U.S. E.V. Short Recap
Short interest in the U.S. Auto & Truck manufacturing sectors is $43.6 billion and just over three-quarters of the shorts, $33.3 billion, are Electric Vehicle stocks. The largest short is, as expected, Tesla Inc (TSLA) with $26.3 billion of short interest with Rivian Automotive Inc (RIVN), NIO Inc ADR (NIO), Lucid Group Inc (LCID) and Li Auto Inc ADR (LI) distant laggards. SI % Float at an average of 6.14% is higher than the U.S. market average of 4.99% and average stock borrow costs of 1.49% fee are almost double the U.S. market average of 0.77% fee.
EV Auto & Truck Manuf Short Int
Ticker
SI % Float
Fee
Short Interest
TESLA INC
TSLA
3.40%
0.30%
$26,319,778,716
RIVIAN AUTOMOTIVE INC
RIVN
13.21%
0.45%
$2,139,291,025
NIO INC ADR
NIO
6.94%
0.30%
$1,129,133,294
LUCID GROUP INC
LCID
40.20%
0.70%
$1,093,784,822
LI AUTO INC ADR
LI
3.10%
0.30%
$964,556,441
XPENG INC ADR
XPEV
6.73%
1.82%
$632,732,498
FISKER INC
FSR
38.58%
12.82%
$461,362,404
NIKOLA CORP
NKLA
21.75%
96.07%
$280,352,189
FARADAY FUTURE INTELLIGENT ELECTRIC
FFIE
20.24%
9.82%
$60,500,286
WORKHORSE GROUP INC
WKHS
21.38%
5.57%
$42,628,365
POLESTAR AUTOMOTIVE PLC ADS
PSNY
1.90%
10.07%
$40,216,063
CANOO INC
GOEV
11.70%
18.57%
$33,723,368
HYZON MOTORS INC
HYZN
22.85%
63.07%
$27,041,978
LION ELECTRIC CO
LEV
8.11%
28.07%
$17,507,632
BLUE BIRD CORP
BLBD
3.44%
0.30%
$17,003,092
HYLIION HOLDINGS CORP
HYLN
7.12%
0.57%
$16,527,230
LORDSTOWN MOTORS CORP
RIDE
20.72%
55.32%
$7,737,968
MULLEN AUTOMOTIVE INC
MULN
6.50%
7.82%
$6,419,433
CHIJET MOTOR CO INC
CJET
4.10%
152.07%
$2,494,771
ELECTRAMECCANICA VEHICLES CO
SOLO
2.91%
50.82%
$2,492,506
Total EV Auto & Truck Manuf Short Int
6.14%
1.49%
$33,303,400,788
Total Auto & Truck Manuf Short Int
5.61%
1.22%
$43,591,060,342
We’ve seen $856 billion of short covering in the Automobile and Truck Manufacturing sector as the sector has rallied in 2023. $485 billion of that short covering occurred in Electric Vehicle stocks. Over the last thirty days we saw increased short selling in RIVN, XPEV, LCID & FSR with more pronounced short covering in TSLA, NIO & LI.
EV Auto & Truck Manuf Short Int
Ticker
SI % Float
Short Interest
30 Day Change Shares Shorted
RIVIAN AUTOMOTIVE INC
RIVN
13.21%
$2,139,291,025
$75,703,787
XPENG INC ADR
XPEV
6.73%
$632,732,498
$68,298,335
LUCID GROUP INC
LCID
40.20%
$1,093,784,822
$62,977,690
FISKER INC
FSR
38.58%
$461,362,404
$53,515,286
NIKOLA CORP
NKLA
21.75%
$280,352,189
$26,803,699
WORKHORSE GROUP INC
WKHS
21.38%
$42,628,365
$2,626,628
MULLEN AUTOMOTIVE INC
MULN
6.50%
$6,419,433
$2,184,612
CHIJET MOTOR CO INC
CJET
4.10%
$2,494,771
$1,159,456
LORDSTOWN MOTORS CORP
RIDE
20.72%
$7,737,968
$1,072,946
BLUE BIRD CORP
BLBD
3.44%
$17,003,092
$893,336
EV Auto & Truck Manuf Short Int
Ticker
SI % Float
Short Interest
30 Day Change Shares Shorted
TESLA INC
TSLA
3.40%
$26,319,778,716
($424,688,410)
NIO INC ADR
NIO
6.94%
$1,129,133,294
($174,651,988)
LI AUTO INC ADR
LI
3.10%
$964,556,441
($145,649,198)
HYLIION HOLDINGS CORP
HYLN
7.12%
$16,527,230
($9,606,830)
CANOO INC
GOEV
11.70%
$33,723,368
($5,897,804)
CENNTRO ELECTRIC GROUP LTD
CENN
2.11%
$1,741,108
($3,923,713)
HYZON MOTORS INC
HYZN
22.85%
$27,041,978
($3,693,462)
LION ELECTRIC CO
LEV
8.11%
$17,507,632
($3,641,058)
ELECTRAMECCANICA VEHICLES CO
SOLO
2.91%
$2,492,506
($2,164,178)
FARADAY FUTURE INTELLIGENT ELECTRIC
FFIE
20.24%
$60,500,286
($1,815,916)
Total EV Auto & Truck Manuf Short Int
6.14%
$33,303,400,788
($484,916,797)
Total Auto & Truck Manuf Short Int
5.61%
$43,591,060,342
($856,482,556)
Shorting the Auto & Truck Manufacturing sectors and especially the E.V. sector have been extremely unprofitable trades in 2023. While the average U.S. short position is down -15.8% in year-to-date mark-to-market losses, Auto & Truck Manufacturing shorts are down -58.1% and shorting the E.V. manufacturing sector has an even more abysmal -73.0% annual 2023 return.
Owning a short-side winner in the E.V. manufacturing sector was an unlikely trade with only three out of every ten shorted E.V. manufacturing stocks being a profitable trade in 2023. But those profitable short trades did not have much backing as dollars shorted were heavily skewed towards the unprofitable trades. Only 1% of every dollar shorted in the E.V. manufacturing sector was a profitable trade in 2023.
There were only five stocks with over $100 million of year-to-date mark-to-market profits while there were six stocks with over $100 million in year-to-date mark-to-market losses with TSLA shorts having an outsized loss of -$14.88 billion for the year.
EV Auto & Truck YTD MTM P\L
Ticker
Avg Fee
Avg Short Int
YTD MTM P\L
P\L %
MULLEN AUTOMOTIVE INC
MULN
33.95%
$35,012,799
$77,584,131
221.59%
LORDSTOWN MOTORS CORP
RIDE
11.08%
$26,405,930
$36,618,178
138.67%
FARADAY FUTURE INTELLIGENT ELECTRIC
FFIE
8.04%
$53,249,162
$31,002,381
58.22%
WORKHORSE GROUP INC
WKHS
3.64%
$59,155,646
$20,053,419
33.90%
CANOO INC
GOEV
32.06%
$42,368,170
$15,586,516
36.79%
EV Auto & Truck YTD MTM P\L
Ticker
Avg Fee
Avg Short Int
YTD MTM P\L
P\L %
TESLA INC
TSLA
0.30%
$17,404,370,571
($14,881,060,651)
-85.50%
RIVIAN AUTOMOTIVE INC
RIVN
0.38%
$1,013,380,113
($771,115,665)
-76.09%
LI AUTO INC ADR
LI
1.16%
$814,970,701
($492,028,545)
-60.37%
XPENG INC ADR
XPEV
14.26%
$463,150,915
($224,805,135)
-48.54%
LUCID GROUP INC
LCID
14.29%
$1,190,370,177
($206,012,129)
-17.31%
NIO INC ADR
NIO
0.32%
$927,617,226
($116,175,089)
-12.52%
NIKOLA CORP
NKLA
64.12%
$171,972,216
($71,922,632)
-41.82%
POLESTAR AUTOMOTIVE PLC ADS
PSNY
36.03%
$39,448,711
($5,766,517)
-14.62%
ELECTRAMECCANICA VEHICLES CO
SOLO
51.94%
$6,066,907
($3,104,745)
-51.18%
FISKER INC
FSR
23.56%
$407,916,053
($2,580,069)
-0.63%
Total EV Auto\Truck YTD MTM P\L
$22,742,864,102
($16,595,707,949)
-72.97%
Total Auto\Truck YTD MTM P\L
$31,757,540,349
($18,449,997,757)
-58.10%
E.V. Manufacturing shorts are down -9.1% in July versus -8.4% for the entire Auto & Truck Manufacturing sector. LCID is the most profitable short in July while TSLA, RIVN and NKLA are the least profitable shorts in July.
EV Auto & Truck July MTM P\L
Ticker
Avg Fee
Avg Short Int
July MTM P\L
P\L %
LUCID GROUP INC
LCID
0.96%
$1,207,885,309
$25,529,082
2.11%
VICINITY MOTOR CORP
VEV
34.11%
$326,383
$6,075
1.86%
EV Auto & Truck July MTM P\L
Ticker
Avg Fee
Avg Short Int
July MTM P\L
P\L %
TESLA INC
TSLA
0.30%
$25,761,032,398
($1,863,646,082)
-7.23%
RIVIAN AUTOMOTIVE INC
RIVN
0.45%
$1,955,453,168
($714,691,639)
-36.55%
NIKOLA CORP
NKLA
126.13%
$202,680,596
($120,683,510)
-59.54%
NIO INC ADR
NIO
0.31%
$1,146,251,362
($96,237,315)
-8.40%
LI AUTO INC ADR
LI
0.36%
$980,289,666
($51,106,222)
-5.21%
FISKER INC
FSR
12.19%
$467,284,633
($44,308,147)
-9.48%
XPENG INC ADR
XPEV
2.77%
$653,825,840
($30,643,608)
-4.69%
FARADAY FUTURE INTELLIGENT ELECTRIC
FFIE
10.70%
$54,004,941
($13,474,345)
-24.95%
CANOO INC
GOEV
25.01%
$26,343,690
($11,060,973)
-41.99%
HYZON MOTORS INC
HYZN
62.38%
$18,227,409
($9,600,152)
-52.67%
Total EV Auto & Truck July MTM P\L
$32,631,829,113
($2,954,621,739)
-9.05%
Total Auto & Truck July MTM P\L
$38,744,465,541
($3,240,151,688)
-8.36%
There are several crowded E.V. manufacturing shorts led by FSR with a 95/100 score in our Crowded metric.
Crowded EV Shorts
Ticker
Crowded Score
Squeeze Score
Short Interest
FISKER INC
FSR US
95.00
100.00
$ 461,362,404
HYZON MOTORS INC
HYZN US
82.50
100.00
$ 27,041,978
LUCID GROUP INC
LCID US
77.50
77.50
$ 1,093,784,822
NIKOLA CORP
NKLA US
75.00
100.00
$ 280,352,189
With the sector’s robust performance in 2023 there are many squeezable stocks in the E.V. manufacturing sector with FSR, HYZN, NKLA and RIVN leading the pack.
Squeezable EV Shorts
Ticker
Crowded Score
Squeeze Score
Short Interest
FISKER INC
FSR US
95.00
100.00
$ 461,362,404
HYZON MOTORS INC
HYZN US
82.50
100.00
$ 27,041,978
NIKOLA CORP
NKLA US
75.00
100.00
$ 280,352,189
RIVIAN AUTOMOTIVE INC
RIVN US
52.50
100.00
$ 2,139,291,025
CANOO INC
GOEV US
42.50
82.50
$ 33,723,368
LUCID GROUP INC
LCID US
77.50
77.50
$ 1,093,784,822
WORKHORSE GROUP INC
WKHS US
65.00
75.00
$ 42,628,365
LORDSTOWN MOTORS CORP
RIDE US
62.50
72.50
$ 7,737,968
Using our MAP product, we can look at market structure and concentration risk on the long side.
TSLA is by far the largest E.V. manufacturer holding by passive investors with $294 billion of passive long ownership. Vanguard, BlackRock and State Street are the three biggest passive investors in TSLA owning 421.6 million shares worth $122 billion.
Ticker
EV Auto & Truck Manuf Long Holdings
Entity Type
Shares Long
Long Market Value
TSLA
TESLA INC
Passive
1,046,375,898
$ 294,429,250,179
RIVN
RIVIAN AUTOMOTIVE INC
Passive
389,285,429
$ 9,662,064,348
LCID
LUCID GROUP INC
Passive
1,281,919,559
$ 8,588,861,045
NIO
NIO INC ADR
Passive
370,199,845
$ 3,901,906,366
LI
LI AUTO INC ADR
Passive
53,940,618
$ 1,995,802,866
XPEV
XPENG INC ADR
Passive
60,001,429
$ 841,220,035
BLBD
BLUE BIRD CORP
Passive
18,815,356
$ 425,603,353
NKLA
NIKOLA CORP
Passive
136,782,296
$ 307,760,166
FSR
FISKER INC
Passive
47,780,736
$ 294,807,141
HYLN
HYLIION HOLDINGS CORP
Passive
40,503,221
$ 79,791,345
HYZN
HYZON MOTORS INC
Passive
41,704,341
$ 61,722,425
WKHS
WORKHORSE GROUP INC
Passive
51,386,362
$ 50,836,528
FFIE
FARADAY FUTURE INTELLIGENT ELECTRIC
Passive
93,978,238
$ 23,879,870
PSNY
POLESTAR AUTOMOTIVE PLC ADS
Passive
4,575,278
$ 20,680,257
LEV
LION ELECTRIC CO
Passive
8,247,727
$ 17,485,181
CENN
CENNTRO ELECTRIC GROUP LTD
Passive
21,634,614
$ 9,302,884
RIDEQ
LORDSTOWN MOTORS CORP
Passive
2,370,860
$ 6,211,653
NWTN
NWTN INC B
Passive
310,155
$ 3,210,104
XOS
XOS INC
Passive
8,000,247
$ 2,960,891
EVTV
ENVIROTECH VEHICLES INC
Passive
816,031
$ 2,472,574
Total Passive Long Holdings
$ 320,732,080,542
TSLA is also the largest E.V. manufacturer long holding by active investors with $96 billion of active long ownership. Capital Research & Mgt, T.Rowe Price and Jennison Associates are the three biggest active investors in TSLA owning 90.3 million shares worth $26.2 billion.
Ticker
EV Auto & Truck Manuf Long Holdings
Entity Type
Shares Long
Long Market Value
TSLA
TESLA INC
Active
340,945,573
$ 95,935,265,331
RIVN
RIVIAN AUTOMOTIVE INC
Active
201,337,901
$ 4,997,206,703
LI
LI AUTO INC ADR
Active
57,942,391
$ 2,143,868,467
NIO
NIO INC ADR
Active
145,228,239
$ 1,530,705,639
XPEV
XPENG INC ADR
Active
56,624,573
$ 793,876,513
FSR
FISKER INC
Active
56,998,219
$ 351,679,011
LCID
LUCID GROUP INC
Active
45,544,621
$ 305,148,961
BLBD
BLUE BIRD CORP
Active
10,558,682
$ 238,837,387
NKLA
NIKOLA CORP
Active
65,059,536
$ 146,383,956
PSNY
POLESTAR AUTOMOTIVE PLC ADS
Active
13,415,397
$ 60,637,594
HYZN
HYZON MOTORS INC
Active
17,141,029
$ 25,368,723
HYLN
HYLIION HOLDINGS CORP
Active
10,938,689
$ 21,549,217
GOEV
CANOO INC
Active
27,805,722
$ 19,653,084
LEV
LION ELECTRIC CO
Active
8,973,618
$ 19,024,070
WKHS
WORKHORSE GROUP INC
Active
11,379,791
$ 11,258,027
FFIE
FARADAY FUTURE INTELLIGENT ELECTRIC
Active
18,589,722
$ 4,723,648
NWTN
NWTN INC B
Active
280,255
$ 2,900,639
RIDEQ
LORDSTOWN MOTORS CORP
Active
1,075,544
$ 2,817,925
CENN
CENNTRO ELECTRIC GROUP LTD
Active
3,296,855
$ 1,417,648
PSNYW
POLESTAR AUTOMOTIVE PLC ADS
Active
1,574,060
$ 1,101,842
Total Active Long Holdings
$ 106,617,235,863
TSLA is once again the largest E.V. manufacturer long holding by hedge fund investors with $9.6 billion of hedge fund long ownership. D.E. Shaw, Coatue Mgt. and Renaissance Technologies are the three biggest hedge fund investors in TSLA owning 15.1 million shares worth $4.4 billion.
Ticker
EV Auto & Truck Manuf Long Holdings
Entity Type
Shares Long
Long Market Value
TSLA
TESLA INC
Hedge Fund
34,016,528
$ 9,571,570,649
LI
LI AUTO INC ADR
Hedge Fund
32,990,714
$ 1,220,656,418
RIVN
RIVIAN AUTOMOTIVE INC
Hedge Fund
45,824,716
$ 1,137,369,451
XPEV
XPENG INC ADR
Hedge Fund
26,514,224
$ 371,729,420
NIO
NIO INC ADR
Hedge Fund
30,727,787
$ 323,870,875
FSR
FISKER INC
Hedge Fund
35,329,103
$ 217,980,566
BLBD
BLUE BIRD CORP
Hedge Fund
5,694,510
$ 128,809,816
NKLA
NIKOLA CORP
Hedge Fund
45,371,427
$ 102,085,711
LCID
LUCID GROUP INC
Hedge Fund
5,192,647
$ 34,790,735
PSNY
POLESTAR AUTOMOTIVE PLC ADS
Hedge Fund
4,910,629
$ 22,196,043
HYZN
HYZON MOTORS INC
Hedge Fund
14,374,983
$ 21,274,975
GOEV
CANOO INC
Hedge Fund
22,636,419
$ 15,999,421
HYLN
HYLIION HOLDINGS CORP
Hedge Fund
7,227,496
$ 14,238,167
LEV
LION ELECTRIC CO
Hedge Fund
2,289,625
$ 4,854,005
WKHS
WORKHORSE GROUP INC
Hedge Fund
2,994,949
$ 2,962,903
NWTN
NWTN INC B
Hedge Fund
231,140
$ 2,392,299
RIDEQ
LORDSTOWN MOTORS CORP
Hedge Fund
528,548
$ 1,384,796
FFIE
FARADAY FUTURE INTELLIGENT ELECTRIC
Hedge Fund
5,047,246
$ 1,282,505
ZEV
LIGHTNING EMOTORS INC
Hedge Fund
180,306
$ 701,390
PSNYW
POLESTAR AUTOMOTIVE PLC ADS
Hedge Fund
872,019
$ 610,413
Total Hedge Fund Long Holdings
$ 13,197,909,329
We should see continued short covering in the E.V. manufacturer sector as the strength in the sector create more short squeezes. The KraneShares Electric Vehicle and Future Mobility ETF (KARS) is up +18.5% since hitting its year-to-date low on April 25 and is up +6.4% in July.
Although with E.V. manufacturer stock prices increasing, we should also see some long selling in the sector as these positions become increasingly overweighted in passive and active portfolios. The need for portfolio rebalancing on the long side should offset some of short covering buying pressure on stock prices.
Looking at short selling trends over time provides insight into overall market sentiment as well as the strength of bearish conviction in individual equities. Our Blacklight SaaS platform and Black APP provides an up-to-date view of short selling and short covering on an equity, sector, index, or country-wide basis allowing investors\traders to better manage their existing long and short positions and our Black MaP product provides insight into market structure and concentration risk on the long side.
Our Blacklight SaaS platform and Black App provides an up-to-date view of short selling and short covering on an equity, sector, index, or country-wide basis allowing investors\traders to better manage their existing long and short positions.
The Black MaP and Black App products provide a total view of long and short positioning in the market with a breakdown between Active\Passive long investors, 24 Fund type entities, over 50k securities globally across 108 countries and data from 58 regulatory exchanges.