Home Truck News Lion Electric’s loss widens in Q1 despite cost-cutting measures - Truck News

Lion Electric’s loss widens in Q1 despite cost-cutting measures – Truck News

Lion Electric’s loss widened in the first quarter to $21.7 million (all figures US), up from $15.6 million in the same period of 2023 as the company looks to cut costs.

Revenue of $55.5 million in the quarter was up $800,000 versus the same quarter last year. The company delivered 196 vehicles, 24 fewer than Q1 2023. But it now has more than 2,000 vehicles on the road with more than 25 million miles (40 million km) driven.

Marc Bedard
Marc Bedard, Lion CEO and founder. (Photo: Lion Electric)

The company reported in its earnings that it has orders for 211 trucks and 1,793 buses on the books, representing a value of $475 million. That’s in addition to orders for 350 charging stations worth about $8 million. The company says its initial deliveries of Lion5 trucks delivered with Lion battery packs will take place in the first quarter.

Lion announced April 18 it shed about 120 workers and took other cost-cutting measures, to align its cost structure with current market dynamics.

“Despite a challenging first quarter marked by turbulence in the electric vehicle sector, our commitment to long-term growth remains unwavering. This drove us to make the tough decision to streamline our workforce and implement cost-saving measures. While difficult, this move was essential to fortify our liquidity in the face of market volatility, ensuring sustainability without compromising production capacity,” said Marc Bedard, CEO and founder of Lion.

“As we commence deliveries of the LionD and Lion5, our focus for the remainder of the year is on ramping up purchase orders and accelerating deliveries, essential steps in reaching profitability.”

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