Tesla (NASDAQ:TSLA) remains one of the most heavily shorted auto stocks in the U.S., joining Rivian (NASDAQ:RIVN) and Quantumscape Corp (NYSE:QS) atop UBS’s latest list as the industry heads into second-quarter earnings season.
UBS’s recent “comprehensive crowding factor” analysis places Tesla, Rivian, and QuantumScape at the forefront of short interest in the autos, auto parts, and auto-tech sectors. The rankings are based on a blend of prime brokerage positions, 13F filings, stock loan metrics, and internal analytics.
“In our coverage, the most crowded longs are now Amphenol Corporation (NYSE:APH), GM (NYSE:GM), and Aptiv (NYSE:APTV); the most crowded shorts are RIVN, QS and TSLA,” UBS analysts said in the note.
Tesla posted a short crowding score of -6.99 as of July 11, slipping further from -6.70 the previous week. This continues a trend that keeps the EV giant in UBS’s most heavily shorted tier. Rivian and QuantumScape fared even worse, with crowding scores of -13.46 and -12.10, respectively, underscoring the broader bearish sentiment toward EV-focused OEMs.
On the flip side, traditional automakers are holding strong among long positions. GM, for example, now ranks as UBS’s second most crowded long, boasting a score of 25.00.
Ford (NYSE:F), which had experienced easing short interest from mid-June to early July, saw short positioning climb again last week. UBS attributed this reversal to “some higher expectations and the elevated relative P/E multiple vs. GM.”
Parts suppliers also showed significant shifts. Aptiv’s (NYSE:APTV) long crowding score jumped to 20.53—its highest since August 2023. Amphenol Corporation (NYSE:APH) surged to the top of UBS’s rankings, with a crowding score of 25.90. “APH saw the second largest increase in crowding long and is now the most crowded long in our coverage,” the report noted.
Over the last quarter, UBS highlighted APH and APTV as having the most notable gains in long interest, while names like CarGurus (NASDAQ:CARG) and TSLA saw the steepest declines in crowding scores.
Other stocks experienced more nuanced crowding shifts. Visteon (NASDAQ:VC) saw its long interest initially rise before reversing course in recent days, and Lear (NYSE:LEA) also dropped off the list of heavily crowded longs.
Meanwhile, crowding scores in the connectors and sensors space, including TE Connectivity (NYSE:TEL) and Sensata Technologies Holding NV (NYSE:ST), remained largely unchanged.
UBS emphasized that crowding data is a valuable risk management tool, particularly ahead of earnings season. While concentrated short bets can be vulnerable to quick reversals, the bank noted that it sees “no big lean one way or the other” across the broader automotive sector at present.
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