09:11 AM EST, 11/27/2023 (MT Newswires) -- The Lion Electric Company (NYSE and TSX: LEV), a manufacturer of all-electric medium and heavy-duty urban vehicles, announced Monday a workforce reduction aimed at "rationalizing its cost structure and improving its ability to reach its profitability objectives."
In a statement it said the reduction affects 150 employees (approximately 10% of Lion's total headcount) in production overhead, manufacturing, product development and administrative functions, both in Canada and the United States.
"This initiative was the right thing to do for the business at this point in time", said Marc Bedard, CEO-Founder of Lion. "I am confident that the workforce remaining in place is more than capable to continue growing Lion's leadership", he added.