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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) announced a deal with Green Mountain Power (GMP) to supply two all-electric trucks: a Lion8 bucket truck and a Lion6 stake body truck. GMP will be among the first utilities in New England to integrate electric heavy-duty trucks, aimed at reducing carbon emissions and operational costs. The trucks are expected to deliver significant savings, including up to 60% in maintenance costs and up to 80% in energy costs. Lion Electric has established itself as a leader in the zero-emission vehicle sector, having delivered over 390 electric vehicles in North America.
Lion Electric Company (NYSE: LEV) announced the appointment of Nathalie Giroux as Chief People Officer, effective August 9, 2021. Giroux will oversee human resources, focusing on organizational development and employee engagement as the company expands its workforce in North America. CEO Marc Bedard emphasized the importance of aligning human resources with business strategy to maintain a competitive edge in the zero-emission vehicle industry. Giroux brings over 25 years of HR experience from various industries, including automotive and aviation.
The Lion Electric Company (NYSE: LEV) announced the release date for its 2021 second quarter financial results, scheduled for August 13, 2021, before market opening. A conference call will follow at 8:30 a.m. (Eastern Time) on the same day to discuss the results. Lion Electric specializes in manufacturing all-electric medium and heavy-duty urban vehicles, including trucks and buses, and is known for its commitment to zero-emission transportation solutions. Investors can access the conference via phone or a live webcast on the company’s website.
The Lion Electric Company (NYSE: LEV) has appointed Francois Beaulieu as Chief Information Officer, effective June 7, 2021. Beaulieu will oversee Lion's digital initiatives and optimize IT investments, crucial as the company expands its product portfolio and manufacturing capabilities. With over 30 years of experience in various industries, including as CIO at Cogeco, Beaulieu's expertise is expected to enhance Lion's information systems. Lion Electric is a leader in manufacturing all-electric medium and heavy-duty vehicles, focusing on sustainable transportation.
Lion Electric Company (NYSE: LEV) has announced a battery manufacturing plant and innovation center in Mirabel, Quebec, with groundbreaking set for June 2021. The facility will cover 1.6 million square feet and represents a CAD $185 million investment, expected to produce 5 gigawatt hours of batteries annually—enough to power about 14,000 electric trucks and buses. The plant aims to enhance Lion's control over battery production and create up to 250 direct jobs, further promoting electrification in the region.
The Lion Electric Company (LEV) reported Q1 2021 results with significant growth in vehicle deliveries, increasing to 24 from 2 in the corresponding period last year. Revenue surged to $6.2 million, up $5.0 million year-over-year. However, the company experienced a negative gross profit of $1.8 million and increased administrative and selling expenses. The order book stood at 817 vehicles valued over $225 million, highlighting strong demand amid challenges from the COVID-19 pandemic. Lion also announced key management hires and progress on its U.S. manufacturing facility.
Lion Electric Company (NYSE: LEV) has received the largest order in its history from First Student, who is set to acquire 260 all-electric LionC school buses. This significant order positions First Student as the leading operator of zero-emission school buses in North America. Deliveries are scheduled from the second half of 2021 to the first half of 2023 and will support First Student's subsidiary, Transco, in Quebec. The deal marks a pivotal step towards enhancing electrification and sustainability in student transportation.
Lion Electric (NYSE: LEV) has been chosen to take part in the Heritage-Romeo Power Fleet Electrification Program. This initiative, led by Heritage and Romeo Power, aims to electrify fleets with an initial order of five all-electric trucks for a validation program. If successful, Heritage plans to acquire an additional 100 trucks over four years, including 80 Lion8 and 20 Lion6 models, starting production in 2022. This partnership emphasizes reducing greenhouse gas emissions and promoting zero-emission vehicles across North America.
Lion Electric Company (NYSE: LEV) has appointed Brian Piern as Chief Commercial Officer, effective June 7, 2021. Piern will focus on expanding the company’s market share and nurturing client relationships in the zero-emission fleet technology sector. His prior experience includes significant roles at XL Fleet Corp and Element Fleet Management. CEO Marc Bedard expressed confidence in Piern's ability to lead Lion during a pivotal time for heavy-duty electric vehicles. The company is a leader in the manufacturing of all-electric urban vehicles and is committed to advancing zero-emission transportation.
The Lion Electric Company (NYSE: LEV) will announce its 2021 first quarter results on May 17, 2021, before market opens. A conference call and webcast to discuss the results will occur on the same day at 8:30 a.m. (Eastern Time). Investors can join the call by dialing (236) 714-3941 or (833) 329-1697 (toll free) or via a live webcast. Lion Electric specializes in manufacturing all-electric medium and heavy-duty urban vehicles, focusing on innovation and zero-emission solutions to enhance urban transportation and environmental quality.
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