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Bullboard - Stock Discussion Forum Lion Electric Ord Shs T.LEV

Alternate Symbol(s):  T.LEV.WT.A | LEV | LEV.WS | LEV.WS.A | T.LEV.WT

The Lion Electric Company is a manufacturer of zero-emission vehicles. The Company designs and manufactures all-electric school buses, midi/minibuses for special needs or urban transit, as well as urban trucks. Each Lion vehicle is purpose-built for electric and designed and assembled in-house, with its own chassis, truck cabin or bus body, battery technology with modular energy capacity and... see more

TSX:LEV - Post Discussion

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Post by Dibah420 on Jul 31, 2024 11:12am

Sheesh

Lion Electric cuts 300 jobs as it reports second quarter loss of US$19 million

Lion director Marc Bdard acknowledged that the electric vehicle market is facing "serious challenges."

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For the third time this year, electric vehicle manufacturer Lion Electric has announced jobs cuts to offset losses, this time eliminating about 30 per cent of its workforce.

 

As it announced losses of more than US$19 million for the quarter ending June 30, the Saint-Jrme-based company said its new “action plan” involved cutting 300 jobs in Canada and the United States.

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“All sectors of the organization” will be hit by the layoffs, the company said in a communiqu. The plan will go into effect “over the coming days” and will result “primarily in temporary layoffs.”

 

The company estimates the job cuts could save it up to $25 million annually “presuming that the temporarily laid off employees are not re-hired.”

 

In April, Lion announced it was cutting 120 jobs, most of them in Canada and in its corporate and product development sectors. The company also cut 100 jobs last February, the layoffs occurring mainly in the night shift at its plant in Saint-Jrme.

 

Second quarter results showed a net loss of US$19.3 million compared to US$11.8 million during the same quarter last year. During the first quarter this year, the company recorded a net loss of $21.7 million.

 

Faced with a difficult financial situation the company announced at the beginning of this month that it had reached a new agreement with Investissement Qubec for a loan of up to $7.5 million, as well as new arrangements wth private lenders.

 

In a communiqu Lion director Marc Bdard acknowledged that the electric vehicle market is facing “serious challenges.”

 

“It is with this in mind that we have developed an action plan aimed at adjusting our costs structure to allow us to continue to meet the growing demand for electric school buses and maintain our leadership position, while continuing to support truck operators in their transition toward electrification and focusing on our profitability objectives,” he said.

 

Lion delivered 101 vehicles in its second quarter, 98 fewer than for the same period last year. Revenues for the second quarter also dropped, going from $58 million USD to $30.3 million USD.

 

As of Tuesday, Lion’s order book included 1,994 electrical vehicles – 190 trucks and 1804 buses – for a total value of $475 million USD, according to company estimates.

Comment by Tslayer on Jul 31, 2024 12:26pm
I have to say it and some will take exception to this post but the province of Quebec has a way of protecting their own. They won't let this business fail. Bail outs will be offered. Good or bad, it will happen and sometimes it works. IE Bombardier. 
Comment by maoae7 on Jul 31, 2024 9:48pm
It will boil down to the quality of the product. Can't compare BBD with LEV.   Electric might be suitable for cars but for larger transportation it is no so efficient. Fuel cells and H2 are the future. New Flyers, Pegasus and others are working on it. Operators increasingly prefer fuel cells buses for their range, short refueling time, and only need a few refueling stations. At bus ...more  
Comment by CGC123456789 on Aug 01, 2024 6:45am
Dans le journal d'aujourd'hui: Pierre Fitzgibbon ne souhaite plus aider l'entreprise  Malgr les dboires de Lion, le ministre de l’conomie et de l’Innovation, Pierre Fitzgibbon, est catgorique : il n’a « aucun enjeu » continuer d’aider l’entreprise. Il y a cependant un bmol : Ottawa doit envoyer le signal qu’il est prt appuyer sur l’acclrateur avec le FTCZE ...more  
Comment by johnney on Aug 01, 2024 5:48pm
Maybe, but by the time this happens, may drop I say, as low as $0,50, or a 10 for 1, like they done for Bombardier 25 for 1! Those who paid Lion at $5,$10, $15, even $23, will probably never get their money back, even at $5, if goes a 10 for 1! 
Comment by johnney on Aug 01, 2024 5:53pm
Probably, but will wash all the shareholder's first, and then start to zero, remember Air Canada, 11,000 for 1, some may not remember, but that's what happened!
Comment by supernova on Aug 08, 2024 9:52pm
I remember Air Canada at $1 around 2009.  Everything were saying they just funeled government money and that government help was bad.  It shot up to around $50 over the decade.  wow....   what more can you ask for... for a stock.....    though I did short it a few years ago because it was soo high, and I was used to seeing about $1 to $3....  not over 20 ...more  
Comment by CGC123456789 on Aug 09, 2024 10:19am
Air Canada value 16.5 G is not in the scale of Lion Electrique.   Electric Lion only has 2 million left in working capital. Technically bankrupt within months.
Comment by Fuergo on Aug 12, 2024 8:48am
Ac est la plus grosse compagnie arienne au Canada, elle tait protegee contre tout offre hostile, car tout pays doit avoir s'assurer d'avoir une compagnie arienne pour ses propres besoins et ne pas tomber entre les mains etrangere, on n est vraiment pas a la meme place avec lev , qu est qui me surprend c est de voir que Power n'a jamais rien vendu et meme il a rajouter, perso je ne ...more  
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