21Q3 LEV ER Preview

• LEV Q3 2021 ER Preview, 2021/11/10 AMC
• 这个ToB EV市场很大，政府补助很多项目。上个ER中，LEV生产进展不错，已经有5-6年的生产经验。希望ER比ARVL好
• Last ER review: 8/2021
• Lion is delivering strong results and is executing its strategic plan in a very organized and timely manner. Lion is one of the very few companies in the EV industry that is currently delivering vehicles and charging infrastructures while executing its growth plan. 这个tone不错
• EV only, no fuel-cell, no C&G, no propane
• A lot of big names in tier-1 customer: AMZN, IKEA, Schools....
• In construction - Illinois facility 20k vehicle per year
• Q2 61 delivered vs 22 Q2 2020. 
• Order book = 965, 703 buses, 262 trucks, $280M. 每辆车$280K，比亚迪的电动客车K9大概是$300K-500K, 差不多。Order book是非常strong，关键是delivery，CEO说这965辆order，估计未来12个月完成。说明产能受限
• 有很多potential 订单：
• 加拿大地区有$250M电动校车补助，每辆车有100k-150k，未来3年2600辆电动校车，2030年前电动化65%。
• 美国加州有个96M校车计划，LEV也是top applicant. 
• Infra Bill有5B
• 加州还有一个2.7B计划，1000 trucks, 1000 school bus, 1000 transit buses. 
• LEV还有LionEngery division负责charging，是CHPT BLNK ABB UV 的reseller
• Illinois 工厂80%封顶，年底，产能20K辆，potential 5.6B revenue
• I want to confirm that we are on track with the previously announced timeline and that the initial production of battery modules and packs is planned for the second half of 2022. Once fully operational, we expect an annual battery production capacity of 5-gigawatt hours enough to electrify approximately 14,000 of Lion's electric trucks and buses.
• 900 employee, 270 R&D
• Rev $16.7M，卖了60辆车，每辆278K
• 354M cash
• Analyst最大的concern是LEV in-house battery生产线，是否cost effective. 别人都是over B的投资。
• 目前LEV在Monteral有个工厂2500辆每年，现在是2/3产能
• Margin 25%，但是现在扩张中，可能有浮动