Lion Electric posted a third quarter net loss of $33.9 million (all figures US) as revenue slipped $49.7 million year over year.
The fledgling Canadian electric truck maker delivered 89 vehicles in Q3, down from 245 the same quarter in 2023.
(Photo: Steve Bouchard)
In a business update, Lion says it now has more than 2,200 vehicles on the road, which have driven more than 32 million miles (52 million km). Its order book includes 1,590 vehicles, of which 135 are trucks.
Lion has been slashing costs in the face of slower than expected EV uptake.
“In Q3, we further adjusted our cost structure and optimized our operations to continue to execute on our business strategy to support and promote the increasing electric school bus demand and maintain our leadership position, despite the persistent challenges that we and our industry continue to face and which put significant pressure on our liquidity” said Marc Bedard, CEO and founder of Lion.
Lion has posted a net loss of $74.9 million year to date, compared to a net loss of $47.2 million over the same nine-month period last year.
Source link
#Lion #losses #widen #Truck #News
Author: Electric Vehicles Magazine
