金融科技公司S3 Partners的預(yù)測(cè)分析部總經(jīng)理伊霍·杜桑尼維斯基表示，汽車制造商特斯拉（Tesla）的做空者們?cè)诠善毕碌鴷r(shí)投資，6月的賬面虧損約為25億美元。究其原因，特斯拉的股票在當(dāng)月上漲了18%。

在做空者們算清賠了多少后，有報(bào)道稱特斯拉于第二季度最后沖刺階段實(shí)現(xiàn)了Model 3周產(chǎn)量5000輛的目標(biāo)。投資者一直在跟進(jìn)Model 3的生產(chǎn)，并且認(rèn)為這是特斯拉拓展市場(chǎng)的重要契機(jī)。尤其在于，該車的起步價(jià)為3.5萬(wàn)美元，還不到Model X首秀價(jià)格的一半。

上周一，在關(guān)于上述產(chǎn)能目標(biāo)的報(bào)道中，特斯拉的股票下跌了1%，多少給了做空者們一劑強(qiáng)心藥。

“我想，我們剛成為了一家真正的汽車公司……”馬斯克在就產(chǎn)能提升寫給員工的一封信中激動(dòng)地寫道。

做空者們這回栽跟頭似乎恰應(yīng)驗(yàn)了馬斯克于6月中旬通過(guò)推特（Twitter）發(fā)出的警告。當(dāng)時(shí)他告誡說(shuō)，看跌特斯拉的投資者們“在他們做空的買賣瓦解之前大約還有三周時(shí)間”。評(píng)論家長(zhǎng)期質(zhì)疑公司有能力實(shí)現(xiàn)產(chǎn)能目標(biāo)，而在5月的一次稀奇的第一季度財(cái)務(wù)視頻報(bào)告之后，投資人則更為擔(dān)憂。在那次報(bào)告中，馬斯克怒斥了華爾街分析員對(duì)公司迅速蒸發(fā)的資金儲(chǔ)備的質(zhì)問(wèn)，稱這是“無(wú)聊、愚蠢的問(wèn)題”。

然而，盡管最新報(bào)道稱特斯拉實(shí)現(xiàn)了產(chǎn)能目標(biāo)，該企業(yè)的懷疑者們似乎仍不為所動(dòng)。

“看來(lái)這些做空者是鐵了心了。”杜桑尼維斯基在寫給《財(cái)富》雜志的一封電子郵件中說(shuō)道。他指出，該企業(yè)可交易的股數(shù)中，做空交易的股數(shù)占了27.5%。

而他們的懷疑也確有依據(jù)。盡管公司總算達(dá)成了產(chǎn)能目標(biāo)，投資人對(duì)公司燒錢的狀況憂心忡忡。正如紐約大學(xué)（New York University）的金融學(xué)教授阿斯沃斯·達(dá)摩達(dá)蘭指出，盡管特斯拉在過(guò)去三個(gè)季度中銷售收入有所增長(zhǎng)，“虧損額也在成比例增長(zhǎng)。”導(dǎo)致該階段利潤(rùn)率在-23%左右。投資研究公司CFRA Research也懷疑特斯拉是否有能力維持Model 3的生產(chǎn)速度，并將其股票從“持有”降級(jí)為“賣出”。

但馬斯克似乎正努力嘗試化險(xiǎn)為夷，為了減少成本，他在6月削減了公司9%的員工。（財(cái)富中文網(wǎng)）

譯者：沈昕宇

The carmaker’s short sellers, those who put money on a stock declining in value, lost roughly $2.5 billion on paper in the month of June, according to data from Ihor Dusaniwsky, managing director of predictive analytics at financial technology firm, S3 Partners. The declines come due to a 18% increase in Tesla shares during the month.

That tally of short seller loses came before news that Tesla had reached its production target of 5,000 Model 3 vehicles a week in the final stretch of the second quarter. Investors have closely watched the Model 3’s development, considering it an important opportunity for Tesla to reach a broader market. Notably, its base price is $35,000, less than half of the Model X’s during its debut.

Tesla’s shares sank 1% on last Monday amid the news about the production milestone, giving short sellers some modest relief.

“I think we just became a real car company….,” Musk wrote in an ebullient note to employees in response to increasing production.

The losses shorts have experienced seems to back up Musk’s threat mid-June on Twitter, in which he cautioned investors betting against his firm have “about three weeks before their short position explodes.” Critics have long questioned the company’s ability to reach its production targets, with investors growing even more concerned following a strange first quarter earnings call in May. During that call, Musk lashed out at Wall Street analysts who asked about the company’s quickly vanishing cash reserves, dubbing such queries as “boring, bonehead questions.”

Still, Tesla’s skeptics appear little moved by its most recent news that the carmaker had met production targets.

“Looks like the shorts who have had conviction all along are standing pat,” Dusaniwsky wrote in an email to Fortune, noting that about short interest in the company now accounts for 27.5% of the number of shares available for trading.

And there is basis for doubt. Though the company has managed to meet its production targets, investors still worry about the company quickly burning cash. As pointed out by New York University finance Prof. Aswath Damodaran, while Tesla’s revenue has grown in the last three quarters, “l(fā)osses are growing proportionately,” placing its profit margin at about -23% during those periods. CFRA Research, an investment research firm, also questioned Tesla’s ability to maintain its rate of Model 3 production, downgrading the stock to “sell” from “hold.”

But Musk appears to be trying to turn that negative into a positive by slashing 9% of its workforce in June in an effort to cut costs.