The TEU-101 ESC does not have built in LVC. You'll definitely want to get an external LVA if you want to run LiPos. LiPos do not like to be overdischarged, and the consequences can potentially be disastrous for your battery and your car.

They are readily available on ebay for very cheap. I suggest one like this one because it has a very loud alarm, it is programmable (you can set your cutoff to whatever voltage you like) and the LED readout displays individual cell voltages. It makes a handy tool for the toolbox. You can check voltages in the field as well as before and after charge cycles.