Welcome to our dedicated page for The Lion Electric Company news (Ticker: LEV), a resource for investors and traders seeking the latest updates and insights on The Lion Electric Company stock.
The Lion Electric Company (NYSE: LEV, TSX: LEV) is a leading manufacturer of all-electric medium and heavy-duty urban vehicles, including battery systems, chassis, bus bodies, and truck cabins. Founded in 2008 by Marc Bedard and Camille Chartrand, Lion aims to meet the unmet needs of North American transportation by providing advanced, zero-emission vehicles.
Initially specializing in electric school buses, Lion has expanded its portfolio to include commercial trucks. The company designs, develops, manufactures, and distributes purpose-built electric urban vehicles, which are renowned for their innovation, reliability, and competitive pricing.
Headquartered in Montreal, Lion operates manufacturing facilities in Canada and the United States, with its revenue primarily generated from Canadian operations. Lion's team consists of dynamic and experienced professionals from leading transportation companies, ensuring high-quality production and continuous innovation.
Some of Lion's recent achievements include the commercial production of the LionD electric school bus and the Lion5 electric truck. Lion has also initiated cost-reduction measures and enhanced operational efficiency, despite facing challenges such as delays in governmental subsidies and market volatility.
Financial Performance: For the fiscal year 2023, Lion reported a revenue increase of $113.6 million compared to 2022, primarily driven by higher vehicle sales volumes. However, the company also faced a net loss of $103.8 million due to increased costs and inventory write-downs.
Latest Developments:
- February 15, 2024: Lion announced its Q4 2023 financial results and a temporary layoff of 100 employees to streamline costs.
- April 23, 2024: Lion announced its Q1 2024 financial results, including a workforce reduction aimed at further cost savings.
- May 8, 2024: Lion reported its Q1 2024 financial results and plans to ramp up deliveries of LionD and Lion5 models.
- May 21, 2024: Lion unveiled the Lion8 Tractor, an all-electric Class 8 commercial truck, setting new benchmarks in EV truck performance and efficiency.
The Lion Electric Company (NYSE: LEV) reported significant growth in Q3 2021, delivering 40 vehicles, a notable increase from 10 in Q3 2020. Revenue surged to $11.9 million, up from $2.6 million last year. Despite the revenue boost, gross profit was negative $1.2 million, worsening from negative $0.5 million in Q3 2020. Lion's net earnings reached $123 million, largely due to a $138.4 million gain from share warrant obligations. Ongoing challenges from the global supply chain were acknowledged, and Lion's vehicle order book stands at 2,024 units valued at approximately $500 million.
The Lion Electric Company (NYSE: LEV) has secured a purchase order from Groupe Autocar Jeannois for 39 all-electric vehicles over five years, including 35 LionC school buses and 4 LionM buses. The order also includes an option for five additional LionC buses. Additionally, Jeannois will establish the first Lion authorized service center in Saguenay-Lac-St-Jean, enhancing service accessibility in Quebec. This partnership aims to advance electrification efforts, ensuring a sustainable transportation option for communities in the region.
The Lion Electric Company (NYSE: LEV) announced a conditional order for 1,000 all-electric LionC school buses from Student Transportation of Canada. This order is contingent upon STC receiving grants from Infrastructure Canada's Zero-Emission Transit Fund, which aims to invest $2.75 billion in transitioning to electric public transport over five years. If fulfilled, STC would become North America's largest zero-emission school bus operator, eliminating approximately 23,000 tons of greenhouse gas emissions annually. Deliveries are expected from 2022 to mid-2026.
Demers Ambulances and Lion Electric unveiled the Demers eFX Ambulance, the first all-electric, purpose-built ambulance, on October 18, 2021. Set for commercial release in the second half of 2022, this innovative vehicle was developed in collaboration with the Quebec government and NRC IRAP, taking nearly five years. The exclusive agreement anticipates the deployment of at least 1,500 electric ambulances over five years across North America. The design prioritizes paramedic ergonomics and safety, showcasing a significant evolution in ambulance transport.
The Lion Electric Company (NYSE: LEV) will release its 2021 third quarter results on November 10, 2021, after markets close. A conference call is scheduled for November 11, 2021, at 8:30 a.m. ET to discuss these results. Lion Electric specializes in producing all-electric medium and heavy-duty vehicles and is recognized as a leader in electric transportation in North America. The company designs and manufactures essential components for its vehicles, promoting a transition to zero-emission vehicles for improved societal and environmental outcomes.
The Lion Electric Company (NYSE: LEV) announced its participation in several upcoming virtual investor conferences. Notable events include the Scotiabank Transportation & Industrials Conference on November 16, 2021, and the Barclays Global Automotive and Mobility Tech Conference on November 18, 2021. Lion Electric specializes in manufacturing all-electric medium and heavy-duty urban vehicles, focusing on zero-emission solutions for commercial transport. The company's innovative vehicles feature adaptations tailored to user needs, reinforcing its position as a leader in North American electric transportation.
The Lion Electric Company (NYSE: LEV) hosted its first analysts and institutional investors' manufacturing site visit in Montreal on September 21, 2021. CEO Marc Bedard and senior management presented the company’s growth strategy and provided insights into their electric vehicle capabilities, including all-electric school buses and trucks. The visit marked a milestone since their public listing on both NYSE and TSX in May 2021. Lion Electric specializes in designing and manufacturing zero-emission vehicles, reinforcing its position as a leader in electric transportation in North America.
The Lion Electric Company (NYSE: LEV) has opened its flagship Experience Centre in Terrebonne, Quebec. This center is part of Lion’s North American network aimed at demonstrating the advantages of all-electric medium and heavy-duty vehicles. Spanning 48,000 sq-ft, it features six service bays and charging stations. Lion also plans to expand its network of Experience Centres and is constructing a battery plant and vehicle manufacturing facility in North America. To date, the company has delivered over 400 electric vehicles, contributing to Quebec's goal of electrifying 65% of school buses by 2030.
Lion Electric Company (NYSE: LEV) is participating in the Run on Less – Electric challenge, showcasing its all-electric trucks in collaboration with Day & Ross. These Lion6 trucks, with a range of 200 miles, will aid in delivery routes in Montreal. This event features 13 fleets to demonstrate the benefits of electric trucking, including reduced emissions and lower ownership costs. Lion has delivered over 400 electric vehicles, totaling over 8 million miles since 2016, establishing its leadership in zero-emission heavy-duty vehicles.
The Lion Electric Company (NYSE: LEV) has announced its participation in several upcoming virtual investor conferences. These include the Raymond James Diversified Industrials Conference on August 25, 2021, the Cowen 14th Annual Global Transportation & Sustainable Mobility Conference on September 10, 2021, the Raymond James Canadian Sustainability Conference on September 14, 2021, and the CIBC 20th Annual Eastern Institutional Investor Conference on September 22, 2021. Investors can access webcasts through the Company’s Investor Relations webpage.
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