Baillie Gifford increased its holdings in Nio by 50,039 shares, Tesla by 18.47 million shares and cut its position in Li Auto by half during the third quarter.

Scottish investment firm Baillie Gifford & Co, one of Nio's biggest backers, slightly increased its position in the Chinese electric vehicle company in the third quarter, after increasing its stake significantly in the second quarter.

Baillie Gifford held 96,781,178 shares of Nio's US-traded ADRs at the end of the third quarter, according to a 13F filing posted on the SEC's website on October 27.

That's up 50,039 shares, or 0.05 percent, from 96,731,139 at the end of the second quarter. Baillie Gifford added its position in Nio by 7,980,518 shares in the second quarter.

The fund's holdings in Nio were worth $1.5 billion at the end of the third quarter, down 27.36 percent from $2.1 billion at the end of the second quarter.

Nio declined 27 percent in the third quarter. It fell 34 percent in the first quarter and rose 3 percent in the second quarter.

While adding modestly to its position in Nio, Baillie Gifford significantly increased its position in Tesla in the third quarter.

At the end of the third quarter, the fund owned 27,876,833 shares of Tesla, up 18,472,529 shares, or 196.43 percent, from 9,404,304 shares at the end of the second quarter.

Prior to this, Baillie Gifford reduced its position in Tesla for five consecutive quarters.

Baillie Gifford's holdings in Tesla were worth $7.4 billion at the end of the third quarter, up 16.76 percent from $6.3 billion at the end of the second quarter.

Tesla rose 2 percent in the first quarter, fell 38 percent in the second quarter and rose 18 percent in the third quarter.

While adding to its holdings in Tesla and Nio, Baillie Gifford significantly reduced its position in Li Auto in the third quarter.

At the end of the third quarter, the fund owned 5,825,186 shares of Li Auto, down 7,033,302 shares, or 54.70 percent, from 12,858,488 at the end of the second quarter.

The latest value of Baillie Gifford's holdings in Li Auto was $134 million, down 72.79 percent from $493 million at the end of the second quarter.

Li Auto fell 20 percent in the first quarter, rose 41 percent in the second quarter and fell 40 percent in the third quarter.

Baillie Gifford did not own any shares of Xpeng Motors at the end of the third quarter.