Fund in Korea Cuts Its Investment in Tesla, Shifting to Chinese Rivals Instead
- Korea Investment fund trims Tesla exposure to under 3% from 9%
- The $887 million fund has added China EV names BYD and Xpeng
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South Korea’s first mutual fund dedicated to investing in the electric-vehicle industry has cut its exposure to Tesla Inc. to the lowest level ever while shifting money into its Chinese rivals.
The Korea Investment Management Co. fund, a Tesla holder since inception in 2017, has steadily trimmed its exposure to the US carmaker this year to less than 3% of its net asset value, from as high as 9% in the past.