Lion Electric Cuts 30% of Workforce After Revenue Drops, Losses Increase

What’s happening at Lion Electric?

Montreal-based electric bus company Lion Electric is laying off approximately 300 employees, representing a 30% reduction in its workforce following the 220 employees terminated in February and April.

These layoffs come as the result of the company’s plan to make up for financial losses.

Official statements and context

The layoffs are part of Lion Electric’s strategy to align costs with current demand.

• The company is also scaling back production of electric trucks, launching a new product line to sell battery packs to third parties, and considering leasing a significant portion of its plant in Joliet, Illinois.
• The company has stated that most of these layoffs are expected to be temporary.
• This comes after the company reported net losses that saw a 48% drop in revenue to $30.3 million compared with the year before.
• In the period which ended June 30, Lion Electric says it delivered 101 vehicles – a drop of nearly 50% year-over-year.

📺 WATCH: Everything You Need to Know About Mass Terminations

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📞 Contact Samfiru Tumarkin LLP: 1-855-821-5900 or request a consultation online.

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If you’ve lost your job at Lion Electric for any reason, don’t panic. We can review your situation, assess your legal options, and help you secure the compensation you’re legally entitled to.

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