Hyzon Motors News: The Negative Short Report Sending HYZN Stock Into a Tail-Spin Today

Hyzon Motors (NASDAQ:HYZN) is in the news Tuesday as a new short report is taking HYZN stock to task. That short report comes from Blue Orca Capital. The company claims that Hyzon Motors is deceiving investors by mispresenting customers of its electric vehicles (EVs).

A 3D rendering of a green truck in front of a blue sky representing HYZN stock.

Source: Shutterstock

Why the Short Report for HYZN Stock?

Blue Orca Capital points out a 500-truck order from a Chinese customer. However, records show that the company was only formed three days prior to the order. It also doesn’t have a website, WeChat, or any paid capital.

In addition to that, Blue Orca Capital doesn’t like how Hyzon Motors is presenting Hiringa as a customer. The company is working with Hyzon Motors as a “channel partner,” which isn’t the same as a customer.

Hyzon Motors claims that Hiringa has a 1,500-truck order that will account for 24% of deliveries in 2021. To counter that, Hiringa says that it won’t be receiving its first four trucks from the company until at least mid-2022.

The Details Aren’t in HYZN Stock’s Favor

Other highlights from the short reporting hitting HYZN stock today include the following.

  • Hyzon Motors listed Coca-Cola, Ikea, and Heineken as customers during its SPAC, but doesn’t include them on its website anymore.
  • The company is a repacking of a failing Chinese company that was delisted early this year.
  • It’s gone through two CTOs in the last 15 months and is only 20 months old.
  • The company hasn’t updated financial guidance despite Hiringa’s delivery dispute or lack of major blue-chip stocks as customers.

Blue Orca Capital’s Final Word on HYZN Stock

Blue Orca Capital closes out a Tweet thread thrashing HYZN stock with the following statement.

“Ultimately, we think Hyzon’s parent has taken advantage of the general suspension of disbelief in the financial markets to enrich insiders by repackaging old technology in a fig leaf of misleading deal announcements and illusory customer contracts.”

HYZN stock was down 21.9% as of Tuesday morning.

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Article printed from InvestorPlace Media, https://investorplace.com/2021/09/hyzon-motors-news-the-negative-short-report-sending-hyzn-stock-into-a-tail-spin-today/.

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