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Montreal-based Lion Electric to lay off 300 more employees as bus company scales back production

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Lion Electric News

Montreal Layoffs,Canada

Montreal-based Lion Electric Co. says the layoffs at the bus company are part of a plan to better align its costs with current demand.

RELATED: Quebec Premier François Legault and Prime Minister Justin Trudeau met in Montreal on Monday to jointly announce funding for a battery plant project by Saint-Jérôme-based battery manufacturer Lion electric.

For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. 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.Canadian seniors are getting a top-up to old age benefits. How much?

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$30.3 million compared with the year before.In the three months ended June 30, Lion Electric says it delivered 101 vehicles — a drop of nearly 50 per cent year-over-year — and a diluted loss of nine cents per share versus a loss of five cents per share a year earlier, beating analysts expectations.

 

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