What happened Electric vehicle stock Hyzon Motors (NASDAQ: HYZN) crashed this morning and was trading down 23% at 10:30 a.m. EDT. Shares of the hydrogen fuel cell commercial vehicle manufacturer have had quite a choppy ride since Hyzon Motors went public on July 19 after a merger with a special purpose acquisition company, but a scathing short-seller attack is proving brutal today. So what On Sept. 28, Blue Orca Capital released a short-seller report on Hyzon Motors that contained some stunning allegations. Image source: Getty Images. Below are some of the things Blue Orca has claimed in its report: Fake largest customer: Blue Orca says Shanghai HongYun, the company Hyzon secured a 500-truck order from earlier this month, was formed just three days before the deal and appears to be a fake shell entity. Large order not really an order: Blue Orca says Hyzon's claim that it will deliver 1,500 trucks to New Zealand-based Hiringa by 2026 are misleading, as Hiringa is just a small marketing start-up and not a customer. Hiringa reportedly told Blue Orca it doesn't intend to take any delivery from Hyzon in 2021, contrary to the latter's claim that Hiringa will account for 24% of its 2021 deliveries. Inflated revenue projections: In its investor presentation dated Feb. 2021, Hyzon claimed heavyweights like Coca-Cola, Heineken, and IKEA as its customers with potential orders worth $700 million. Blue Orca points out Hyzon dropped these names from its subsequent investor decks and disclosures, yet didn't adjust its revenue projections. Unrealistic financial projections: Blue Orca says Hyzon's projected gross margin of 32% despite no revenue generation right now is "pure fantasy," as it's nearly twice the industry average and 10 percentage points higher than Tesla's gross margin. Repackaged version: Blue Orca says Hyzon is just a repackaging of struggling fuel cell Chinese parent Horizon, which delisted from China's OTC market in March 2021 and reported 81% decline in fuel cell sales since 2019. Now what These are some serious allegations about a company that's just gone public, but it's always prudent to take short-seller reports with a grain of salt while you do your own due diligence. For example, I quickly checked Hyzon Motors' February investor presentation and found the company claimed only to be in advanced discussions with Coca-Cola, IKEA, and Heineken for orders. With Hiringa, though, Hyzon's pipeline showed contracted delivery of 20 units in 2021. Also, Blue Orca cited the resignations of two chief technology officers as a red flag. Hyzon's press release, however, states that Gary Robb, also a co-founder, retired (and didn't step down abruptly) on Sept. 2 and was succeeded by Shinichi Hirano, who spent 17 years with Ford Motors (NYSE: F) before joining Hyzon. Eventually, a response from Hyzon Motors is the only thing that can pacify investors. While you wait and watch, you might want to check out other electric vehicle stocks worth your money. 10 stocks we like better than HYZON Motors IncWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and HYZON Motors Inc wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of September 17, 2021 Neha Chamaria has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool has a disclosure policy.Source