Bridgewater held $120 million worth of Nio shares at the end of the second quarter, an increase of $8 million from $112 million at the end of the first quarter.

Bridgewater Associates, the world's largest hedge fund founded by renowned investor Ray Dalio, continued to increase its bets on Nio during the second quarter.

Bridgewater held 5,526,122 shares of Nio's US-traded ADRs at the end of the second quarter, up 202,598 shares, or 3.81 percent, from 5,323,524 shares at the end of the first quarter, according to a Form 13F filed with the SEC on Thursday.

This is the fourth consecutive quarter that Bridgewater has increased its position in Nio since the third quarter of last year, according to CnEVPost's tracking.

The value of Bridgewater's Nio holdings reached $120 million at the end of the second quarter, an increase of $8 million, or 7.11 percent, from $112 million at the end of the first quarter.

In addition to increasing its holdings in Nio, the fund also increased its bet on Xpeng Motors slightly during the second quarter.

Bridgewater held 2,159,278 US-traded ADRs of Xpeng at the end of the second quarter, up 6,062 shares from 2,153,216 shares at the end of the first quarter.

The latest market value of the fund's holdings in Xpeng was $68.5 million, an increase of $9.1 million, or 15.37 percent, from $59.4 million at the end of the first quarter.

Bridgewater reduced its bet on Li Auto in the second quarter, albeit by a small amount.

Its holdings in Li Auto were 3,267,912 shares at the end of the second quarter, down 88,193 shares from 3,356,105 shares at the end of the first quarter.

The latest market value of Bridgewater's holdings in Li Auto was $125.0 million, up $38.6 million, or 44.53 percent, from $86.6 million at the end of the first quarter, as the company surged in the second quarter.

The fund did not hold any shares of Tesla or BYD in the second quarter.

During the second quarter, Nio was up 3 percent, Xpeng was up 15 percent and Li Auto was up 48 percent.

Baillie Gifford & Co's 13F filing, released earlier this week, shows that the Scottish investment firm increased its holdings in Nio and decreased its holdings in Tesla and Li Auto during the second quarter.

Baillie Gifford increases holdings in NIO, cuts Tesla and Li Auto in Q2