Lion Electric Company (LEV): Lion Electric lays off about 10% of its...

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Wednesday, 11/29/2023 3:25:44 PM

Wednesday, November 29, 2023 3:25:44 PM

Lion Electric lays off about 10% of its workforce
Nov 27, 2023
https://www.msn.com/en-us/money/companies/lion-electric-lays-off-about-10-of-its-workforce/ar-AA1kBf63

The Lion Electric Company (NYSE:LEV) announced a workforce reduction on Monday that it said is aimed at rationalizing its cost structure and improving the company's ability to reach its profitability objectives.

The reduction affects 150 employees or approximately 10% of Lion Electric's (LEV) total headcount in production overhead, manufacturing, product development and administrative functions, both in Canada and the United States.

"Although this was a very difficult decision and we are sad to part ways with valued employees, this initiative was the right thing to do for the business at this point in time", said Lion CEO Marc Bedard. He said the company is confident that the workforce remaining in place is more than capable to continue growing Lion's leadership.