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Billionaire George Soros Punishes Rivian

Billionaire George Soros Punishes Rivian

George Soros is betting on the auto industry. 

The billionaire continues to invest in this sector, which is in the process of abandoning gas cars in favor of electric cars, while public policies in Europe in particular, provide incentives towards green vehicles.

He thus chose his winners and losers. Initially Soros bet on the upstart Rivian, the Chinese NIO  (NIO) – Get Free Report and, to a lesser extent, on Lucid Group  (LCID) – Get Free Report. But he seems to have changed his strategy, preferring to bet on the car manufacturers who have the capabilities to mass produce. This can be deduced from the changes he just made in his U.S. equity portfolio in the third quarter.

Written by biedex markets