Tesla, Inc. TSLA shares pulled back by over 8% this week amid demand and margin worries. Undeterred by the sell-off continuing into the new year, Cathie Woods Ark Invest continued to bulk up on the stock.

What Happened: Ark Invests flagship Ark Innovation ETF ARKK and Ark Autonomous Technology & Robotics ETF ARKQ added 24,506 and 33,538 shares, respectively of Tesla shares on Friday. Arks cumulative purchase of Tesla totaled 58,044 shares, valued at $6.56 million.

The Wood-run firm bought Tesla shares in three of the four sessions of the truncated week. Arks Tesla purchases this week totaled 255,206 shares worth $27.99 million. On Wednesday, ARKK and ARKQ together added 21,050 shares, valued at $2.39 million. On Tuesday, both exchange-traded funds bought a cumulative 176,112 shares of Tesla, valued at $19.04 billion.

The fund has been on a Tesla buying spree in recent weeks amid the stock plunge. In the week ended Dec. 30, it picked up $28.82 million worth of shares and in the week ended Dec. 23, it added $10.6 million worth of shares.

Teslas shares plunged to a fresh low at the start of the new year, pressured by fourth-quarter deliveries missing expectations. On Friday, the company announced price cuts ranging from 5.7%-13.5% in China, which reignited concerns regarding a demand slowdown in its key market.

See also: Everything You Need To Know About Tesla Stock

Arks Other Trades: Among Arks other notable trades on Friday included the sale of 31,758 shares of Nvidia Corp. NVDA , worth $4.72 million.

The firms ARKQ also sold 169,472 shares of Chinese electric vehicle startup XPeng, Inc. XPEV , valued at $1.71 million. XPengs fundamentals have suffered recently amid the COVID-19 resurgence in China. It has underperformed its domestic peers Nio, Inc. NIO and Li Auto, Inc. LI , both fundamentally and in terms of stock performance.

Teslas China price cuts announced on Friday are expected to have a bigger impact on XPeng, as the formers reduced prices will likely take away market share from the latter. A majority of XPengs sales come from the low-end price point, at which it will now have competition from Tesla.

ARKK closed Fridays session up 1.13% to $31.37, according to Benzinga Pro data. Tesla recouped early losses and ended the session 2.47% higher at $113.06.

Read next:Tesla's China Price Cuts Spark Stock Plunge Over Margin Worries But Analysts Say It's Actually A 'Smart Move'

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