金融科技公司S3 Partners的預測分析部總經理伊霍·杜桑尼維斯基表示,，汽車制造商特斯拉（Tesla）的做空者們在股票下跌時投資,，6月的賬面虧損約為25億美元。究其原因,，特斯拉的股票在當月上漲了18%,。

在做空者們算清賠了多少后，有報道稱特斯拉于第二季度最后沖刺階段實現了Model 3周產量5000輛的目標,。投資者一直在跟進Model 3的生產,，并且認為這是特斯拉拓展市場的重要契機。尤其在于,，該車的起步價為3.5萬美元,，還不到Model X首秀價格的一半。

上周一,，在關于上述產能目標的報道中,，特斯拉的股票下跌了1%，多少給了做空者們一劑強心藥,。

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

做空者們這回栽跟頭似乎恰應驗了馬斯克于6月中旬通過推特（Twitter）發(fā)出的警告,。當時他告誡說,，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間”。評論家長期質疑公司有能力實現產能目標,，而在5月的一次稀奇的第一季度財務視頻報告之后,，投資人則更為擔憂。在那次報告中,，馬斯克怒斥了華爾街分析員對公司迅速蒸發(fā)的資金儲備的質問，稱這是“無聊,、愚蠢的問題”,。

然而,，盡管最新報道稱特斯拉實現了產能目標，該企業(yè)的懷疑者們似乎仍不為所動,。

“看來這些做空者是鐵了心了,。”杜桑尼維斯基在寫給《財富》雜志的一封電子郵件中說道,。他指出,，該企業(yè)可交易的股數中，做空交易的股數占了27.5%,。

而他們的懷疑也確有依據,。盡管公司總算達成了產能目標，投資人對公司燒錢的狀況憂心忡忡,。正如紐約大學（New York University）的金融學教授阿斯沃斯·達摩達蘭指出,，盡管特斯拉在過去三個季度中銷售收入有所增長，“虧損額也在成比例增長,?！睂е略撾A段利潤率在-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的生產速度,，并將其股票從“持有”降級為“賣出”,。

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

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.