Lion Electric reports US$22 million Q1 loss
The Lion Electric Co. says it lost US$21.7 million in its latest quarter compared with a loss of US$15.6 million in the same quarter last year as it faced higher manufacturing costs related to the ramp up of new products.
The maker of all-electric medium and heavy-duty vehicles, which keeps its books in U.S. dollars, says the loss amounted to 10 cents per diluted share for the quarter ended March 31 compared with a loss of seven cents per share a year earlier.
Revenue for the quarter totalled US$55.5 million, up from US$54.7 million in the first quarter of 2023.
Lion says the increase in revenue was helped by a higher proportion of U.S. vehicle sales which resulted in a more favourable product mix, offset in part by a drop in sales volumes.
The company says it delivered 196 vehicles for the quarter, down from 220 delivered in the same quarter last year.
The Montreal-based company announced last month that it was cutting about 120 jobs. The move followed the elimination of more than 100 jobs at the company in February and 150 positions in November last year.
- This report by The Canadian Press was first published May 8, 2024.
CTVNews.ca Top Stories
Drive one of these vehicles? You may pay 37 per cent more than average insurance costs due to thefts
As the number of auto theft incidents rises in Canada, so have insurance premiums for drivers, even the ones whose vehicles aren't stolen.
'I'm not wealthy': Ontario senior shocked she owes $40,000 in capital gains after gifting land
An Ontario senior who wanted to help her daughter and grandson eventually own homes one day decided to give them two lots on her property as a gift—but she didn’t know it would eventually cost her tens of thousands of dollars.
NDP want Liberals to scrap proposed election date change that could secure pensions for many MPs
The federal New Democrats want to amend the Liberal government's electoral reform legislation to scrap the proposal to push back the vote by a week and consequently secure pensions for dozens of MPs, CTV News has learned.
Largest vaccine production plant in Canada opens in Toronto
Prime Minister Justin Trudeau is announcing the opening of a major vaccine production plant in Toronto today — part of Canada's efforts to build up the domestic biomanufacturing sector in the aftermath of the COVID-19 pandemic.
These are the world's 20 best cities for foodies, according to Time Out
Some travellers pick a city break based on the destination’s cultural offerings. Others eye up cities with buzzy nightlife or opt for a destination hosting a festival or event. But for many vacationers, the most exciting part of any trip is the food.
Video shows driver in Toronto frantically getting out of car being pushed by truck
A CP24 camera caught the moment a driver frantically got out of her car as it was being dragged by a truck on Avenue Road Wednesday afternoon.
Israeli centrist party proposes vote to dissolve parliament
Israeli war cabinet minister Benny Gantz's centrist party proposed on Thursday holding a parliamentary vote on dissolving the parliament, but it was unclear whether he had enough support to bring about an early election.
Exorbitant fees get Gazans out with no help from Ottawa
The comforting sound of giggling grandchildren has chased away the cloud of anxiety that has loomed over Mohammed and Intisar Nofal's home for the past seven months.
BMO services restored following outage from data centre fire alarm, the bank says
Bank of Montreal clients saw services restored Thursday morning after an overnight, false fire alarm caused outages, the bank says.