Atlis Motor Vehicles initiated with a Buy at Maxim

Maxim analyst Tate Sullivan initiated coverage of Atlis Motor Vehicles with a Buy rating and $15 price target. The company’s existing contract to start generating revenue from selling electric vehicle batteries in Q4 of 2023 should lead to orders for battery cells and packs from both EV and energy storage system customers, the analyst tells investors in a research note. Atlis is also expected to continue to raise capital to build automated manufacturing lines for a range of EV products, including battery cells, battery packs, charging stations, a heavy-duty EV chassis, and eventually a heavy-duty electric pickup truck, Sullivan adds.