Tesla Investor Buys Stake In Chinese Electric Car Maker Nio

(RTTNews) - Baillie Gifford & Co. has revealed it owns 11.4 percent stake Chinese electric car maker Nio.

Baillie Gifford disclosed that it owns 85.3 million NIO shares in a regulatory filing Tuesday. The holding was worth about $515 million as of the close of trading Monday. However, shares of Nio rose over 22 percent after Bloomberg's report.

Baillie Gifford also has a 9 percent stake in Tesla and is the largest investor in Tesla Inc. after Elon Musk.

The Shanghai-based electric car maker listed shares on the New York Stock Exchange on September 12. The company raised $1 billion in its U.S. initial public offering. The company initially plans to make electric cars for the Chinese market, but will also looks forward to expand into Europe and the United States as well. is The company is currently ramping up production of the ES8 sport utility vehicle, its first commercial product.