Electric vehicle maker Lion Electric cuts about 120 jobs as it looks to reduce costs

MONTREAL — The Lion Electric Co. says it's cutting about 120 jobs as part of a plan to reduce costs.

The Montreal-based maker of electric trucks and buses says the cuts are mostly Canadian employees in overhead and product development roles.

The move comes after the company announced that it was cutting more than 100 employees in February and 150 workers in November last year.

Lion Electric says it will have approximately 1,150 employees, after the cuts.

The company says it is also moving to reduce costs in areas such as third-party inventory logistics, lease expenses, consulting, product development and professional fees.

Lion Electric says the job cuts and cost reductions announced Thursday combined with the announcements in November 2023 and February this year are expected to result in annualized savings of about $40 million.

This report by The Canadian Press was first published April 18, 2024.

Companies in this story: (TSX:LEV)

The Canadian Press