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  "documentTitle": "XL Fleet (XL)",
  "authorId": "51_Muddy_Waters",
  "authorName": "Muddy Waters Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-03 00:00:00",
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      "text": "We believe that the actual ROI XL's customers generate on average is NEGATIVE.",
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      "text": "There are two elements to XL’s misrepresentations to its customers – exaggerated mileage gains and aggressive ROI modeling assumptions. Based on our conversations with former XL employees, we conclude that the company’s technology seldom – if ever – generates the advertised 25-50% fuel savings. We estimate the savings is really only 5% - 10%. Three former employees told us that they were instructed to cherry-pick customer information from XL’s quarterly performance reports in order to exaggerate the technology’s effectiveness, while blaming inadequate MPG savings on the customers’ drivers. Similar to the fuel efficiency exaggeration, XL appears to routinely pad ROI calculations to prospective customers. We believe that XL inflates ROIs primarily by using unrealistically high gas prices and vehicle service life. We believe that the actual ROI XL’s customers generate on average is NEGATIVE.",
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      "text": "XL SEEMINGLY DOES NOT ACHIEVE STATED MPG GAINS OR GENERATE CLAIMED ROIs FOR CUSTOMERS",
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      "text": "Misleading Customers About Mileage Gains and ROI",
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