{ "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": 50, "pageCount": 53, "prevPage": 49, "nextPage": 51, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 0, "notes": "Uses testimonial-style quotes from former employees to validate the competitive threat thesis.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2cc02e385014/50", "deckHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014#slide-50", "components": [ { "bbox": null, "kind": "callout", "text": "FORD, GM, AND RIVIAN ARE ENTERING THE EV MARKET AND STAND TO EAT XL'S LUNCH", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dc-7419-88cb-c7e8de7e96cc", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "paragraph", "text": "In the end, XL's largest competitive threat has always been the auto manufacturers they rely upon for business. There has recently been a spate of EV announcements from Ford, GM, and others that have greatly reduced XL's already diminished chances of success in creating an EV upfit.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "20059ab0-30fd-47d4-bcc6-9c7896a25d09", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.36 }, "kind": "quote", "text": "\"The OEMs, if General Motors says, 'Yes, we're going to do an electric van and pickup truck tomorrow,' basically equivalent products that XL is doing, that makes it real tough. It's real hard to compete with that.\" – Former XL Employee F", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "347dc969-01ad-41de-8dcb-4c23a968318f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.64 }, "kind": "quote", "text": "\"Several [fleet managers] I talked to were flat out waiting for the all-electric trucks to come out.\" – Former XL Employee B", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "439b6ee6-ff40-477e-a524-e7064c56d60b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.48 }, "kind": "quote", "text": "\"If Ford and GM have Transits and cargo vans that are fully electric, there's no reason to buy from XL.\" – Former XL Employee E", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "9c3f818c-0a28-49ee-8f19-8ec7405dcb0b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.56 }, "kind": "quote", "text": "\"If any company is really serious about going EV, like Amazon with Rivian, I think they would probably pass up the XL product.\" – Former XL Employee D", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ff30fac9-94d2-4db9-9f21-e299388be2a6", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "\"The OEMs, if General Motors says, ‘Yes, we're going to do an electric van and pickup truck tomorrow,’ basically equivalent products that XL is doing, that makes it real tough. It's real hard to compete with that.\" — Former XL Employee F; \"If Ford and GM have Transits and cargo vans that are fully electric, there's no reason to buy from XL.\" — Former XL Employee E; \"If any company is really serious about going EV, like Amazon with Rivian, I think they would probably pass up the XL product.\" — Former XL Employee D; \"Several [fleet managers] I talked to were flat out waiting for the all-electric trucks to come out.\" — Former XL Employee B", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dc-7419-88cb-ca56d85b90e9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.19 }, "kind": "title", "text": "FORD, GM, AND RIVIAN ARE ENTERING THE EV MARKET AND STAND TO EAT XL'S LUNCH", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e788f5e2-8ae7-4ada-92b4-d2bcaecbb64f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.26, "x": 0.37, "y": 0.1 }, "kind": "title", "text": "What Blue Skies?", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "de5d536f-c51a-42b7-8562-3234af31b326", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "antagonist-introduction", "slug": null, "matchId": "50f19512-e48e-4593-aa2e-083efe4aed98", "evidence": "Frames Ford, GM, and Rivian as the primary competitive threat to XL Fleet.", "confidence": 0.9 } ], "arcBeats": [ { "to": 53, "from": 49, "beatId": "59af608e-f2a5-41a8-af5b-16ba4b72674c", "arcName": "Overcoming the Monster", "arcSlug": "overcoming-monster", "beatName": "Problem Statement", "beatSlug": null, "evidence": "The document presents a problem statement and conclusion", "position": 2, "confidence": 0.8, "parentBeatName": null, "parentBeatSlug": null } ], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }