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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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      "text": "WE ESTIMATE FLEET CUSTOMERS' ACTUAL ROI IS NEGATIVE: -53.1%",
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      "text": "When we adjust for XL's unrealistic assumptions, we get a negative ROI of -53.1% for fleets that use the company's kits. To be company favorable, our ROI calculation uses XL's stated 27% MPG savings (of which we are highly skeptical).",
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      "text": "Savings Line Item, XL's Figure, MW Estimate, Overstatement (%), Fuel Savings, $1,513,000, $622,751, 143.0%, Maintenance Savings, $195,000, $20,000, 875.0%, Driver Productivity Savings, $175,500, $65,005, 170.0%, Engine Downsize Savings, $90,000, $90,000, -, Gross Savings, $1,973,500, $797,756, 147.4%, Kit Cost, ($1,300,000), ($1,700,000), Net Savings, $673,500, ($902,244), ROI, 55.7%, (53.1%), 108.8 Percentage Points",
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      "text": "Misleading Customers About Mileage Gains and ROI",
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