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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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      "text": "EXAGGERATED SALES PROJECTIONS; Former XL employees literally laughed out loud at XL's revenue projections; XL's hockey stick revenue growth projections are unsupported by its pipeline; Despite not being an EV company, XL promotionally tries to compare itself with notable EV players.",
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      "text": "EXAGGERATED BACKLOG AND CUSTOMER RESULTS; XL's management systematically inflates the company's backlog; XL's claimed customer base appears grossly overstated; We understand from former employees that at least 18 of 33 touted customers were inactive; Numerous XL customers reportedly have not reordered due to poor performance and regulatory issues; The majority of touted customers are reportedly inactive; XL uses the City of Seattle as a case study, but in reality, Seattle appears to have had much worse results than claimed.",
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      "text": "MISLEADING CUSTOMERS ABOUT MILEAGE GAINS AND ROI; XL seemingly does not achieve stated MPG gains or generate claimed ROIs for customers; XL misleadingly claims that its technology leads to 25%+ MPG gains; We understand that fleet-wide savings are generally only 5% to 10%, and are sometimes negative; XL's plug-in hybrid also significantly underperforms XL's efficiency claims; XL cherry-picked data and blamed MPG misses on customers' drivers; XL is opaque with customers about its data, which has helped drive customers away; XL claims positive fleet ROI of 55.7%, but its calculations are disingenuous. Our adjustments yield negative ROI.",
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