{ "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": 53, "pageCount": 53, "prevPage": 52, "nextPage": null, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a series of quotes to undermine the company's growth projections.", "elementsJson": [ "headline_text", "paragraph", "quote_block" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b97-2cc02e385014/53", "deckHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014", "deckJsonHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b97-2cc02e385014#slide-53", "components": [ { "bbox": null, "kind": "callout", "text": "WITHOUT SUBSIDIES, XL'S VALUE PROPOSITION WORSENS EVEN FURTHER", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-14dc-7419-88cb-6dcd607c3da2", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.26 }, "kind": "paragraph", "text": "As subsidies dry up and greenwashing moves on to favor full EVs, we believe demand for XL's products will continue to flag, rather than producing the hockey stick growth that XL projects.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "87f4a28c-8830-4d51-90c2-6f4544d8f679", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.51 }, "kind": "quote", "text": "\"For hybrids, they're squashing all that because hybrids aren't really proving to be that successful. They're pushing that money into full electric now. The clock is ticking away on hybrid technology and incentives.\" — Former XL Employee A", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "0b85760b-49c8-4dff-8104-ed0a5f361bec", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.65 }, "kind": "quote", "text": "\"Why would FedEx agree to expand what XL has when they could just go fully electric and get beyond 25 miles per gallon from 14? Same for a Coca-Cola, Pepsi, or Verizon. I think all these companies, there's natural limits what check size they would send for XL hybrids as a product, because the benefit is fairly limited.\" — Former XL Employee D", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7afcf763-3512-4dc6-85c3-c42d6dd05171", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.37 }, "kind": "quote", "text": "\"I don't think anyone got a return on their investment. It was more for a sustainability perspective, so they could say we bought a cleaner vehicle... My opinion is the demand has definitely slowed from municipalities.\" — XL Former Employee E", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b4a6c331-57c2-4c5f-8a51-1719c2633691", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I don't think anyone got a return on their investment. It was more for a sustainability perspective, so they could say we bought a cleaner vehicle… My opinion is the demand has definitely slowed from municipalities.” — XL Former Employee E; “For hybrids, they're squashing all that because hybrids aren't really proving to be that successful. They're pushing that money into full electric now. The clock is ticking away on hybrid technology and incentives.” — Former XL Employee A; “Why would FedEx agree to expand what XL has when they could just go fully electric and get beyond 25 miles per gallon from 14? Same for a Coca-Cola, Pepsi, or Verizon. I think all these companies, there's natural limits what check size they would send for XL hybrids as a product, because the benefit is fairly limited.” — Former XL Employee D", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-14dc-7419-88cb-72eb8d6b8bab", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.05, "y": 0.19 }, "kind": "title", "text": "WITHOUT SUBSIDIES, XL'S VALUE PROPOSITION WORSENS EVEN FURTHER", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4d05c52c-9c88-47e3-b213-ccbae2659c48", "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": "acdaf38b-e533-4d3a-8b1c-a5c895e98438", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "9b691c59-fcca-4460-95f3-d3c97ea3c129", "evidence": "Uses employee testimonials to contradict company growth projections.", "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 }