CalPERS liquidated its position in Xpeng in the third quarter of 2022.

The pension liquidated its position in Li Auto, another Chinese EV company, in the first quarter.  CalPERS held 1,136,298 shares of Li Auto at the end of the fourth quarter last year.

Nio, Xpeng and Li Auto all rose in the first quarter, up 7.79 percent, 9.14 percent and 22.3 percent, respectively.

Several prominent hedge funds reduced their positions in these three Chinese EV companies in the first quarter.

Bridgewater reduced its holdings in Nio by 40.53 percent, Xpeng by 25.98 percent and Li Auto by 54.69 percent in the first quarter, according to Friday's Form 13F.

Renaissance cut its position in Nio by 0.16 percent, Xpeng by 98.88 percent and Li Auto by 20.44 percent during the first quarter.

Bridgewater cuts positions in NIO, XPeng, Li Auto in Q1