Giant Fund Buys Up Tesla and Plug Power Stock, Sells GM

A large European asset manager recently made adjustments in its U.S.-traded stock investments that seem to favor electric vehicles over traditional car makers.

DNB Asset Management materially increased investments in EV maker


(ticker: TSLA) and

Plug Power

(PLUG), a hydrogen fuel-cell technology company, while slashing its stake in General Motors (GM) in the fourth quarter. The unit of Norway’s largest financial-services firm, DNB, disclosed the stock trades, among others, in a form it filed with the Securities and Exchange Commission.