{ "docId": "019dd923-622c-750b-8b97-2cc02e385014", "docSlug": "86aeeaf4ca9c", "documentTitle": "XL Fleet (XL)", "authorId": "51_Muddy_Waters", "authorName": "Muddy Waters Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-03-03 00:00:00", "orientation": "landscape", "aspectRatio": 1.2941177, "pageNumber": 18, "pageCount": 53, "prevPage": 17, "nextPage": 19, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 4, "notes": "Uses yellow highlighting to emphasize key points in quotes.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2cc02e385014/18", "deckHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014#slide-18", "components": [ { "bbox": null, "kind": "callout", "text": "WE UNDERSTAND THAT FLEET-WIDE SAVINGS ARE GENERALLY ONLY 5% to 10%, AND ARE SOMETIMES NEGATIVE", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dc-7419-88c9-b8a0cb98cc4f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.26 }, "kind": "paragraph", "text": "Reality seems to fall well short of what XL claims. We understand that fleets generally received only 5-10% MPG efficiency gains and negative ROI.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0cdfcb8a-7ea2-4f34-806a-1dfe7cefe7a3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.19 }, "kind": "paragraph", "text": "WE UNDERSTAND THAT FLEET-WIDE SAVINGS ARE GENERALLY ONLY 5% to 10%, AND ARE SOMETIMES NEGATIVE", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1c550183-b778-40fb-857b-e882ea355a32", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.43 }, "kind": "quote", "text": "The things that it doesn't cover is climbing hills; the simulation is all flat... Every time you take a turn, you're expending energy to make that turn. Those are real-world situations it doesn't simulate. – Former XL Employee F", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0c4ec761-1efc-4de0-ab30-fe89eba762ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.76, "x": 0.12, "y": 0.33 }, "kind": "quote", "text": "Their numbers are based upon a bare-boned F-150 on a dyno [dynamometer] in optimal, optimal circumstances, but the second you add weight or a passenger or human error to that, it all goes out the window. – Former XL Employee A", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "12eab112-00dd-4018-a827-db391cca89be", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.53 }, "kind": "quote", "text": "If you were in the exact drive cycle that was optimal for those vehicles, a city drive cycle with very much stop and go and little idling, you did get 25%. But that drive cycle was applicable to probably 15% of vehicles that they installed systems on. If you were purchasing a system and weren't in that city drive cycle, your savings were ... Probably between 5 - 10%... definitely not 25%. – Former XL Employee I", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "464360c3-af9e-47d6-8e2e-7dc7b8585237", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.76, "x": 0.12, "y": 0.67 }, "kind": "quote", "text": "It's like a Formula One circuit; you're cornering these turns and trying to optimize the levels of throttle and brake. You try to make sure during your throttle up that you take as much power from the hybrid battery pack as possible. You start this drive when a full battery... A lot of the parameters don't really match what you'd see in a real road scenario. – Former XL Employee G", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7a92777b-fc8e-4ae7-8a28-a79c6770dbfd", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“Their numbers are based upon a bare-boned F-150 on a dyno [dynamometer] in optimal, optimal circumstances, but the second you add weight or a passenger or human error to that, it all goes out the window.” — Former XL Employee A; “The things that it doesn't cover is climbing hills; the simulation is all flat... Every time you take a turn, you're expending energy to make that turn. Those are real-world situations it doesn't simulate.” — Former XL Employee F; “If you were in the exact drive cycle that was optimal for those vehicles, a city drive cycle with very much stop and go and little idling, you did get 25%. But that drive cycle was applicable to probably 15% of vehicles that they installed systems on. If you were purchasing a system and weren't in that city drive cycle, your savings were ... Probably between 5 - 10%... definitely not 25%.” — Former XL Employee I; “It's like a Formula One circuit; you're cornering these turns and trying to optimize the levels of throttle and brake. You try to make sure during your throttle up that you take as much power from the hybrid battery pack as possible. You start this drive when a full battery... A lot of the parameters don't really match what you'd see in a real road scenario.” — Former XL Employee G", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dc-7419-88c9-bcc4c188256d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.76, "x": 0.12, "y": 0.1 }, "kind": "title", "text": "Misleading Customers About Mileage Gains and ROI", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e62b1ab1-7175-49b0-8fc1-ebd06fb00ee6", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "917404a0-1a9e-4ecf-bbce-c7fc6c5088ac", "evidence": "Contradicting company claims with internal employee testimony", "confidence": 0.9 } ], "arcBeats": [ { "to": 24, "from": 7, "beatId": "d57d5f7c-550f-47ee-a761-71fdfdaba0f8", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Expose Contradiction", "beatSlug": null, "evidence": "The document exposes contradictions in XL Fleet Corp's claims", "position": 1, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }