2023-10-17 19:34:34

3 Most Shorted EV Stocks Right Now

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InvestorPlace
By Eddie Pan

It’s been a rough year for many electric vehicle (EV) stocks. Many of these companies are still struggling to increase production in light of supply chain inefficiencies, inflation and a weakened consumer.

EV startups, such as Lucid (NASDAQ:LCID) and Rivian (NASDAQ:RIVN), have decreased their full-year production guidance since the beginning of the year. Meanwhile, EV leader Tesla (NASDAQ:TSLA) reported third-quarter deliveries of 343,000 vehicles and produced a total of 365,000 vehicles. Analysts were expecting 364,660 Q3 deliveries, which meant Tesla fell short by 6.1%.

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A year ago, Tesla delivered 254,695 vehicles and produced 237,823 vehicles. In the most-recent quarter, investors were concerned demand was falling since production outpaced deliveries.

As the largest EV company, it shouldn’t be surprising that TSLA stock is the most-shorted EV and auto stock based on gross value. However, Tesla isn’t the number-one EV or auto stock based on short interest, or SI, as a percentage of float.

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