On October 19, 2023, Culper Research issued a report on XPEL alleging that the Company had “grossly understated its reliance on Tesla,” and that Tesla’s decision to insource is a “death knell” for XPEL. The report also claimed that “the Company is concealing a massive undisclosed risk from its primary supplier which threatens to upend the Company’s entire reason for being.” Based on this news, shares of XPEL fell by more than 16% in value on October 19, 2023.