(Bloomberg) -- Norway’s $1.5 trillion wealth fund boosted its holdings in Tesla Inc. and the new electric vehicle leader, BYD Co., as the companies scale up production of plug-in cars.

The US automaker moved up to the fund’s 11th biggest holding at the end of 2023 as it increased its stake to 0.98%, or about $7.7 billion, from 0.87% a year earlier, according to a list of holdings the fund publishes once a year on its website. It held 0.57% of China’s BYD at the end of last year, up from 0.38%.

Tesla handed over 484,507 vehicles in last three months through December, while BYD sold 526,409 fully electric vehicles in the quarter to become the new No. 1 in EVs, reflecting China’s growing importance in the global automotive industry. 

Tesla narrowly missed earnings estimates on Jan. 25 and warned its rate of expansion will be “notably lower” this year after it spent all of 2023 cutting prices to boost sales, which ate into profits. The stock has fallen 23% since the beginning of this year.

Read More: Tesla Falls Behind BYD in Quarterly EV Sales as Growth Slows

Created in the 1990s to invest Norway’s oil and gas revenues abroad, the fund — also known as Norges Bank Investment Management — largely tracks a benchmark index based on a framework handed down by parliament. It is scheduled to release its key results for 2023 on Tuesday.

NBIM held a 1.04% stake in Volkswagen AG as of the end of 2023, up from 0.75% the year before.

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