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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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      "kind": "callout",
      "text": "We find XL materially overestimates savings by exaggerating fuel costs, vehicle service life, driver wages, and annual miles driven.",
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      "text": "We find that XL materially overestimates savings by exaggerating fuel costs, vehicle service life, driver wages, and annual miles driven. At the same time, XL assumes a hybrid kit cost of $13,000, which is well below what we understand is its actual $17,000 price (including $2,000 in installation cost borne by the customer).",
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      "kind": "quote",
      "text": "The promise of higher oil was definitely used as a reason for why we could see an acceleration in sales. The biggest input in that [calculator] equation is oil prices... I don't think most of our customers expect to be using this for the next 10 years.",
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      "text": "Someone would probably not save money at $13k [per kit] on a pure fuel basis.",
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      "text": "The promise of higher oil was definitely used as a reason for why we could see an acceleration in sales. The biggest input in that [calculator] equation is oil prices... I don't think most of our customers expect to be using this for the next 10 years. — XL Former Employee D; Someone would probably not save money at $13k [per kit] on a pure fuel basis. — Fleet Manager and Former XL Customer",
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      "text": "Assumption Type | XL's Figure | Reality | Source",
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      "kind": "title",
      "text": "WE FIND XL OVERSTATES KEY INPUTS IN THE ROI CALCULATION",
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      "kind": "title",
      "text": "Misleading Customers About Mileage Gains and ROI",
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