Lion Electric announced it will lay off 300 workers, 30% of its workforce, as it reports a US$19 million Q2 loss. The layoffs, primarily temporary, affect staff in Canada and the U.S. This is the company’s fourth and largest round of layoffs in a year, aiming to save US$25 million annually.
Lion Electric is adjusting truck manufacturing due to lower demand, selling battery packs to third parties, and potentially subleasing part of its Illinois facility. Revenue dropped from US$58 million to US$30.3 million year-over-year. The stock fell over 17% on both the Toronto and New York stock exchanges.
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