Cars and Drivers

Short Sellers Like All Electric Vehicle Makers Except One

Paul Ausick

Published: October 12, 2020 9:48 am

Short interest moves among automakers’ stocks were mostly higher during the two-week reporting period that ended on September 30.  Of the companies we watch, short interest increased on five of six electric vehicle (EV) makers and on both traditional carmakers.

Tesla Inc. (NYSE: TSLA) short sellers decreased their positions by 3% during the two-week period to 57.1 million shares, about 7.7% of the company’s float. Days to cover remained at one. In the two-week short interest period, the stock’s share price dipped by 4.6%. The stock’s 52-week range is $49.43 to $502.49 (split-adjusted), and it closed at $433.95 on Friday, up by 1.9% for the day.

Nikola Corp. (NASDAQ: NKLA) short interest jumped by 57.2% in the two weeks to September 30. About 36 million shares are short, representing 26.6% of the company’s total float. Days to cover remained at one, and the share price fell by nearly 38% during the reporting period. The stock’s post-IPO range is $10.27 to $93.99, and shares closed down 1.4% on Friday, at $24.66.

Nio Ltd. (NYSE: NIO) saw short interest rise by 7% to 67.4 million American depositary shares (ADSs). Days to cover remained at one, and 7% of the company’s float was short. The stock’s 52-week range is $1.36 to $22.59, and shares closed Friday at $21.47. The stock added about 10.6% during the two-week reporting period.

Workhorse Group Inc. (NASDAQ: WKHS) short sellers added 3% to their positions in the reporting period ended September 30. Some 22.8 million shares were short, or about 3% of the company’s total float. The share price slipped by less than 1% in the two-week period, and the stock closed at $26.77 on Friday. Its 52-week range is $1.32 to $30.99. Days to cover remained at one.

Li Auto Inc. (NASDAQ: LI) short interest rose by almost 13% in the two-week period. About 11.5 million ADSs were short, representing about 18.5% of the China-based company’s total float. Days to cover rose from two to three, and the share price slipped by 4.4% in the period. The post-IPO range is $14.31 to $24.48, and shares closed at $17.60 on Friday, down about 1.8% for the day.

Xpeng Inc. (NYSE: XPEV) short interest increased by 25.4% to 9.2 million ADSs in the company’s short interest reporting period ended September 30. Shares dropped by 5% in the two weeks and closed up about 0.7% at $20.00 on Friday, in a post-IPO range of $17.11 to $25.00.

General Motors Co. (NYSE: GM) short interest rose by 3% in the reporting period ended September 30. About 19.7 million GM shares were short, or about 3% of the company’s float. Days to cover remained at two. Shares fell by 6.3% in the two weeks and closed Friday at $32.16, down about 0.8% for the day, in a 52-week range of $14.33 to $38.96.

Ford Motor Co. (NYSE: F) short interest rose by 9% to 96.1 million shares or about 2.5% of the total float. Days to cover remained at two. The stock price decreased by 5.4% in the reporting period and closed at $7.25 on Friday, down by about 1.4% for the day. The stock’s 52-week range is $3.96 to $9.57.