The electric bus company says some 300 employees will be let go in the coming days in a 30 per cent cut to its workforce. It expects most of the layoffs to be temporary.
The Montreal-based company says the layoffs are part of a plan to better align its costs with current demand. The plan also involves ramping down production of electric trucks, creating a new product line to sell its battery packs to third parties and potentially leasing out a big chunk of its plant in Joliet, Ill.The announcement comes as the company reported net losses that ballooned 63 per cent to US$19.3 million in the second quarter and a 48 per cent drop in revenue to US$30.
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