Lion Electric lays off 10% of its workforce
Electric bus and truck manufacturer Lion Electric, headquartered in Canada, announced “a workforce reduction aimed at rationalizing its cost structure and improving its ability to reach its profitability objectives”. The reorganization 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. Lion […]
Electric bus and truck manufacturer Lion Electric, headquartered in Canada, announced “a workforce reduction aimed at rationalizing its cost structure and improving its ability to reach its profitability objectives”.
The reorganization 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.
Lion Electric lays off workers
Trade media Ttnews noticed that “The company posted a net loss of $19.9 million in the third quarter of 2023, compared with a net loss of $17.2 million in the same period a year earlier, it said Nov. 7. Revenues in the most recent quarter totaled $80.3 million, compared with $41.0 million in Q3 2022, but its cost of sales also jumped, reaching $75 million, compared with $44.8 million a year earlier”.
“Although this was a very difficult decision and we are sad to part ways with valued employees, 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.
