{
  "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": 5,
  "pageCount": 53,
  "prevPage": 4,
  "nextPage": 6,
  "slideType": "table_of_contents",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "The slide uses aggressive, activist-style language to frame the company's weaknesses.",
  "elementsJson": [
    "headline_text",
    "bullet_list"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b97-2cc02e385014/5",
  "deckHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014#slide-5",
  "components": [
    {
      "bbox": {
        "h": 0.2,
        "w": 0.9,
        "x": 0.05,
        "y": 0.38
      },
      "kind": "list",
      "text": "WHAT'S XL REALLY WORTH?; XL's reportedly raised its most recent equity funding round at a ~$73 million valuation, a fraction of its SPAC valuation; XL went from PPP loan recipient to billion-dollar SPAC in six months. Really???; XL lost CARB certification in 2019 and seemingly cannot sell into California; XL reportedly had significant supply chain woes indicative of a bit player.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "379bb163-9a3f-4b0e-9956-32fc994d4d50",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.19
      },
      "kind": "list",
      "text": "WEAK TECHNOLOGY; XL does not have the engineering talent or knowhow to compete in electric vehicles; XL lacks the supply chain and proprietary technology for effective full electrification; XL's actual timeline and cost structure for EV builds are poorly disclosed, raising questions; XL's announcement of future Class 7-8 upfits seems highly promotional; XL's EV/Hybrid garbage truck appears to be a distraction with limited potential; Undergraduate interns reportedly filled a number of engineering roles.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "afb4a483-20e5-4685-9159-7f3e80c08a09",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "WHAT BLUE SKIES?; Ford, GM, and Rivian are entering the EV market and stand to eat XL's lunch; Potential XL customers are placing large orders with OEMs, not with XL; Government incentives are disappearing: potential customers no longer get thousands of dollars in rebates on hybrids; Without subsidies, XL's value proposition worsens even further.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5e9ace5-c11d-4b84-8db9-32ee528c7e89",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.54
      },
      "kind": "list",
      "text": "XL GRID AND XL LINK ARE NOT SOLUTIONS TO XL'S REVENUE PROBLEM; There appears little proprietary about XL Grid, XL's electrical charging product; We view XL Grid's recent announcement as a sham, which if it actually comes to fruition, only does so because of the conflicts of interest.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f2fb87b8-64b6-4bb6-964b-f47a56cdd02f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.035,
        "w": 0.37,
        "x": 0.315,
        "y": 0.105
      },
      "kind": "title",
      "text": "Table of Contents, Cont'd.",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d5983107-5fc4-44d8-9581-183c40f2e34b",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 1,
      "beatId": "9bb0fc2a-76a7-4e97-aabc-a48dd4d457dc",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Villain Critique",
      "beatSlug": null,
      "evidence": "The document begins by critiquing XL Fleet Corp",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}