Lion Electric Company (LEV) has released an update.
Lion Electric Company, a pioneer in all-electric urban vehicles, has announced cost-reduction efforts including a workforce cut impacting around 120 employees, primarily in Canada. These measures, alongside ongoing cost optimizations, aim to achieve annualized savings of $40 million without affecting production capacity. The company remains focused on long-term growth and profitability amid challenging market conditions influenced by delays in Canada’s Zero-Emission Transit Fund.
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