Norway’s Biggest Bank Bets on Tesla and Other EV Automakers

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Norges Bank, the central bank of Norway, made massive investments in Tesla and a number of other companies at the forefront of the electrification revolution in Q4 2020 — reports Barron’s.

The Norwegian bank currently manages the world’s largest sovereign-wealth fund–the Norway Government Pension Fund–and disclosed the stock investments in a form filed with the U.S. Securities and Exchange Commission (SEC).

Norges purchased an additional 120.2 million shares of Apple, increasing its total investment in the company to 167.6 million shares. Apple stock saw an 80.8% growth in 2020, but is down 8.8% in 2021 so far. The bank’s holdings in Apple currently represent its most valuable equity holding.

Norges also bought another 6.9 million shares of Tesla, bringing its holdings in the electric vehicle (EV) and clean energy giant up to 7.8 million shares. Tesla stock grew over 800% in 2020, but is down 1.7% in the year so far.

With 13.4 million NIO American Depositary Receipts (ADRs) purchased in A4 2020, the bank now owns a total of 13.7 million ADRs on the Chinese EV maker. NIO ADRs saw an unprecedented growth of over 1200% in 2020, and are down 6.6% in 2021 so far.

Norges Bank also made new investments into a number of burgeoning EV manufacturers — 17 million shares of Nikola, 1 million ADRs of Li Auto, 1 million shares of Fisker, and 527,577 ADRs of XPeng.

Nikola stock is currently up 11.5% so far, Li Auto ADRs are down 10.9%, Fisker is up 57% thanks to a partnership with Foxconn to design a new electric car, and XPeng ADRs are down 17.9%.

Norway loves its electric vehicles. Back in January, data shared by the nation revealed battery electric vehicles (BEVs) made up a record 54.3% of all new cars sold in the country in 2020, up from 42.4% in 2019, leading the globe.

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