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.
Lion Electric Company (NYSE: LEV) announced the full exercise of the over-allotment option for its public offering of 19,685,040 units, allowing underwriters to purchase an additional 2,952,755 units at US$2.54 per unit. This resulted in gross proceeds of approximately US$7.5 million, bringing the total proceeds from the offering to about US$57.5 million. The funds will be used to strengthen Lion's financial position and support growth strategies, including capacity expansion in Joliet, Illinois, and Mirabel, Québec.
The Lion Electric Company (NYSE: LEV) has completed its first lithium-ion battery pack production at its facility in Mirabel, Quebec, with final certification expected in Q1 2023. This event is pivotal for Lion as it ramps up production, slated to power the Lion5 truck and LionAmbulance by mid-2023. The Mirabel plant is projected to have an annual capacity of five gigawatt-hours, enhancing Lion's vertical integration and reducing costs. The announcement also follows the start of vehicle production in Joliet, Illinois.
On December 19, 2022, Lion Electric (NYSE: LEV) announced the delivery of its first LionC zero-emission school bus funded by the EPA's Clean School Bus Program to Mount Desert Island Regional School System in Maine. This marks a significant milestone as Lion's recently opened Joliet, IL factory aims to produce up to 20,000 medium and heavy-duty vehicles annually. Lion has also delivered buses to schools in Kansas and California, supporting the transition to zero-emissions. The EPA program, which saw funding increase from $500 million to $913 million, emphasizes the importance of green transportation.
The Lion Electric Company (NYSE: LEV) has announced a public offering of 19,685,040 Units at US$2.54 each, aiming for gross proceeds of approximately US$50 million. Each Unit includes a common share and a warrant at an exercise price of US$2.80 per share, valid for five years. The offering is expected to close around December 16, 2022, subject to customary conditions. Proceeds will support financial stability and growth strategies, particularly in expansion projects in Joliet, Illinois, and Mirabel, Québec.
The Lion Electric Company (NYSE: LEV) has announced a marketed public offering of Units in the U.S. and Canada. Each Unit includes one common share and one common share purchase warrant, with pricing determined in market context. The offering's underwriters are B. Riley Securities, Inc. and National Bank Financial Inc., who will also have an over-allotment option for up to 15% additional Units. The proceeds will support the company's financial position and growth strategy, specifically for capacity expansion projects in Joliet, Illinois, and Mirabel, Québec.
The Lion Electric Company (NYSE: LEV) has announced a four-year supply agreement for lithium-ion battery cells with a top-tier supplier. Under this non-exclusive agreement, Lion commits to purchase 39 million battery cells for electric vehicle manufacturing over 2023 and 2024, contingent on the supplier's internal qualification processes. Volumes for 2025 and 2026 are yet to be determined. The agreement includes termination rights and penalties based on volume commitments. This strategic move supports Lion's position in the electric vehicle market and addresses supply chain needs.
The Lion Electric Company (NYSE: LEV) announced its participation in two upcoming investor conferences. The National Bank Financial 3rd Annual Clean Tech Conference will be held virtually on November 29, 2022, followed by the Barclays Global Automotive and Mobility Tech Conference on November 30, 2022. The company, a leader in manufacturing all-electric urban vehicles, will provide links to webcasts on its Investor Relations website. Lion Electric focuses on zero-emission vehicles, including all-electric commercial trucks and buses.
The Lion Electric Company (NYSE: LEV) reported third-quarter 2022 results on November 10, highlighting delivery of 156 vehicles, a significant increase from 40 in Q3 2021. Revenue soared to $41 million, up $29.1 million year-over-year, while the gross loss expanded to $3.8 million. The net loss reached $17.2 million, contrasting with $123 million net earnings in Q3 2021, which included a substantial non-cash gain. As of November 9, 2022, Lion's order book stands at 2,408 vehicles valued at approximately $575 million. The company faces ongoing supply chain challenges affecting operations.
Lion Electric Company (LEV), a manufacturer of all-electric vehicles, has secured a new credit facility worth CAD 30 million through a partnership with CDPQ and Finalta Capital. This financing is essential for supporting Lion’s growth amidst increasing demand for green transportation solutions in North America. Funding is backed by a security interest in Lion's assets and governmental incentives related to vehicles already delivered. The company plans to utilize part of this credit to reduce previous debts to Finalta Capital.
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