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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 that its all-electric trucks qualify for funding through Transport Canada's iMHZEV Program. Customers in Canada can receive up to $150,000 in incentives for purchasing medium and heavy-duty vehicles, contributing to a total federal investment of $550 million over four years. Lion's full range of trucks is eligible, with combined provincial and federal subsidies in Quebec potentially reaching $243,750. The program aims to support the transition to zero-emission vehicles while enhancing public health and environmental quality.
Lion Electric Company (NYSE: LEV) announced it will release its 2022 second quarter results on August 5, 2022, before market opening. A conference call will follow at 8:30 a.m. ET to discuss the results. Interested participants can dial (226) 828-7575 or (833) 950-0062 using Access Code 842480. A live webcast will be available on the company's website under the 'Events and Presentation' section. Lion Electric specializes in manufacturing all-electric commercial vehicles and is a leader in electric transportation.
The Lion Electric Company (NYSE: LEV) announced a new at-the-market (ATM) equity program to issue up to US$125 million in common shares. The program, effective immediately, allows the sale of shares at prevailing market prices through a syndicate of agents. The funds raised will be utilized to strengthen the company's financial position and support growth initiatives, including expansion projects in Joliet, Illinois and Mirabel, Quebec. The equity distribution will terminate by July 16, 2024, or upon the sale of all shares.
Lion Electric Company (NYSE: LEV) announced the filing of a preliminary short form base shelf prospectus with securities regulators in Canada and the SEC for the U.S. This prospectus allows the Company to issue up to US$350 million in various securities over the next 25 months. Following the finalization of the prospectus, Lion intends to establish an 'at-the-market' (ATM) equity program for issuing up to US$125 million in common shares. No securities distribution is currently ongoing, and the ATM program's establishment is subject to market conditions.
The Lion Electric Company (NYSE: LEV) has been recognized in Corporate Knights' inaugural ranking of the 50 fastest-growing sustainable companies in Canada, achieving 9th place for 2021. CEO Marc Bedard emphasized the company's commitment to creating climate-friendly electric vehicles, reflecting its strategy for growth in a clean economy. Lion Electric is noted for manufacturing zero-emission vehicles, including urban trucks and buses. The company is also investing in its U.S. manufacturing facility and Quebec battery plant, which are vital for its future expansion.
The Lion Electric Company (NYSE: LEV) participated in the launch of the EPA's $5 billion Clean School Bus Program alongside Vice President Kamala Harris. The program, aimed at enhancing zero-emission student transportation, will offer funding of up to $375,000 per bus. Lion Electric, recognized for its all-electric school buses, will support customers in applying for these funds. The announcement emphasizes Lion's leadership in the electric school bus market and its manufacturing facility in Joliet, Illinois, which will produce up to 20,000 vehicles annually.
The Lion Electric Company (NYSE: LEV) announced its participation in three upcoming investor conferences, enhancing visibility within the investment community. The conferences include the UBS Global Truck, Commercial Vehicle and Powertrain Conference on May 25, 2022, NBF 12th Annual Quebec Conference in Toronto on June 9, 2022, and the Credit Suisse 2022 Mobility Forum on June 21, 2022. These events focus on the company’s all-electric urban vehicle offerings, which position Lion as a leader in zero-emission transportation.
The Lion Electric Company (NYSE: LEV) held its annual shareholder meeting on May 6, 2022, with 58% of shares represented. All proposals, including the election of eight directors, were approved. Notably, Ann Payne was elected as a new board member, praised for her financial expertise. Raymond Chabot Grant Thornton LLP was appointed as independent auditors, receiving 99.78% approval from shareholders. This meeting reflects shareholder confidence as the company continues to focus on its all-electric vehicle manufacturing, aimed at sustainable urban transport.
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