Electric vehicle maker Lion Electric cutting 150 jobs to reduce costs

We're looking for additional money in the EV space: Lion Electric CEO Marc Bedard, CEO of Lion Electric, joins BNN Bloomberg to discuss their fourth quarter, Volkswagen opening its first overseas EV battery manufacturing facility in St. Thomas, Ontario and U.S. President Joe Biden's upcoming trip to Canada.

The Lion Electric Co. says it is cutting 150 jobs or about 10 per cent of its total workforce in a move to reduce costs and improve its ability to reach its profitability objectives.

Lion Electric chief executive and founder Marc Bedard says it was a difficult decision, but the right thing to do for the business.

The cuts affect workers in production overhead, manufacturing, product development and administrative functions, both in Canada and the United States.

Lion Electric designs and builds all-electric trucks, buses and minibuses.

Earlier this month, the company, which keeps its books in U.S. dollars, reported a loss of US$19.9 million or nine cents per diluted share in its third quarter compared with a loss of US$17.2 million or nine cents per diluted a year earlier.

Revenue for the quarter ended Sept. 30 totalled US$80.3 million, up from US$41 million in the same quarter last year.

- This report by The Canadian Press was first published Nov. 27, 2023.