CNBC Pro

Hedge fund manager Dan Niles is short Tesla, but is betting on electric vehicles with this stock

Daniel Niles
John Chiala | CNBC

Hedge fund manager Dan Niles said Tuesday that there are smarter ways to play the boom in electric vehicles than buying Tesla.

Niles, who runs the Satori Fund, told CNBC's "Tech Check" that he has a short bet against Tesla based on the stock's valuation and was bullish on the electric vehicle industry overall. Shares of Tesla were down 3% in midday trading after the company reported earnings on Monday night.

More In CNBC TV Picks

CNBC ProWorried about stagflation? One expert reveals his top stock picks to play the market right now
CNBC ProInsider buying: Leaders at Uber, Arch Capital bought millions in their own stock this week
CNBC ProUBS' Art Cashin says investors must stay nimble as market prepares for Fed's next steps