Culper says Tesla insourcing ‘death knell’ to Xpel bull case

Christian Lamarco’s Culper Research announced a short position in Xpel, saying the company has “grossly understated” its reliance on Tesla (TSLA). The company claimed in a regulatory filing that Tesla represented 5% of year-to-date revenue, yet Culper believes “the true figure is many multiples higher.” The research firm’s survey of 143 Xpel installers across 26 states indicated that Tesla is both critical to the business and to its historical growth, Culper writes in a short report posted on its website. The firm believes Tesla’s paint protection film insourcing “is a death knell” for Xpel’s bull case. Shares of Xpel are down 3% to $59.11 following the short report.