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. (Christinne Muschi/The Canadian Press)

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.