Norway’s $1.5 Trillion Wealth Fund Added to EV Bets Last Year
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Norway’s $1.5 trillion wealth fund boosted its holdings in Tesla Inc. and the new electric vehicle leader, BYD Co., as the companies scale up production of plug-in cars.
The US automaker moved up to the fund’s 11th biggest holding at the end of 2023 as it increased its stake to 0.98%, or about $7.7 billion, from 0.87% a year earlier, according to a list of holdings the fund publishes once a year on its website. It held 0.57% of China’s BYD at the end of last year, up from 0.38%.