Lion Electric doubles Q2 revenue, has 1,400 vehicles on the road

by Today's Trucking

Lion Electric reported record revenue in the second quarter of $58 million (all figures U.S.), nearly double the same period last year.

It recorded a net loss of $11.8 million.

Lion says it delivered 199 vehicles, a 94-vehicle increase, but deliveries were negatively affected by delays in approvals of a subsidy program affecting 50 buses.

Lion trucks
(Photo: Lion Electric)

The company now has more than 1,400 vehicles on the road, which have covered more than a collective 14 million miles (22.5 million km). Lion’s order book contains orders for 2,559 electric trucks and buses, including 304 trucks. The combined orders represent $625 million in revenue.

Lion also has orders for 275 charging stations and related services, worth $5 million. It now operates 12 Experience Centers in the U.S. and Canada and is nearing final certification of the first Lion battery packs.

“We are pleased with our performance in the second quarter of 2023, as we continued to see gradual growth in revenue and in truck deliveries,” Marc Bedard, CEO and founder of Lion, said in a release. “As we recently closed a $142 million financing that provides us with the flexibility to execute our growth plans, we will continue to focus our efforts on achieving profitability, which is moving in the right direction, as demonstrated by the positive gross margin we posted this quarter.”

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