Lion Electric lays off another 300 workers amid growing financial pressure
By Luke Willetts - 23rd September 2024
Canada / USA – After announcing late last year that it had cut 150 jobs amid financial pressure, Canadian electric vehicle manufacturer, The Lion Electric Co, based in Saint-Jérôme, Quebec, announced it plans to cut another 300 jobs, representing 30% of its workforce. This is part of a strategy to manage costs following poor financial performance in Q1 and Q2 2024. The company, which manufactures electric buses and trucks, is struggling with declining demand and delivered significantly fewer vehicles in the first half of 2024. This round of layoffs is expected to help the company save USD 25 million. In addition to the layoffs, Lion Electric is scaling back its electric truck production and exploring new opportunities, such as selling its battery packs to third-party industries.
