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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": "Uses quotes from anonymous sources to undermine the company's technical roadmap.",
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      "text": "In its revenue projections, which we view as extremely aggressive, XL has stated it intends to create hybrid and EV upfits for vehicles that are much heavier than the ones it has historically serviced.",
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      "text": "In its revenue projections, which we view as extremely aggressive, XL has stated it intends to create hybrid and EV upfits for vehicles that are much heavier than the ones it has historically serviced. This is a task that former employees described flatly as too technologically complex for XL engineers to deliver on the promised timeline, which starts as soon as late 2021:",
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      "kind": "quote",
      "text": "“You need a large enough electric motor to help propel that vehicle, and for that, you need a larger battery. Soon enough, the battery becomes heavier than the vehicle... They really lose it in those plug-in pickup trucks. It works okay for the [Ford] Transits because they're lightweight anyway, but once you start getting to your pickup trucks, any weight past the stock factory body, your numbers go to shit.” – Former XL Employee A",
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      "text": "“Electrification does get more difficult the larger the vehicle. It's not that the ability isn't there, because the EV possesses a lot of torque, providing the ability to get the weight moving. It's the amount of energy that is required to move that much weight. That is why companies like Nikola are looking at hydrogen fuel cell technology over straight electric.” – Former XL Employee B",
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      "kind": "quote",
      "text": "“Electrification of semis is not a good choice today because you need a huge battery with 600-800 kWh, which even at very, very low prices is approximately 100-150% of the base cost of a Class 8 truck.” – EV Industry Employee",
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      "text": "\"You need a large enough electric motor to help propel that vehicle, and for that, you need a larger battery. Soon enough, the battery becomes heavier than the vehicle... They really lose it in those plug-in pickup trucks. It works okay for the [Ford] Transits because they're lightweight anyway, but once you start getting to your pickup trucks, any weight past the stock factory body, your numbers go to shit.\" — Former XL Employee A; \"Electrification does get more difficult the larger the vehicle. It's not that the ability isn't there, because the EV possesses a lot of torque, providing the ability to get the weight moving. It's the amount of energy that is required to move that much weight. That is why companies like Nikola are looking at hydrogen fuel cell technology over straight electric.\" — Former XL Employee B; \"Electrification of semis is not a good choice today because you need a huge battery with 600-800 kWh, which even at very, very low prices is approximately 100-150% of the base cost of a Class 8 truck.\" — EV Industry Employee",
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      "kind": "title",
      "text": "XL'S ANNOUNCEMENT OF FUTURE CLASS 7-8 UPFITS SEEMS HIGHLY PROMOTIONAL",
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      "text": "Weak Technology",
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