Tesla’s biggest outside shareholder has invested in a Chinese Tesla rival

NIO, a Shanghai-based EV maker that went public on the New York Stock Exchange in September, just attracted half a billion dollars (paywall) from the Scottish investment firm that is Tesla’s biggest shareholder after Elon Musk. According to a regulatory filing posted on Tuesday (Oct. 9), Baille Gifford, which has a roughly $ 4 billion stake (paywall) in the California EV maker—now owns 11.4% shares of NIO.

The four-year-old Chinese EV maker, which had a lackluster IPO, saw its share...

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