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 .
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 .
“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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