Lion Electric’s order book swells, but supply chain challenges limit production
Lion Electric delivered another 40 vehicles in the third quarter, and earned revenue of $11.9 million – a $9.3 million jump from the same quarter a year ago.
The Quebec-based electric truck and bus maker says it now has more than 450 vehicles on the road with more than 8 million miles driven. Its order book includes 2,024 electric vehicles, including 261 trucks, with a combined order value of about $500 million.
Its subsidiary Lion Energy has 187 charging stations on order. Lion reported it plans to open another seven Experience Centers by the end of the year.
“Although global supply chain challenges have impacted our ability to manufacture and deliver complete vehicles in Q3, we continued to see strong momentum in the shift to electrification of medium and heavy-duty transports, as evidenced by dialogue with potential customers translating into tangible engagement on multi-year, large scale fleet electrification,” said Marc Bedard, CEO and founder of Lion.
“While we expect global supply chain headwinds affecting many sectors to persist in 2022, we are taking tangible actions to mitigate the impact this will have on our production and performance. These tangible actions include increasing supplier redundancy, selectively sourcing raw materials on behalf of our component suppliers, increasing in-house fabrication of certain parts, and re-designing certain sub-assemblies.”
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