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  "docSlug": "86aeeaf4ca9c",
  "documentTitle": "XL Fleet (XL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Capital",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-03 00:00:00",
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  "pageNumber": 15,
  "pageCount": 53,
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a list format to systematically dismantle the company's performance claims.",
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      "kind": "callout",
      "text": "XL claims a positive fleet ROI of 55.7%, but its calculations are disingenuous. Our adjustments yield a negative ROI.",
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      "text": "XL seemingly does not achieve stated MPG gains or generate claimed ROIs for customers.\nXL misleadingly claims that its technology leads to 25%+ MPG gains.\nWe understand that fleet-wide savings are generally only 5% to 10%, and are sometimes negative.\nXL's plug-in hybrid also significantly underperforms XL's efficiency claims.\nXL cherry-picked data and blamed MPG misses on customers' drivers.\nXL is opaque with customers about its data, which has helped drive customers away.\nXL claims a positive fleet ROI of 55.7%, but its calculations are disingenuous. Our adjustments yield a negative ROI.",
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      "text": "ROI: 55.7%",
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      "kind": "title",
      "text": "Misleading Customers About Mileage Gains and ROI",
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