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) 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.
The Lion Electric Company (NYSE: LEV) has achieved a milestone by producing its first zero-emission LionC school bus in Joliet, Illinois. This significant achievement occurred after approximately 18 months since the establishment of the manufacturing facility. Lion plans to ramp up production gradually, targeting a capacity of up to 20,000 electric buses and trucks. The launch aligns with increasing demand for electric school buses, spurred by the EPA's funding for over 2,200 electric buses. With over 700 electric buses already in service, Lion is well-positioned for future growth.
The Lion Electric Company (NYSE: LEV) applauds the U.S. EPA for its Clean School Bus Program, which has awarded funding totaling $965 million to deploy electric school buses across the U.S. Lion Electric has been a pioneer in all-electric school buses, deploying over 700 vehicles since 2016. With a planned capacity of 20,000 vehicles annually at its Joliet, Illinois facility, Lion aims to significantly impact the transition to zero-emission transportation, helping improve air quality in underserved communities.
The Lion Electric Company (NYSE: LEV) has announced the release date for its 2022 third quarter results, set for November 10, 2022, before market opening. A conference call will follow at 8:30 a.m. ET to discuss the financial results. Participants can join via phone or access a live webcast through Lion's investor website. Lion Electric specializes in manufacturing all-electric medium and heavy-duty vehicles, positioning itself as a leader in the zero-emission transportation sector.
Lion Electric Company (NYSE: LEV) announced the U.S. EPA's remarkable success with its Clean School Bus Program, which has nearly doubled its funding to almost $1 billion. This increase follows overwhelming demand, with around 2,000 applications totaling nearly $4 billion submitted for the initial $500 million funding. Lion, a leader in all-electric school buses, has over 600 buses deployed since 2016. The company offers substantial funding support for electric buses, with potential rebates of up to $375,000 per bus for priority districts.
On August 30, 2022, CEO-Founder Marc Bedard of Lion Electric Company (LEV) acquired 50,000 common shares at C$4.99 per share, totaling C$249,950. Prior to this transaction, Bedard owned approximately 15.2% of the issued common shares, amounting to 26,458,653 shares and 2,877,641 options. Following the acquisition, his ownership increased slightly to 26,508,653 shares. The shares were acquired for personal investment purposes, with potential for future acquisitions or disposals based on market conditions.
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