TSLA - Exro: Exaggerated Partnerships Leadership Concerns And No Revenue - PT $0.35

• Exro, which pivoted into EVs in 2018, has seen its stock rally over 1200% in the last year on a flurry of press releases.
• Exro's Potencia Industrial partnership has been marred with delays and little results for investors - we also believe that Exro has mischaracterized Potencia as one of Mexico's "largest motor OEMs"
• Our investigation revealed that many of these celebrated opportunities are with small businesses (including one based in a UPS box) unlikely to result in meaningful revenues.
• We believe that Chairman and former CEO Mark Godsy has exaggerated his background, and find his proximity to an alleged pump-and-dump troubling.
• The current CEO and several members of management have been selling stock during its rally - we view this as a very negative signal.

For further details see: