Lion Electric Company (LEV) has released an update.
Lion Electric Company reported a slight increase in Q1 2024 revenue to $55.5 million, but faced a higher net loss of $21.7 million compared to the previous year due to increased manufacturing costs and a workforce reduction. Despite delivering fewer vehicles, the company remains focused on growth, with over 2,000 vehicles on the road and a substantial order book for its electric trucks and buses. In response to market challenges, Lion Electric has streamlined operations, aiming to boost liquidity and drive towards profitability.
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