National Bank of Canada buys over $600M worth of shares in Tesla (TSLA) and NIO (NIO)

Canada’s sixth largest commercial bank, National Bank of Canada, has made a large investment into electric vehicle (EV) makers Tesla and NIO.

According to a Fintel 13F filing from January 24, 2022, the bank purchased and held 567,413 TSLA shares as of December 31, 2021.

The filing discloses the total value of the investment at $599,661,000, equating to an average price of $1,056 per share. (h/t: @TomerHacohen)

The bank also purchased Put options on 7,250 TSLA shares as of the end of 2021, according to Electric-Vehicles.com.

The $600+ million investment wasn’t the only one made by National Bank of Canada into an EV maker.

A separate 13F filing shows they also purchased and held 633,607 shared of China’s NIO as of December 31, 2021, for a disclosed value of $20,073,000.

Despite its name, National Bank of Canada should not be confused with the country’s central bank – Bank of Canada.

It is instead the sixth largest publicly traded commercial bank in the country. With headquarters in Montreal, it has branches in most Canadian provinces and boasts over 2.4 million personal clients.

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Founder and Editor-in-chief of Drive Tesla Canada | Darryn@DriveTeslaCanada.ca Have a Tesla tip? Email tips@driveteslacanada.ca, or DM us on Twitter @DriveTeslaca