Lion Electric To Axe 120 Roles, Reduce Expenses

(RTTNews) - Lion Electric Co. (LEV), a Canadian maker of all-electric vehicles, Thursday announced a reduction of around 120 staff, mostly Canada-based employees in overhead and product development functions.

Marc Bedard, CEO-Founder of Lion, said: "Current market dynamics, notably delays experienced with the Canada's Zero-Emission Transit Fund, continue to adversely impact our school bus deliveries and forced us to further reduce our workforce."

The staff reduction program and other cost cutting measures are expected to result in annualized costs savings of approximately $40 million.

After workforce reduction, Lion will have around 1,150 staff, including over 600 manufacturing roles.