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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": "The slide uses a regulatory argument to undermine the company's valuation, framing the company as incompetent ('The Gang That Couldn't Shoot Straight').",
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      "text": "XL seems to be the Gang That Couldn't Shoot Straight. It lost California Air Resources Board (\"CARB\") approval.",
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      "text": "The company downplays this in its disclosures. However, even if XL were to regain CARB approval, we believe that XL's entire conventional hybrid line will be structurally noncompliant by January 1, 2022, meaning XL will not be able to sell new model year upfits in California. Per a 2016 regulation, hybrids with under 35 miles of all-electric range (AER), such as XL's conventional hybrid line, cannot get CARB certification after 2021:7",
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      "text": "XL seems to be the Gang That Couldn't Shoot Straight. It lost California Air Resources Board (\"CARB\") approval. As a result, XL hybrids have not been CARB-approved since 2019 and the company may not sell in California without the approval.",
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      "text": "7 https://ww3.arb.ca.gov/regact/2016/itr2016/isor.pdf",
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      "text": "Certification Provisions vs Sunset Date table",
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      "text": "XL LOST CARB CERTIFICATION IN 2019 AND SEEMINGLY CANNOT SELL INTO CALIFORNIA",
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