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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) 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.
Lion Electric Company (NYSE: LEV) participated in a roundtable with U.S. Secretary of Transportation Pete Buttigieg on May 4, 2022, discussing investment opportunities in electric vehicles. The discussion highlighted the company's leadership in manufacturing zero-emission vehicles, particularly electric school buses and trucks. Buttigieg emphasized the importance of infrastructure funding, mentioning the $5 billion allocated for clean school buses over five years. The meeting underscored the federal government’s commitment to enhancing charging infrastructure and advancing electric vehicle adoption.
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.
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