Achi news desk-
Lion Electric Co. It says it lost $21.7 million in its most recent quarter, compared to a loss of $15.6 million in the same quarter last year, as it faced higher manufacturing costs related to ramping up new products.
The maker of medium- and heavy-duty electric vehicles, which runs its books in US dollars, says the loss amounted to 10 cents per diluted share in the quarter ended March 31, compared with a loss of seven cents per share a year earlier.
Revenues in the quarter totaled $55.5 million, up from $54.7 million in the first quarter of 2023.
Lion says the revenue increase was helped by a higher rate of vehicle sales in the US, which resulted in a more favorable product mix, partially offset by lower sales volumes.
The company says it delivered 196 vehicles in the quarter, down from 220 delivered in the same quarter last year.
The Montreal-based company announced last month that it was cutting about 120 jobs. The move followed the elimination of more than 100 jobs in the company in February and 150 jobs in November last year.
– This report by The Canadian Press was first published on May 8, 2024.
