CIBC Initiate CoverageSeptember 13, 2021 Initiating Coverage
LION ELECTRIC COMPANY
First-mover Advantage
Our Conclusion
As of September 13, we initiate coverage of Lion Electric (LEV), a commercial electric vehicle (EV)manufacturer, with an Outperformer rating and a US$20 price target. We believe the best way to gain exposure to the emerging EV space is to focus on those names holding a first-mover advantage, i.e.,those companies already offering a commercially viable product with a proven, customer-accepted, technology. LEV is one such company.