Cathie Wood Just Bought More of This Chinese EV Stock
Electric vehicle (EV) stocks have been getting battered for the last several months following a massive rally in late 2020. While there is little doubt that EVs represent the future of the auto industry, that revolution will take decades to play out due to long upgrade cycles and the relatively slow pace of technological innovation in areas such as battery development or charging speeds.
Cathie Wood's ARK Invest has rose to prominence thanks in part to being a longtime Tesla bull and EV advocate. Several of ARK's actively managed ETFs have been investing in various EV stocks, and ARK Autonomous Technology & Robotics (NYSEMKT: ARKQ) just bought more of booming Chinese EV company Niu Technologies (NASDAQ: NIU).
Image source: Niu Technologies.
Source Fool.com
