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  "documentTitle": "XL Fleet (XL)",
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  "authorName": "Muddy Waters Capital",
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  "presentationDate": "2021-03-03 00:00:00",
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  "notes": "Uses logos and direct quotes to build credibility for the activist thesis.",
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      "text": "THE MAJORITY OF TOUTED CUSTOMERS ARE REPORTEDLY INACTIVE:",
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      "text": "Company logos for ComEd, Coca-Cola, Safelite, Ferguson, Hawaiian Electric, Southern California Edison, Alabama Power",
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      "text": "THE MAJORITY OF TOUTED CUSTOMERS ARE REPORTEDLY INACTIVE:",
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      "kind": "quote",
      "text": "When they sold off distribution, distributors weren't interested. Distributors didn't want to spend money upfront to outfit them... they will probably replace them with the latest and greatest ICE van.",
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      "text": "Just a pilot, two or three trucks; they haven't repeated the order and it's been three to four years.",
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      "text": "It was a pilot, three trucks. They will never order again.",
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      "text": "Ten-vehicle pilot program. They haven't bought any more.",
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      "text": "They had two plug-in hybrid vehicles... there was zero benefit from the hybrids. The utilities are really good at looking at their telematics... It was hard to justify the capital investment.",
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      "text": "They did a pilot... it's bullshit. The fleet manager wasn't interest in speaking [to XL]. I don't know if he even knows where their one vehicle is. Not a repeat order.",
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      "text": "They wanted to see how their vehicles were performing... The company wouldn't allow it, because I think the data would not show in a favorable light what the vehicles were doing.",
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      "text": "They wanted to see how their vehicles were performing, and what data we had compared to data we had. They wanted real time access to the XL Link, and we weren't able to give it to them. The company wouldn't allow it, because I think the data would not show in a favorable light what the vehicles were doing. — ComEd",
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      "kind": "title",
      "text": "Poor Retention Resulting from XL's Exaggerations",
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