Hey there - i answered a question on LEV a while back and here was my answer which was after the SPAC announced.
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The company is aiming to achieve $3.5B in revenue by 2024 - an ambitious goal that would require the sale of 20K vehicles annually. Considering it has 300+ vehicle's on the road and a backlog of approximately 8.5K vehicles - it is certainly ambitious but also achievable. However, this influx in cash will enable it to ramp up production which currently sits at 2,500 annually.
This is a company that delivered their first EV vehicle back in 2015, so it is not trying to prove its tech - it has tech and a large runway of potential sales in front of it. It estimates it is currently engaging with customers that represent the potential for 40K annual purchases. At the moment, current production capacity can support anticipate volumes of 650Evs in 2021 and 2,475 EVs in 2022. A sharp increase from the 110 it expects in 2020. Revenue is expected to grow from $29M in 2020 and reach $668M in 2022 (all through existing capacity).
Based on this - it gives it a p/s ratio of 2.84 base on 2022 estimates. That isn't actually all that bad - assuming of course the company can hit targets. It is actually below the average of many of its U.S. Listed peers. What I like about this company, it already has a proven business model and seems well positioned for exponential growth. This isn't a speculative EV coming to market with new technology.
I do like what i see, but the entire industry is trading at pretty expensive valuations, so one must be prepared for considerable volatility.
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Now some things have changed since then - mainly valuations as the industry has taken a step back. LEV itself however has done quite well since it listed. It is now trading a 7 times forward sales, so it is starting to get a little expensive. It is also now trading above some other bus electric plays like GPV and VMC which are trading at 3.8 and a 0.80 respectively. It wasn't that long ago that both of these were trading at higher valuations. In terms of US peers, it still trading below WKHS (which i think is overvalued) but above someone like OSK. Overall - i'd consider it fairly valued here.
All that being said - i do like LEV because it was already an established EV manufacturer. This isn't something shiny and new like many others trying to make a name for themselves. They have been doing it for years. I still however, expect considerable volatility but long term - it would not shock me if it ended up being a winner.
Mat