Norges Bank increased its position in Nio by 31 percent, increased its position in Li Auto by 990 percent and cut its position in Xpeng by 20 percent in the fourth quarter.

(Image credit: CnEVPost)

Nio (NYSE: NIO, HKG: 9866) was the only one of the US-listed Chinese electric vehicle trio to fall in the fourth quarter of last year. Norway's central bank, meanwhile, bought more shares in the stock's downward spiral.

Norges Bank held 13,749,756 shares of Nio's US-traded ADRs at the end of the fourth quarter, its 13F filing with the US Securities and Exchange Commission last week showed.

That's up 3,237,003 shares, or 30.8 percent, from 10,512,753 shares at the end of the third quarter.

Norges Bank's holdings in Nio were valued at $435,592,000 at the end of last year, up 95.3 percent from $223,081,000 at the end of the third quarter.

In addition to buying more Nio shares, Norges Bank also significantly increased its position in Li Auto (NASDAQ: LI, HKG: 2015) during the fourth quarter.

At the end of the fourth quarter, Norges Bank held 3,056,877 shares of Li Auto's US-traded ADRs, up 990 percent from 280,374 shares at the end of the third quarter.

Norges Bank held $98,126,000 worth of Li Auto at the end of last year, up 1,912 percent from $4,876,000 at the end of the third quarter.

The increased buying of Nio and Li Auto comes as Norges Bank sold a portion of its stake in Xpeng (NYSE: XPEV, HKG: 9868), which was also the best performing of the three companies in the fourth quarter.

Norges Bank held 4,805,335 ADRs of Xpeng at the end of the fourth quarter, down 20 percent from 6,000,000 shares at the end of the third quarter.

The value of Norges Bank's holdings in Xpeng at the end of the fourth quarter was $241,853,000, up 101 percent from $120,420,000 at the end of the third quarter.

During the fourth quarter of last year, Nio fell 11 percent, Xpeng rose 41.6 percent and Li Auto gained 22 percent.