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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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  "notes": "Uses a quote to undermine the credibility of the company's financial guidance.",
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      "text": "This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue",
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      "kind": "paragraph",
      "text": "FORMER XL EMPLOYEES LITERALLY LAUGHED OUT LOUD AT XL'S REVENUE PROJECTIONS",
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      "kind": "paragraph",
      "text": "In our interviews with former employees, XL's sales projections literally did not pass the laugh test. XL had long pitched itself as a niche business, one that would explicitly avoid the kind of competition from OEMs that it faces today.",
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      "text": "A common question for new employees joining XL is, 'why couldn't the OEMs do it themselves?' And the answer is it's a small enough market that the amount of resources they'd have to deploy would be too large relative to the payoff. This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue... You would either have to acquire a lot of customers to get there or get existing customers to pay more. But there's no way to get all these universities and cities to pay more than they are. And it's very difficult to get a Fortune 500 company to get in on XL when you could go all in on a Tesla, a Rivian, something that's much more proven.\" – Former XL Employee D",
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      "text": "“A common question for new employees joining XL is, ‘why couldn’t the OEMs do it themselves?’ And the answer is it’s a small enough market that the amount of resources they’d have to deploy would be too large relative to the payoff. This runs contrary to the $1.4 billion in [projected] sales, which is significant enough that OEMs would love that incremental revenue… You would either have to acquire a lot of customers to get there or get existing customers to pay more. But there’s no way to get all these universities and cities to pay more than they are. And it’s very difficult to get a Fortune 500 company to get in on XL when you could go all in on a Tesla, a Rivian, something that’s much more proven.” — Former XL Employee D",
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      "kind": "title",
      "text": "Exaggerated Sales Projections",
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