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Lion Électrique: net loss despite triple deliveries

Lion Électrique: net loss despite triple deliveries

Electric vehicle maker Lion Électrique nearly tripled its electric vehicle deliveries in the second quarter of 2021, but posted a net loss of $78.5 million (about C$98 million), according to financial results released Friday.

Saint-Jérôme has gone from 22 vehicles delivered during the second quarter of 2020, to 61 vehicles delivered for the quarter ending June 30, 2021. These deliveries have allowed Lion Électrique to generate revenue of US$16,7 million (approx C21 million). USD), an increase of USD 10.6 million from USD 6.1 million a year earlier in the same period.

Lion Électrique president and founder, Marc Bedard, said he was “satisfied” with his company’s performance during the quarter.

“We have continued to implement our growth strategy, over a limited period of time. […]. He explained that we are focusing our efforts on the issuance of purchase orders and the delivery of our vehicles, which are tailored to meet the needs of our growing customer base.”

The company continues to incur a significant net loss of $78.5 million, compared to a net loss of $1.3 million in the second quarter of 2020.

Electric inflection and increased orders

As Mark Bedard announced: “Operationally, we are making progress in developing and marketing new platforms, and we are in the process of launching eight new cars by the end of 2022, for a total of 15 models.”

The company says it is “on track” to produce the first vehicles from its manufacturing facilities in Illinois “in the second half of 2022.”

“At the same time, various levels of government across North America are clearly showing their support for transportation electrification, which has led to an unprecedented increase in interest from our clients in the public and private sectors. This bodes well for our long-term growth,” believes Mr. Bedard.

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As of August 12, 262 trucks and 703 buses have been ordered from the company, with a total value of more than US$280 million (about C$350 million). Lion also has an order for 73 charging stations, valued at approximately US$1 million.

Over the past decade, the manufacturer has delivered more than 400 vehicles to North America, with an average of about 13 million kilometers.