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  "documentTitle": "XL Fleet (XL)",
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  "authorName": "Carson C. Block",
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  "sourceTypeSlug": "short_seller",
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  "presentationDate": "2021-03-10 00:00:00",
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  "notes": "This is a text-heavy research note page acting as a rebuttal to company management's defense.",
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      "kind": "callout",
      "text": "XL made no denial of these exaggerations. It instead focused on our occasional use of the word “backlog”.",
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      "kind": "paragraph",
      "text": "If XL's pipeline is exaggerated, what does that mean for its sales projections? In our report, we described how multiple former XL employees audibly laughed when asked about XL's 2024 revenue forecast of $1.4 billion.",
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      "kind": "paragraph",
      "text": "Is XL's purported $220 million pipeline exaggerated? Our report included numerous quotes from three former salespeople stating that XL routinely and systematically exaggerated its pipeline.",
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      "kind": "paragraph",
      "text": "Do XL's customers experience 25% fuel savings on hybrid / 50% fuel savings on plug-in hybrid?",
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      "kind": "paragraph",
      "text": "Are XL's customers reordering? We stated that the slide on which XL displays 33 logos of large corporate customers is greatly misleading because former employees told us that 18 of the 33 had failed to reorder.",
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      "kind": "quote",
      "text": "“...increasingly large order sizes from its customers, accounting for a majority of XL Fleet revenues since inception.” — XL Fleet rebuttal",
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      "text": "2 https://xlfleet.com/assets/Uploads/PDF/Updated-Investor-Presentation-9.21.20.pdf 3 September 2020 investor presentation, slide 12.",
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