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BUZZ-Aurora down after Kerrisdale Capital discloses short position

Reuters
Aug 19
BUZZ-Aurora down after Kerrisdale Capital discloses short position

** Shares of Aurora Innovation AUR.O down 5.9% at $6.06

** Kerrisdale Capital discloses short position in the self-driving truck technology firm

** Reuters could not verify the claims made in the report and the company did not immediately respond to a request for comment

** Aurora's reliance on a hub-and-spoke model for autonomous trucking is economically inferior to direct manned trucking, the short seller says

** Kerrisdale estimates the real opportunity is closer to 20 bln miles, less than Aurora's claim of an addressable market of 200 bln miles

** Autonomous trucks will be significantly more expensive than Aurora claims, with manufacturing partners expecting at least a 50% cost increase - Kerrisdale

** Up to last close, AUR up ~2% this year

(Reporting by Akash Sriram in Bengaluru)

((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))

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