Electric vehicle manufacturer in the commercial vehicle segment Lion Electric Company (NYSE: LEV) recently revealed the launch of its new 100% electric heavy-duty truck in collaboration with Transit Truck Bodies.
Following the news, shares of the company declined marginally to close at $7.51 on Monday. The stock is currently down 0.53% on Tuesday.
The launch of this new truck, which is made for last-mile urban delivery, is expected to further solidify the company’s position in this space.
Designed by Transit, the vehicle is built on a Lion6 chassis and features an e-Classik box. The new vehicle is also much lighter than the standard model.
Management Commentary
The CEO of Lion Electric, Marc Bédard, said, “We’re very proud of the launch of this new vehicle that further demonstrates the versatility of Lion’s electric chassis. Today, the e-Classik box combined with our Lion6 chassis allows us not only to meet transportation fleet needs, but also society’s expectations as we fight climate change and transition to zero-emission transportation.”
Wall Street’s Take
The Wall Street community is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on two Buys and two Holds assigned in the past three months.
The average Lion Electric price target of $11 implies upside potential of 47.3% from current levels. Shares have declined 57% over the past year.
Conclusion
The launch of this new truck is expected to be a small but significant step towards curbing urban pollution. Further, Lion Electric is expected to benefit from this as the adoption of EV vehicles is becoming more prevalent among corporations.
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