Lion Electric wants to invest US$65 million to increase production

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Lion Électrique wants to invest US$65 million to increase its production

The CEO of Lion Electric, Marc Bédard, predicts a big year for the Mirabel manufacturer. (File photo)

The electric commercial vehicle manufacturer is preparing to invest nearly US$65 million in 2023 in its school bus plant in Joliet, Illinois, United States and in its battery plant in Mirabel, in the Laurentians .

According to the president and founder, Marc Bédard, this is a pivotal moment in the trajectory of the company, which is not yet profitable.

The year 2023 is a big year for us, he explains during a conference call on Friday with financial analysts. This is the year we are going to manage three factories. One [in Montreal] has already reached its production rate for school buses and [for] the other two, we are preparing to ramp up production.

The company's order book reaches 2,468 vehicles as of March 9, representing a value of US$575 million. The company, which delivered 519 vehicles in 2022, wants to produce more to ensure business growth and meet strong demand for transportation electrification.

Lion recorded a net loss of US$4.6 million in the fourth quarter, compared to a net profit of US$28.3 million in the same period last year. Quarterly revenue, meanwhile, climbed to US$46.8 million from US$22.9 million a year earlier.

L& #x27;Lion shares lost 4 cents, or 1.33%, to $2.96 on the Toronto Stock Exchange on Friday morning.

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