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Tesla has reclaimed its spot as the most shorted large stock on the US market. A share price rally and boss Elon Musk’s alienating rants on Twitter have put a target on the US electric car company’s back. But record earnings make this a dangerously expensive bet.
特斯拉(Tesla)已经重新成为美国市场上被做空最多的大股票。该公司的股价上涨和其老板埃隆•马斯克(Elon Musk)在Twitter上的离间言论，让这家美国电动汽车公司成为众矢之的。但该公司创纪录的收益使其成为了一个危险而昂贵的赌注。
Short interest in Tesla is now equal to 3.65 per cent of the float, according to data from S3 Partners.
根据S3 Partners的数据，特斯拉的空头净额现在相当于3.65%的股票流通量。
It is easy to see why shorts are gunning for Tesla once again, displacing Apple in the process. Electric vehicles have become much more available. That has lowered Tesla’s share of the market, leading it to cut prices for some models in the US, Europe and China.
很容易理解为什么做空者再次瞄准特斯拉，在这个过程中取代了苹果(Apple)。电动汽车已经变得容易获得多了。这降低了特斯拉的市场份额，导致它在美国、欧洲和manbetx3.0
削减了部分车型的价格。
Add to that a justice department probe into Tesla’s so-called “Full Self-Driving” automated mode. The probe is going ahead, even though the company has made clear its cars cannot drive themselves. Nor has the much-hyped Cybertruck gone on sale yet.
再加上司法部对特斯拉所谓的“全自动驾驶”自动模式的调查。尽管该公司已明确表示其汽车不能自动驾驶，但调查仍在进行。被炒得沸沸扬扬的Cybertruck也还没有上市销售。
Tesla’s valuation remains high compared with traditional carmakers, even after a sharp sell-off last year. The stock trades at 51 times expected earnings. Ford, the second largest seller of EVs in the US, trades at 8 times.
与传统的汽车制造商相比，特斯拉的估值仍然很高，即使其在去年经历了大幅抛售。该股目前的股价是其预期收益的51倍。美国第二大电动汽车销售商福特(Ford)目前的股价是其预期收益的8倍。
But Tesla remains the top seller of electric vehicles, It has led the shift from combustion engine vehicles to EVs, which is still in full swing. In the last quarter, it reported revenues up 37 per cent and operating income 49 per cent higher to $3.9bn. Sales in China should rise post-lockdowns, helped by lower prices. Musk has suggested sales could reach 2mn units this year.
但特斯拉仍然是电动汽车的头号销售商，它引领了从内燃机汽车到电动汽车的转变，这一转变仍在全面展开。上一季度，特斯拉报告收入增长了37%，营业收入增长了49%，达39亿美元。由于价格较低，其在manbetx3.0
的销售量在封锁放开后应该会上升。马斯克表示，今年的销量可能达到200万辆。
Resurgent short selling will no doubt enrage Musk. Despite once tweeting that he believed Tesla’s share price was too high, Musk has repeatedly railed against short sellers. He has called for the practice to be made illegal.
做空活动的复苏无疑会激怒马斯克。尽管马斯克曾在Twitter上说他认为特斯拉的股价太高，但他一再抨击做空者。他曾呼吁将这种做法定为非法行为。
Musk will be glad to know what their conviction has cost them. Shorts who bet against Tesla were up by almost $16bn in mark-to-market profits last year, according to S3 data. They are down by around $6.75bn in the year to date. Expect a slowdown in new short selling to follow.
马斯克会很高兴知道他们被定罪的代价。根据S3 Partners的数据，去年押注特斯拉的做空者按市值计算的利润增加了近160亿美元。今年到目前为止，利润减少了约67.5亿美元。预计新的做空活动将随之放缓。
Lex is the FT’s concise daily investment column. Expert writers in four global financial centres provide informed, timely opinions on capital trends and big businesses. Click to explore
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