May 24, 2022

The Queens County Citizen

Complete Canadian News World

Supply difficulties Delay the setting up of the vehicle at the lion

Une femme tient un iPhone dans ses mains. Des bulles flottent au-dessus du téléphone, illustrant un profil, une pièce d'identité ainsi que des documents.

Thus, for the quarter ended September 30, 2021, the company produced 40 vehicles (28 buses and 12 trucks). In the same quarter last year, it completed the assembly of 10 vehicles (all school buses).

In its presentation to investors, Lion Electric Company made it clear that management and supply difficulties affect less-needed operations such as the assembly of metal modules, plastic parts and cables.

The company, headquartered in Saint-Jerome, Lawrence, has noticed delays in the delivery of many components and raw materials.

Lion Electric Company did not mention in its presentation how many vehicles it may have over-assembled due to supply difficulties.

The company will hold a conference call on Thursday morning to discuss its quarterly results.

During the third quarter, the Marc Bédard-led company implemented a number of measures to improve supply chain performance: an increase in the number of suppliers, the internal manufacture of parts and the selection of selected raw materials for certain purposes among its suppliers. .

The automaker predicts that the supply chain crisis will continue next year.

The company reported revenue of US $ 11.9 million in the third quarter of 2021, up from US $ 2.6 million a year earlier.

Net income for the third quarter was US $ 123 million, mainly accounting. In the third quarter of last year, Lion Electric reported a net loss of US $ 38.6 million.

As of early November, manufacturers owe a total of 2,024 all-electric medium and heavy-duty urban vehicles (261 trucks and 1,763 buses), valued at approximately $ 500 million.

This book contains a particularly conditional sequence 1,000 electric school buses from Student Transportation of Canada.

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Lion stock fell 2.9% to close at $ 15.20 on the Toronto Stock Exchange on Wednesday.

Mark Bedard, Founding President of Lion Electric.

Photo: Radio-Canada / Ivanoh Demers

Earlier this week, Lion Electric Company President and Founder Mark Bedard supported the Quebec and Ottawa governments in a speech at the Canadian Center in Montreal. Had to change their bidding criteria for transportation To prioritize local purchases and put an end to the lowest bidder rule.

Mark Bedard gave an example Buy American law This forced his company to assemble vehicles ordered in the United States at its factory in Illinois. The plant is expected to be operational by the second half of 2022.