has been buying shares in Xpeng via ARKQ.

Xpeng shares closed 1.65% lower at $35.8 a share. The stock is down 29% year-to-date.

Xpeng said on Tuesday it delivered 12,922 electric vehicles in January, a fall of 19% over December and a jump of 114% over January 2021. The delivery numbers were higher than those of local rivals including Nio Inc and Li Auto Inc Alerts.