• Short interest in Renault SA (RNO) has increased from 7.6 million to 35.5 million since the start of the year. Short interest has risen in nine of ten months, with the largest step in September, when short shares rose 37%.

• Nearly one in five freely tradable Renault shares is now sold short. At 19.4% of float, or 12% of shares outstanding, the position is worth €949 million.

• Shorts have added through every bounce and been paid for it. They reloaded after results in February and July, added again as the stock rose 3.7% on 7 October, and are up about €120 million year-to-date.

Short interest in Renault has risen 368% this year to 35.5 million shares, €949 million at current prices. The build has been steady, up in every month except March, with the largest step in September. At 19.4% of float, or 12.0% of shares outstanding, it is the highest in five years.

September brought the sharpest leg. On 18 September Volkswagen cut its 2026 operating margin outlook to up to 1% from 4 to 5.5%, and Renault fell 5.3% the same day. Since the end of August short shares are up 51% and the stock is down 9% in euros. Short sellers are up about €120 million this year. For every Renault share sold short, institutional longs S3 tracks own six, down from 26 at the start of the year.

With 70% of its sales in Europe and almost none in China or the US, Renault is the most Europe-centric of the large carmakers, which makes it a clean bet against European carmakers holding their home market. On 7 October the stock rose 3.7% on a report of EU safeguard measures on Chinese hybrids, and short interest still rose. At 19% of float, trade policy is a key risk for the short trade.

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