Lion Électrique’s slide continues: losses of $22 million in the first quarter

Lion Électrique’s slide continues: losses of $22 million in the first quarter
Lion Électrique’s slide continues: losses of $22 million in the first quarter

The quarters follow one another and are similar for the Quebec manufacturer of electric buses and trucks Lion Électrique while it once again announced financial losses of $21.7 million during the first quarter of 2024, or $6 million more than ‘at this time last year.

In terms of revenue, it is not much better with a slight increase of $800,000 compared to 2023 to stand at $55.5 million.

As for vehicles, Lion, which now has 1,150 employees, delivered fewer vehicles than last year. The company, whose factory is in St-Jérôme, delivered 196 trucks and buses, 24 fewer than in the first quarter of 2023.

Before markets opened, Lion’s stock was at $1.43. Over the past year, it has lost more than 55% of its value (-$1.80).

More than 300 cuts in one year

The accumulation of poor financial results has had an impact on its workforce over the past year. More than 300 jobs were affected.

Last November, 150 employees were laid off mainly in the engineering and innovation sector. In February, CEO Marc Bédard slashed evening shifts with 100 temporary layoffs. Several of these employees have found work in other companies since that sad day. Finally, last month, Lion laid off 120 other employees who work in corporate and product development functions in addition to making cost reductions of $40 million.

A few days later, Lion employees filed a request for union certification through the Machinists’ Union (IAMAW).

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