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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) reported its financial results for Q4 and fiscal year 2022, ending December 31, 2022. In Q4, vehicle deliveries reached 174, up from 71, with revenues of $46.8 million, a significant increase from $22.9 million in Q4 2021. However, the company posted a gross loss of $4.8 million, compared to last year's gross profit of $2.2 million, and a net loss of $4.6 million, contrasting with net earnings of $28.3 million in Q4 2021. For the full year, revenues rose to $139.9 million, up from $57.7 million, but the company experienced a gross loss of $12.9 million. Lion's order book included 2,468 vehicles valued at approximately $575 million as of March 2023.
The Lion Electric Company (NYSE: LEV) will announce its fourth quarter and fiscal year 2022 results on March 10, 2023, before market opening. A conference call is scheduled for 8:30 a.m. Eastern Time on the same day to discuss these results. Lion Electric, a leader in all-electric medium and heavy-duty vehicles, designs and manufactures a range of zero-emission vehicles, including urban trucks and buses. The company is committed to electric transportation to improve societal and environmental quality. Lion shares are traded on both the New York and Toronto Stock Exchanges under the symbol LEV.
Lion Electric Company (NYSE: LEV) has announced a partnership with Mitsubishi HC Capital Canada and ENGS Commercial Finance Co. to offer financing solutions for its all-electric school buses and trucks in the U.S. and Canada. Through LionCapital Solutions, the agreement allows for up to 100% financing of fleet electrification costs, including vehicles and charging infrastructure. The collaboration emphasizes sustainable transportation and aims to make financing more accessible for customers seeking electric vehicles. Leaders from both companies highlighted their commitment to electric mobility and the significance of this partnership in advancing clean transportation solutions.
Lion Electric Company (NYSE: LEV) has completed a sale-leaseback transaction with BTB Real Estate Investment Trust for its battery manufacturing building in Mirabel, Quebec, valued at
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.
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