{ "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": 33, "pageCount": 53, "prevPage": 32, "nextPage": 34, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses expert/insider testimony to undermine the company's technological moat.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2cc02e385014/33", "deckHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014#slide-33", "components": [ { "bbox": null, "kind": "callout", "text": "XL LACKS THE SUPPLY CHAIN AND PROPRIETARY TECHNOLOGY FOR EFFECTIVE FULL ELECTRIFICATION", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dc-7419-88cb-378ef3ccd1da", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.27 }, "kind": "paragraph", "text": "Since XL has outsourced the manufacturing of almost all its components, this seemingly makes it substantially more difficult for it to design full-EV upfits, which are more complicated and costly.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a6e6bb66-6ce4-4db0-a210-05d8598aa84b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.73 }, "kind": "quote", "text": "“One of their main flaws is the way the systems are assembled—they have all these parts they hand-assemble at a small facility in Illinois… It's cute when Harvard is in your backyard and you want to deliver them a van, but the process they have right now is not scalable.” — Former XL Employee C", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4e83fbf5-7205-498e-b8d3-063ab4a6d16c", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.35 }, "kind": "quote", "text": "“XL was not vertically integrated at all, most everything was outsourced, so, it'd be very difficult for me to see them having the core competencies to develop a full EV… It's not like XL is going to crack the code on that; many have tried and few have succeeded. I am very bearish on their ability to do that.” — Former XL Employee D", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7808eef2-0d83-4a39-9f29-6749e3eb46a4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.49 }, "kind": "quote", "text": "“I think any company of that kind of size that's not building full vehicles would have a hard time competing with Ford… if they had experience like Tesla did or something, that would be a different story.” — Former XL Employee F", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "c5f90ec2-d859-4a45-9eca-9efb3184a02b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.59 }, "kind": "quote", "text": "“There's a lot of people making those moves [into EV] right now. There's some pretty fierce competition that will lead to some interesting tech. As an installer, I think that's good. Does XL have something of true value, a patent on something? I can say, probably not… I don't see a meaningful reason why XL will be around in ten years. But in the meantime, they're there and I use them.” — Current XL Upfitter", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "fad445db-94a4-4f4b-92f2-c6575e80fbcb", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"XL was not vertically integrated at all, most everything was outsourced, so, it'd be very difficult for me to see them having the core competencies to develop a full EV... It's not like XL is going to crack the code on that; many have tried and few have succeeded. I am very bearish on their ability to do that.\" — Former XL Employee D; \"I think any company of that kind of size that's not building full vehicles would have a hard time competing with Ford... if they had experience like Tesla did or something, that would be a different story.\" — Former XL Employee F; \"There's a lot of people making those moves [into EV] right now. There's some pretty fierce competition that will lead to some interesting tech. As an installer, I think that's good. Does XL have something of true value, a patent on something? I can say, probably not... I don't see a meaningful reason why XL will be around in ten years. But in the meantime, they're there and I use them.\" — Current XL Upfitter; \"One of their main flaws is the way the systems are assembled—they have all these parts they hand-assemble at a small facility in Illinois... It's cute when Harvard is in your backyard and you want to deliver them a van, but the process they have right now is not scalable.\" — Former XL Employee C", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dc-7419-88cb-380eb01d1c38", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "title", "text": "XL LACKS THE SUPPLY CHAIN AND PROPRIETARY TECHNOLOGY FOR EFFECTIVE FULL ELECTRIFICATION", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9650cfd4-a06e-4710-8450-41a6cbc59444", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.26, "x": 0.37, "y": 0.1 }, "kind": "title", "text": "Weak Technology", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "419de935-1ab3-49ec-9f21-a5cc12f2b57f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "authority-citation", "slug": null, "matchId": "2706c6ca-4bc2-4cbe-b9c1-2ce82196263c", "evidence": "Uses quotes from former employees and industry participants to build a case against the company.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }