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  "docSlug": "4ee8cca82f1a",
  "documentTitle": "Oatly Group AB (OTLY)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-07-14 00:00:00",
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  "notes": "Uses a 'red flag' icon to signal warning/contradiction. Includes a snippet of an official EPA inspection report as evidence.",
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      "kind": "callout",
      "text": "Warning: On January 8, 2019 Oatly announced it would expand production into Utah... The opening and ramp up in the facility has fallen well behind schedule... actual capital cost was 'close to $100m'.",
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      "kind": "callout",
      "text": "When we asked a former Oatly's U.S. manager, we heard that the initial capital budget was $50m, a belief that Oatly overpaid for the facility, and that the actual capital cost was \"close to $100m\".",
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      "text": "EPA Inspection Report snippet",
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      "kind": "list",
      "text": "U.S. President on The Utah Facility: 'A second factory should open in Utah before the end of the year...'",
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      "kind": "list",
      "text": "Spruce Point Interview Former Oatly U.S. Manager: 'I think Utah is the wrong place... I know they spent too much... I heard they are close to $100 million.'",
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      "kind": "quote",
      "text": "\"A second factory should open in Utah before the end of the year, Messersmith said, though the timeline for completion and beginning production was slowed down significantly by the coronavirus pandemic.\" — Fooddive.com, Nov 16, 2020. \"I think Utah is the wrong place and location... I know they spent too much. The original budget was $50 million. With a year and a half delay and costs increases related to COIVD, I heard they are close to $100 million.\" — Former Oatly U.S. Manager.",
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      "kind": "source-note",
      "text": "1) 'Oatly Selects Utah for Future Expansion', Utah.gov, Jan 8, 2019 | Source: UTAH Full Compliance Evaluation Inspection Report, March 24, 2021",
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      "kind": "title",
      "text": "Utah Capex Inflation",
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