When it comes to electric cars, the first brand that emerges in the minds of global investors is basically Tesla, Inc.. With the development of the electric car industry, there are more than 400 brands in addition to Tesla, Inc., among which there must be one or more enterprises that can compete with Tesla, Inc.. Soros bet heavily on one of them.

With the development of more than ten years, the electric car market has become more and more mature, and more and more brands have emerged. Tesla, Inc. has been occupying the largest sales share of the market by virtue of the best-selling Model 3 and Model Y. It rose from 21% in 2017 to 28% in 2020, and its market share fell to 26% last year.

According to incomplete statistics, a total of 417 electric vehicle models were sold in the global market in the first quarter of 2022, and 264 models were produced in the Chinese market. With so many brands fighting, it is difficult for Tesla, Inc. to keep the lead all the time, and the investment boss is also looking for "the next Tesla, Inc.". Soros has always been in love with the American electric pickup brand Rivian.

According to the 13F position report disclosed last week, the largest position in Soros's quantum fund is still Rivian, with about 19.84 million shares and a market capitalization of about $997 million, accounting for 15.16% of the portfolio.

Rivian is Soros's newly built stock in the fourth quarter of last year and is the largest stock since it was built. The number of positions remained unchanged in the first quarter of this year, but the market capitalization has shrunk sharply, as Rivian has fallen nearly 80 per cent year-to-date.

Soros not only heavy positions in Rivian stocks, from the change in the proportion of positions, Q1 bought the highest call options of Rivian.

Rivian, founded in 2009, later than Tesla, Inc., is an American manufacturer of electric cars and self-driving technology. Unlike Tesla, Inc., Rivian chose an extremely popular track in the United States from the very beginning-electric pick-up trucks. Rivian was sought after by capital before it went public.

In 2019 alone, Rivian conducted four rounds of financing, raising $2.85 billion. Its investors include Amazon.Com Inc, Ford Motor, Blackrock and other well-known enterprises and institutions, of which Amazon.Com Inc, Blackrock and other investors even participated many times. However, before the official launch, Rivian did not have a real production car delivered to the average user.

Despite Soros's heavy position, Rivian's operating data did not look good. Q1 reported Rivian revenue of $95 million, below market expectations of $131.2 million, a net loss of $1.593 billion, compared with $414 million a year earlier, and an adjusted loss of $1.43 per share, slightly better than market expectations of $1.45.

Rivian had cut its planned production in 2022 by half to 25000 vehicles, only half of what it promised investors at the IPO roadshow last year.

Since production began in the third quarter of last year, Rivian has produced 1015 cars and delivered 920 by the end of 2021. If you add in the production in the first quarter of this year, the total output has reached 3568 vehicles.

Rivian Normal, Illinois, currently has an annual production capacity of 150000 vehicles, and the company said it plans to increase its annual production capacity to 200000 vehicles by 2023. Another Rivian plant is scheduled to start production in 2024 and will eventually produce 400000 cars a year and batteries.

Not only is Soros optimistic, but Morgan Stanley also maintains an "overweight" rating on Rivian. Analyst Adam Jonas said: "after taking into account various adverse factors, even though the overall stock market is depressed, we think the company's current share price is still slightly lower. It is estimated that the current share price does not reflect the company's annual sales forecast of 200000 trams in 2030.