Lion Electric lays off another 150 employees
Lion Electric, Quebec-based manufacturer of electric trucks, announced a reduction of its workforce through temporary layoffs of approximately 150 employees, in both Canada and the U.S., across all departments within the organization.
Following this workforce reduction, Lion will have approximately 160 employees who will mainly focus on assisting Lion’s customers with the maintenance and servicing of school buses and trucks, according to a news release.
The company was required to implement this workforce reduction in the context of its ongoing proceedings under the Companies’ Creditors Arrangement Act (CCAA) as per the terms and conditions of the debtor-in-possession financing provided by the lenders under the company’s senior revolving credit agreement in connection with such proceedings, in order to fund the sale and investment solicitation process (SISP) being conducted in the context of the proceedings as well as the company’s operations during the restructuring process.
As previously announced, the Superior Court of Quebec (Commercial Division) issued on Dec. 18, 2024, an initial order granting the company and its subsidiaries protection under the CCAA as well as an order approving a SISP in respect of the Company’s business or assets.
Have your say
This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.
This is what happens when governments get involved in the development of electric automotive industry. Making unnecessary legislation instead of letting manufacturers develop new technologies to evolve the market over time. The government is not a business and and for the most part has no idea how to run one.
Electric vehicles are way too expensive and a limited range it much better to use natural gas or propane except for limited use and very limited range. In my opinion. We should not spend Gov money on this at point in time