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  "documentTitle": "XL Fleet (XL)",
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  "authorName": "Muddy Waters Capital",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-03-03 00:00:00",
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  "notes": "The slide uses testimonials to undermine the company's marketing claims regarding product performance.",
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      "text": "There's no return on investment, zero.",
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      "kind": "paragraph",
      "text": "XL IS OPAQUE WITH CUSTOMERS ABOUT ITS DATA, WHICH HAS HELPED DRIVE CUSTOMERS AWAY. However, XL's apparent cover-ups did not succeed with more sophisticated customers. Had XL provided direct access to the data, it often would have revealed major shortcomings.",
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      "text": "We saw specifically with the F-150s... 'Wow, these vehicles are getting a huge amount of savings!' Well, the bigger impact was on idling... They saved more in gas from that alone than they did from the hybrid system. – Former XL Employee I",
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      "text": "A lot of utility companies would complain about the results and say they weren't meeting expectations. – Former XL Employee D",
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      "kind": "quote",
      "text": "You do have fleet managers that are very savvy and they check their fuel spending... 'Dude, this thing's broken down. I'm not seeing any improvement... There's no return on investment, zero.' – Former XL Employee A",
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      "text": "At 65 mph, they're done. 5 - 45 mph is their optimal range; stop and go is ideal for them. It's just sort of extra weight above 65 mph. – Former XL Employee A",
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      "text": "\"You do have fleet managers that are very savvy and they check their fuel spending. It's the guys that don't care about the PR, they care about performance. Those guys would be calling me daily being like, ‘Dude, this thing's broken down. I'm not seeing any improvement, if anything maybe 1% to 2% per $25,000.’ There's no return on investment, zero.\" — Former XL Employee A; \"A lot of utility companies would complain about the results and say they weren't meeting expectations.\" — Former XL Employee D; \"At 65 mph, they're done. 5 - 45 mph is their optimal range; stop and go is ideal for them. It's just sort of extra weight above 65 mph.\" — Former XL Employee A; \"We saw specifically with the F-150s, when they came on to the fleets, I was looking at the data from it: ‘Wow, these vehicles are getting a huge amount of savings!’ Well, the bigger impact was on idling… They saved more in gas from that alone than they did from the hybrid system. It was like 30-40% in savings just from making sure people used idling shutoff.\" — Former XL Employee I",
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      "kind": "title",
      "text": "Misleading Customers About Mileage Gains and ROI",
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