Ray Dalio-founded hedge fund Bridgewater Associates may have disposed of its entire holdings in most Chinese tech stocks, but it still swears by the country's electric vehicle startups.

What Happened: Bridgewater added to its positions in Nio Inc ADR (NYSE:NIO) and XPeng Inc - ADR (NYSE:XPEV), a 13F filing by the fund revealed. Although the nearly 50-year-old firm took some money off the table by selling a small stake in Li Auto Inc (NASDAQ:LI), it still has a significant position in the company.

Here are Bridgewater's positions at the end of the second quarter:

Nio: 5.53 million (up from 5.32 million in the first quarter)
XPeng: 2.16 million (up from 2.15 million in the first quarter)
Li Auto: 3.27 million (down from 3.36 million in the first quarter)

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U.S. EV Holdings: Bridgewater took fresh positions in two U.S. EV startups. The firm bought 62,818 shares of Rivian Automotive Inc (NASDAQ:RIVN) and 285,791 shares of Lucid Group Inc (NASDAQ:LCID).

Incidentally, the firm does not own any stock in market leader Tesla Inc (NASDAQ:TSLA).

Bridgewater also doubled down on Ford Motor Company (NYSE:F) shares. At the end of the second quarter, it had 4.62 million Ford shares, up from 2.2 million at the end of the first quarter.

Bridgewater is the world's largest hedge fund, with about $150 billion in assets under management

Photo: Courtesy Nio, XPeng