Carson Block’s New Short – XL Fleet – 03/03/2021

Carson Block outlines the short case for XL Fleet (Ticker XL) a fleet hybridization and electrification company. Carson sees a massively exaggerated backlog, horrible renewal rates from existing customers due to misleading ROI and MPG improvement data, and overly optimistic future sales. He also sees increased competition from OEMs, dwindling subsidy tailwinds and regulatory concerns in important markets like California.