CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

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CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

CANADA'S LEADING INFORMATION SOURCE FOR THE METALWORKING INDUSTRY

Lion Electric makes further cuts to workforce

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Lion Electric blamed its need to cut its workforce again largely on delays around the granting of government subsidies, namely the federal Zero Emission Transit Fund. PHOTO courtesy Lion Electric.

Quebec manufacturer of electric buses and trucks, The Lion Electric Co., is further downsizing its workforce at it waits on government funding subsidies.

The company says it will lay off 100 more employees or about seven per cent of its total workforce at its Saint-Jérôme factory in Quebec’s Laurentian region.in a move to reduce costs. The Lion Electric Co. had laid off 150 employees last fall.

The company blamed its need to cut its workforce again largely on delays around the granting of government subsidies, namely the federal Zero Emission Transit Fund.

Lion Electric has said that several school bus orders hinge on the buyers’ receiving grants from the program, which aims to speed up electrification at school bus and public transit operators.

The company reported a full-year net loss of $103.8 million versus net income of $17.8 million in 2022 but did show revenue growth of 81%.

“This past year has not been without its challenges, particularly as it relates to a volatile incentive environment that slowed down the pace of orders and deliveries,” said CEO and co-founder Marc Bédard in an earnings release.

In the last three months of 2023, Lion Electric delivered 188 electric vehicles, eight per cent more than during the fourth quarter of the previous year. The company’s order book now stands at about $500 million, composed of 285 trucks and 1,791 buses, according to a report from Canadian Press.

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