{"id":31345,"date":"2023-07-04T15:41:17","date_gmt":"2023-07-04T19:41:17","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/tesla-has-a-chinese-suv-rival-cathie-wood-sold-the-stock-as-it-beat-the-sp-500\/"},"modified":"2023-07-04T15:41:18","modified_gmt":"2023-07-04T19:41:18","slug":"tesla-has-a-chinese-suv-rival-cathie-wood-sold-the-stock-as-it-beat-the-sp-500","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31345","title":{"rendered":"Tesla Has a Chinese SUV Rival\u2014Cathie Wood Sold the Stock as It Beat the S&P 500"},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

China\u2019s largest electric-vehicle maker is launching a new luxury SUV that will compete with
\n Tesla
\n in the world\u2019s largest EV market. Nevertheless, Tesla stock has kept rising\u2014though one of its biggest investors has dumped some shares.<\/p>\n

\n BYD
\n (1211.H.K.) detailed at a launch event in China Monday its new N7 electric SUV, created under its Denza brand, which is a tie-up with German automaker
\n Mercedes-Benz Group
\n (MBG.Germany). The Denza N7 has received 20,000 preorders, the company said, and will sell for between 301,800 yuan ($41,800) and 379,800 ($52,600).<\/p>\n

\n

That puts the N7 firmly in competition with
\n Tesla\u2019s<\/span>
\n (TSLA) Model Y, sold in a price range of 263,900 yuan to 363,900 yuan, according to the EV maker\u2019s Chinese website.<\/p>\n

China is a key market for Tesla, where it competes fiercely with BYD and other local rivals like
\n NIO
\n (
\n NIO
\n ) and
\n XPeng
\n (XPEV), which sell their cars mostly or in some cases exclusively in the Chinese market. BYD reported this week impressive June sales, helping it to a second quarter where it bested Tesla.<\/p>\n

But this is a two horse race, as Barron\u2019s<\/em> Al Root has reported. Though BYD is growing faster than Tesla, both companies are outperforming the wider market and have increased their share in the first half of 2023. The Denza N7 may just be a new avenue through which the two automakers compete.<\/p>\n

The N7 launch details, at least, didn\u2019t seem to dent Tesla stock in Monday trading. Its shares jumped 6.9% on Monday, making it the biggest riser in the
\n S&P 500
\n index. The stock isn\u2019t trading in the U.S. Tuesday due to the July Fourth holiday.<\/p>\n

Nevertheless, a high-profile Tesla investor dumped stock. Cathie Wood\u2019s ARK Investment Management sold down Tesla positions in two of its exchange-traded funds (ETFs), according to an email from the group\u2019s trading desk sent Monday.<\/p>\n

ARK\u2019s flagship
\n ARK Innovation ETF
\n (ARKK) sold 25,806 shares of Tesla, worth more than $7.2 million, while the
\n ARK Next Generation Internet ETF
\n (ARKW) ditched 3,491 shares, worth just shy of $1 million.<\/p>\n

Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

China\u2019s largest electric-vehicle maker is launching a new luxury SUV that will compete with Tesla in the world\u2019s largest EV market. Nevertheless, Tesla stock has kept rising\u2014though one of its biggest investors has dumped some shares. BYD (1211.H.K.) detailed at a launch event in China Monday its new N7 electric SUV, created under its Denza […]<\/p>\n","protected":false},"author":1,"featured_media":30683,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-31345","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTesla Has a Chinese SUV Rival\u2014Cathie Wood Sold the Stock as It Beat the S&P 500 | iFintechWorld<\/title>\n<meta name=\"description\" content=\"China\u2019s largest electric-vehicle maker is launching a new luxury SUV that will compete with Tesla in the world\u2019s largest EV market. 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