Datastream
Tesla Bears: A Short Short Story
The Briefing
- Tesla, Inc has gained infamy for the sheer depth of short seller activity on its stock. At its peak in 2019, over 200 million shares were short
- However, short sellers have recently capitulated, thanks to Tesla’s monster year
- TSLA shares are up roughly 600% YTD
Tesla Bears: A Short Short Story
Short selling is often said to be the Wild West of financial markets. Where there’s a short seller, there can be whipsawing asset prices just around the corner. Tesla is no exception.
In some cases billions of dollars pour behind these short ideas—conducted by some of the world’s most sophisticated investors.
The efficient market hypothesis suggests short selling is a necessary evil that helps the market reflect on all the information of a given security and obtain its true market value. Yet most market participants are anything but receptive to short sellers.
The market—which tends to be long, often panics when a short seller enters the arena and takes the opposite stance. What typically follows is an avalanche of legal and regulatory action from corporate lawyers to the SEC.
In the case of Tesla, short sellers couldn’t have gotten it more wrong – at least for now. Some market commentators call it the most unprofitable short witnessed. The data shows that approximately 20% of Tesla shares have been held short since 2016. This year a reported $27 billion has been lost betting against Tesla.
| Date | Shares Sold Short | Dollar Volume Sold Short |
|---|---|---|
| October 30th, 2020 | 47,800,000 | $19 billion |
| October 15th, 2020 | 52,960,000 | $22 billion |
| September 30th, 2020 | 57,130,000 | $25 billion |
| September 15th, 2020 | 59,040,000 | $24 billion |
| August 31st, 2020 | 54,890,000 | $20 billion |
| August 14th, 2020 | 12,310,000 | $5 billion |
Tesla’s short thesis is often anchored around a few compelling narratives. The first is that Tesla’s present day fundamentals are poor—a $530 billion company delivered 139,300 vehicles in Q3’20 and turned a $331 million profit. That’s after government subsidy programs.
The second, the electric vehicle market is expected to be competitive with many players, and short sellers make the point Tesla is currently priced as the sole-winner in this space.
We don’t know how the future EV market will transpire, but with Tesla shares up 600% year-to-date, and with the company set to join the S&P 500, some bears look to be calling it quits.
Where does this data come from?
Source:Ycharts
Notes: Financial data is as of December 2nd, 2020
Datastream
The 10 Longest Range EVs for 2023
This infographic lists 10 of the longest range EVs currently for sale in the U.S. in 2023. The Lucid Air takes first place at 516 miles.
The Briefing
- EV models with over 300 miles (480 km) of range are becoming more common in the United States
- The Lucid Air (Grand Touring trim) has the highest EPA range at 516 miles (830 km)
The 10 Longest Range EVs for 2023
Range anxiety is frequently cited as one of the biggest turnoffs of electric vehicles (EVs).
Even as recent as 2021, the average range of an EV was just 217 miles (349 km), falling significantly short from the average gas car’s range of 413 miles (665 km). Thankfully, as this infographic shows, EVs with over 300 miles of range are becoming more common.
Below are the top 10 EVs for 2023, ranked by their EPA combined driving range. For further context, we’ve also included price. These values are for the specific trim that achieves the stated range. In some cases, more expensive trims are available but have a lower range (e.g. Tesla Plaid).
| Model | EPA Combined Driving Range | Price* |
|---|---|---|
| Lucid Air | 516 mi (830 km) | $138,000 |
| Tesla Model S | 405 mi (652 km) | $84,990 |
| Hyundai Ioniq 6 | 361 mi (581 km) | $45,500 |
| Tesla Model 3 | 358 mi (576 km) | $55,990 |
| Mercedes-Benz EQS | 350 mi (563 km) | $104,400 |
| Tesla Model X | 348 mi (560 km) | $94,990 |
| Tesla Model Y | 330 mi (531 km) | $52,990 |
| GMC Hummer EV Pickup | 329 mi (529 km) | $110,295 |
| Rivian R1T | 328 mi (528 km) | $74,800 |
| BMW iX | 324 mi (521 km) | $87,100 |
*Most recent prices available as of April 2023
Note that the EV market is rapidly evolving, and the data in this table has a limited shelf life. For example, Rivian is releasing a battery option dubbed the “Max pack” which promises up to 400 miles, but is not yet EPA rated.
Where Does This Data Come From?
Source: Car and Driver (range), manufacturer websites (price)
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