Profits and net income up at Lion Electric

Profits and net income up at Lion Electric

UPGRADE DAY

The Quebec company Lion Electric saw its profits and net income increase for the second quarter of 2022, compared to a net loss for the same period last year. 

For the quarter ended June 30, 2022, the bus company's net profit thus reached 37.5 million USD, compared to a net loss of 178.5 million USD which had been recorded in the second quarter of 2021.

Ordinary operations were $52.2 million, a jump of $29.3 million from the same period a year earlier.

< p>“We are pleased with our performance for the second quarter, as despite the current challenges in the supply chain, we have, for a third consecutive quarter, achieved the best vehicle deliveries in Lion's history”, declared Friday by press release Marc Bédard, president – founder of Lion.

The company delivered 105 vehicles vehicles during this period, a clear improvement compared to the same quarter of 2021 when 61 vehicles were supplied.

“As we are about to start operations at our manufacturing plant in the United United States and at our battery plant, we have also decided to adjust the pace of our capital expenditures, which should allow us to accelerate the return on invested capital and optimally manage our capital resources,” he pointed out.

The company had an order book of 2,357 medium- and heavy-duty all-electric city vehicles as of August 4, worth approximately $575 million. .