Kerrisdale Capital says short Joby Aviation

Kerrisdale Capital says in a new research note that it is short shares of Joby Aviation. The firm believes Joby is years away from generating operating revenue and “which we don’t expect will ever earn an economic profit,” adding that battery-powered flight is “barely” possible, estimating that constrained by both Li limits and regulatory reserve requirements, maximum range will be 35 miles and the battery will last a few thousand cycles at best. Kerrisdale adds that “The best case for investors here is a rough landing. We think they should be bracing for a nose-dive.”