The Lion Electric Company - LEV STOCK NEWS

The Lion Electric Company (NYSE: LEV) reported strong Q1 2022 results, delivering 84 vehicles and generating revenue of $22.6 million, up from $6.2 million a year earlier. This quarter marked a net income of $2.1 million, a significant turnaround from a $16.1 million loss in Q1 2021, aided by a $21.5 million gain from share warrant obligations. However, the company faced a gross loss of $0.9 million and an adjusted EBITDA of -$11.3 million, indicating ongoing operational challenges.

Lion holds a robust order book of 2,422 vehicles valued at approximately $600 million.

Lion Electric Company (NYSE: LEV) announced plans to assist customers in securing funding from the $500 million first tranche of the U.S. EPA's $5 billion Clean School Bus Program. This federal initiative aims to deploy zero-emission school buses, offering up to $375,000 in funding per bus for priority districts. With a planned manufacturing capacity of 20,000 vehicles annually, Lion aims to leverage this program to promote electric school transportation, improving air quality and reducing costs for school districts.

Lion Electric Company (NYSE: LEV) announced a Memorandum of Understanding with the U.S. Department of Energy to enhance vehicle-to-everything (V2X) technologies. Lion is the sole school bus manufacturer involved in this initiative, collaborating with industry leaders to explore bidirectional EV charging infrastructure integration and cybersecurity. The MOU emphasizes the role of heavy-duty electric vehicles in supporting renewable energy grids, aiming to reduce fossil fuel reliance. Lion's all-electric vehicles, including school buses, are already participating in V2G programs in New York and California.

The Lion Electric Company (NYSE: LEV) will release its Q1 2022 results on May 3, 2022, after market close. A conference call discussing the results is scheduled for May 4, 2022, at 8:30 a.m. Eastern Time. Additionally, Lion will conduct its annual shareholders' meeting virtually on May 6, 2022, at 11:00 a.m. This decision supports COVID-19 safety measures, enabling global shareholder participation via a live webcast. Lion Electric is a leader in manufacturing all-electric vehicles, focusing on class 5 to class 8 trucks and buses.

The Lion Electric Company (NYSE: LEV) has partnered with Transit Truck Bodies to launch a new lightweight, 100% electric heavy-duty truck designed for last-mile urban delivery. Built on a Lion6 chassis, the e-Classik box is 40% lighter than traditional models and aims to facilitate the transition to electric vehicles. This initiative, supported by the Quebec government under the Mobel mobilization project, showcases Lion's commitment to zero-emission transportation. The vehicle is now available in Canada and the U.S., reinforcing Quebec's leadership in the electric vehicle sector.

The Lion Electric Company (NYSE: LEV) announced the availability of its management information circular for the upcoming virtual annual shareholder meeting scheduled for May 6, 2022. The company also filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on March 29, 2022. Shareholders can access the Circular, annual financial statements, and the annual report on Lion's website and through SEDAR and EDGAR. Hard copies are available free of charge upon request.

Lion Electric Company (NYSE: LEV) announced an order for 50 all-electric LionC school buses from Autobus Campeau in Quebec. Deliveries are set to commence in Q1 2023. This new order expands Autobus Campeau's use of LionC buses, which have been part of their fleet since 2016. Lion Electric emphasizes its commitment to electric transportation, with a focus on improving societal and environmental outcomes. This collaboration reinforces Lion's position in the electric vehicle market, particularly in school transportation.

The Lion Electric Company (NYSE: LEV) announced a purchase order for 30 LionC school buses from an undisclosed Canadian customer, marking the second order from this client. These zero-emission buses are set to be delivered by March 31, 2023, and are estimated to eliminate over 600 tonnes of greenhouse gas emissions. Lion has established leadership in the zero-emission vehicle sector, delivering over 550 electric heavy-duty vehicles in North America since 2016. The company emphasizes the environmental benefits of its products while continuing its operational growth strategy.

The Lion Electric Company (NYSE: LEV) hosted congressional representatives and state officials at its manufacturing facility in Joliet, Illinois, on March 21, 2022. The event emphasized advancements in clean manufacturing fueled by the Infrastructure Investment and Jobs Act (IIJA), which allocates $5 billion for clean school buses and $7.5 billion for charging infrastructure. Lion anticipates commencing production of 100% electric vehicles in Joliet by late 2022, aiming for a capacity of 20,000 vehicles annually and the creation of over 1,400 jobs in the region.