Pierre Fitzgibbon still sees a “comparative advantage” in Lion Électrique even if the company is, by his own admission, “in palliative care”. The former minister, however, refuses to say whether he would be ready to invest his own money in this company.
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“Lion is still the only school bus manufacturing operation in North America today. So there is a comparative advantage,” said Mr. Fitzgibbon at the microphone of Patrick Lagacé at 98.5 FM, Wednesday morning, omitting IC Bus, in Oklahoma, BlueBird, in Georgia, Thomas, in North Carolina, and MicroBird , in Drummondville.
At the heart of a real crisis, the Saint-Jérôme company recently warned that it could run out of money in less than a year if it cannot refinance itself. Its stock on the Toronto Stock Exchange has suffered greatly, losing 68% of its value in one month, and nearly 99% since 2021.
Photo Martin Chevalier
“Lion is in palliative care because the contracts are not there,” the former minister analyzed prosaically. Quebec purchases approximately 500 electric school transportation vehicles per year. It takes 1000 to be at a standstill. The rest of Canada, the Americans are not there yet.”
Would he invest his own money?
Asked about the reliability of Lion’s vehicles, Mr. Fitzgibbon defended the manufacturer by saying that “there have been improvements” and that a fourth battery had been added to the vehicles to give them more autonomy.
“Elon Musk, with Tesla, it has not [toujours] been a gem […]. I think there are jolts, the road can be winding,” he added.
Photo Martin Alarie
Surprised by the ex-minister’s optimism, the host asked him if he would be ready to invest money from his own pockets in Lion Électrique. Mr. Fitzgibbon took the question sideways, preferring to respond that “Lion’s problem is dependence on government.”
Over the years, the company has received more than $200 million in public aid.
“Northvolt will rise again from its ashes”
Furthermore, it seems that Pierre Fitzgibbon’s optimism for the battery sector is not declining despite the recent setbacks of Northvolt, which has just taken shelter from its creditors.
“When we look at the foundation of the sector, it’s 17 billion investments. Yes, Northvolt is 7 billion. The question is to know the speed at which it will deploy if it deploys,” he said.
Photo provided by NORTHVOLT
“I think the battery industry is going to be a success,” he continued. What role will Northvolt play in the battery sector? It’s clear that the path is winding at the moment.”
Then, asked about the various companies in difficulty or in bankruptcy which were supported by the government when he was minister, including Taiga, Lion, LeddarTech and Nouveau Monde Graphite, Mr. Fitzgibbon replied that “betting on the good players is is a science that is very difficult to master.
Pierre Fitzgibbon left politics last September, two years before the end of his mandate.
The former Minister of the Economy now works as a special advisor in a business law firm, Osler, Hoskin & Harcourt, which had acted as a lobbyist for the General Motors cathode plant in Bécancour. The automaker received $152 million from the Quebec government for this project.
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