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  "docSlug": "4ee8cca82f1a",
  "documentTitle": "Oatly Group AB (OTLY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Uses a red flag icon to denote a 'red flag' or warning sign in the investigation.",
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      "kind": "callout",
      "text": "Spruce Point sent an investigator to check on Oatly's Maanshan China operations. Oatly claims it will be in production by the second half of 2021. However, based on our evidence it has materially fallen behind stated production plans in Utah and New Jersey, we were skeptical of Oatly's claims. What we found was a facility that we believe is unlikely to be operational soon. On the ground color suggests that the facility is owned by Jincadi, a Maashan specialty food producer that made soy milk, and also ventured into oat milk but failed.",
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      "text": "Spruce Point sent an investigator to check on Oatly’s Maanshan China operations. Oatly claims it will be in production by the second half of 2021. However, based on our evidence it has materially fallen behind stated production plans in Utah and New Jersey, we were skeptical of Oatly’s claims.",
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      "kind": "image",
      "text": "Outside View of Production Facility – Former Failed Oat Milk Producer",
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      "text": "Production Facility Looks Barely Started",
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      "text": "Sign Reads \"Oatly Project Training\"",
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      "text": "Oatly China Per Prospectus: \"We recently began production at our facility in Ogden, Utah, and we expect to begin production at a new facility in Singapore in the first half of 2021 and at a facility in Maanshan, China in the second half of 2021.\"",
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      "text": "“We recently began production at our facility in Ogden, Utah, and we expect to begin production at a new facility in Singapore in the first half of 2021 and at a facility in Maanshan, China in the second half of 2021.” — Oatly China Per Prospectus",
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      "kind": "title",
      "text": "We Believe The China Growth Story Is Behind Schedule",
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