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.
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The Lion Electric Company (LEV) has commenced customer deliveries of its newly-launched LionD school buses in California, offering seating capacity for 83 children and a range of up to 155 miles on a single charge. The launch reaffirms Lion's commitment to safe zero-emission transportation, eliminating up to 23 tons of greenhouse gas emissions per year. The LionD is designed with safety at the forefront, featuring a programmable low-speed sound generator, optimized front windshield, and an ergonomically designed driver cockpit. It also offers lower energy and maintenance costs compared to traditional diesel-powered school buses.
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The Lion Electric Company (NYSE: LEV) (TSX: LEV) was awarded a $38 million grant for 97 electric school buses and related charging infrastructure under the U.S. EPA's Clean School Bus Program. This represents a significant opportunity for Lion to expand its presence in the electric vehicle market and contribute to reducing greenhouse gas emissions. Lion continues to assist clients with funding opportunities and is currently accepting applications for the 2023 Clean School Bus Rebate Program, with the EPA expecting to award at least $500 million in funding by April 2024.
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The Lion Electric Company (NYSE: LEV) (TSX: LEV) has announced the successful final certification for its medium duty battery pack, the LionBattery MD, designed for the Company's medium duty trucks and school buses. The certification showcases Lion's cutting-edge capabilities and underscores their commitment to quality control and safety. With an annual manufacturing capacity of 1.7 gigawatt hours, Lion's state-of-the-art battery production facility can power 5,000 of Lion's commercial vehicles per year.
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The Lion Electric Company (LEV) announced a 10% reduction in its workforce, affecting 150 employees across production, manufacturing, product development, and administrative functions in Canada and the United States.
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Lion Electric Company (NYSE: LEV) (TSX: LEV) partners with Synop, a leading platform for electric vehicle (EV) fleet solutions, to integrate vehicle, charging, and energy management solutions with LionBeat telematics offering. Synop's technology empowers customers to efficiently manage infrastructure, make informed decisions, and potentially generate added revenue through advanced vehicle-to-grid (V2G) technology.
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Lion Electric Company (NYSE: LEV) (TSX: LEV) announces participation in upcoming investor conferences in November and December, including NYSE Industrials Access Day, Barclays Global Automotive and Mobility Tech Conference, and Alliance Global Partners Electric Vehicle and Transportation Conference. The Company aims to showcase its all-electric medium and heavy-duty urban vehicles.
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The Lion Electric Company reported record revenue of $80.3 million in Q3 2023, with a gross profit of $5.4 million. The net loss was $19.9 million, including a $3.4 million gain related to a non-cash decrease in the fair value of conversion options on convertible debt instruments. Lion had more than 1,600 vehicles on the road and an order book of 2,232 all-electric medium- and heavy-duty urban vehicles, valued at approximately $525 million. LionEnergy had an order book of 129 charging stations and related services, valued at approximately $4 million. The Company's third quarter financial report, including the unaudited condensed interim consolidated financial statements, will be available on SEDAR and on the Company's website.
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The Lion Electric Company has received a conditional purchase order for 50 all-electric LionC school buses from Highland Electric Fleets. The purchase order is conditional upon the grant of non-repayable contributions to Highland under Infrastructure Canada's Zero-Emission Transit Fund. The buses will be used on school routes in Alberta, Canada.
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Lion Electric to release Q3 2023 results on November 7th
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The Lion Electric Company (NYSE: LEV) will be presenting at investor conferences in September.
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FAQ
What is the current stock price of The Lion Electric Company (LEV)?
The current stock price of The Lion Electric Company (LEV) is $0.22 as of November 22, 2024.
What is the market cap of The Lion Electric Company (LEV)?
The market cap of The Lion Electric Company (LEV) is approximately 46.5M.
What does The Lion Electric Company do?
Lion designs, develops, manufactures, and distributes all-electric medium and heavy-duty urban vehicles, including battery systems, chassis, bus bodies, and truck cabins.
Where is Lion Electric headquartered?
Lion is headquartered in Montreal, Canada.
What are Lion's latest financial results?
For the fiscal year 2023, Lion reported a revenue increase of $113.6 million compared to 2022, but also faced a net loss of $103.8 million due to increased costs and inventory write-downs.
What recent products has Lion Electric launched?
Lion recently launched the LionD electric school bus and the Lion5 electric truck. They also unveiled the Lion8 Tractor, an all-electric Class 8 commercial truck in May 2024.
What are Lion's recent achievements?
Lion's recent achievements include the commercial production of the LionD electric school bus and Lion5 electric truck, and the launch of the Lion8 Tractor.
How does Lion Electric contribute to environmental sustainability?
Lion contributes to environmental sustainability by manufacturing zero-emission, all-electric vehicles, reducing the carbon footprint in urban transportation.
What challenges has Lion faced recently?
Lion has faced challenges such as delays in governmental subsidies and a volatile market environment, impacting their cost structure and delivery schedules.
What cost-cutting measures has Lion implemented?
Lion has implemented workforce reductions and other cost-cutting measures, including reducing third-party inventory logistics, lease expenses, consulting, product development, and professional fees.
What is Lion's market presence?
Lion has a significant market presence in both Canada and the United States, with a growing number of electric vehicles on the road.
How can customers contact Lion Electric?
Customers can contact Lion Electric at marketing.lion@thelionelectric.com for inquiries related to their products and services.
The Lion Electric Company
NYSE:LEV
LEV Stock Data
46.53M
120.01M
46.19%
5.43%
1.46%
Farm & Heavy Construction Machinery
Industrials
United States of America
Saint-Jérôme