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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)已經重新成爲美國市場上被做空最多的大股票。該公司的股價上漲和其老闆伊隆•馬斯克(Elon Musk)在Twitter上的離間言論，讓這家美國電動汽車公司成爲衆矢之的。但該公司創紀錄的收益使其成爲了一個危險而昂貴的賭注。
Short interest in Tesla is now equal to 3.65 per cent of the float, according to data from S3 Partners.
根據S3 Partners的數據，特斯拉的空頭淨額現在相當於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.
很容易理解爲什麼做空者再次瞄準特斯拉，在這個過程中取代了蘋果(Apple)。電動汽車已經變得容易獲得多了。這降低了特斯拉的市場份額，導致它在美國、歐洲和中國削減了部分車型的價格。
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.
再加上司法部對特斯拉所謂的「全自動駕駛」自動模式的調查。儘管該公司已明確表示其汽車不能自動駕駛，但調查仍在進行。被炒得沸沸揚揚的Cybertruck也還沒有上市銷售。
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.
與傳統的汽車製造商相比，特斯拉的估值仍然很高，即使其在去年經歷了大幅拋售。該股目前的股價是其預期收益的51倍。美國第二大電動汽車銷售商福特(Ford)目前的股價是其預期收益的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.
但特斯拉仍然是電動汽車的頭號銷售商，它引領了從內燃機汽車到電動汽車的轉變，這一轉變仍在全面展開。上一季度，特斯拉報告收入成長了37%，營業收入成長了49%，達39億美元。由於價格較低，其在中國的銷售量在封鎖放開後應該會上升。馬斯克表示，今年的銷量可能達到200萬輛。
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.
做空活動的復甦無疑會激怒馬斯克。儘管馬斯克曾在Twitter上說他認爲特斯拉的股價太高，但他一再抨擊做空者。他曾呼籲將這種做法定爲非法行爲。
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.
馬斯克會很高興知道他們被定罪的代價。根據S3 Partners的數據，去年押注特斯拉的做空者按市值計算的利潤增加了近160億美元。今年到目前爲止，利潤減少了約67.5億美元。預計新的做空活動將隨之放緩。
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
Lex是FT的每日投資專欄，內容簡潔明瞭。全球4個金融中心的專家作者對資本趨勢和大企業提供可靠、及時的見解。點擊瀏覽
