Electric vehicle manufacturer Lion Electric reported delivery of 220 vehicles (including school buses) and increased revenue of $54.7 million for the first quarter of 2023, ending March 31.
"We are pleased with our Q1 2023 performance, as we increased the number of vehicles delivered for the sixth quarter in a row," said Marc Bedard, CEO and founder of Lion. "With manufacturing at both our Joliet vehicle plant and our battery factory now underway, we are focused on achieving profitability and are putting the right elements in place to achieve this objective."
Highlights from the quarter include:
- 220 vehicles delivered, up from 84 during the same period in 2022.
- $54.7 million in revenue, up from $22.6 million this time last year.
- Capital expenditures of $23.1 million toward the company's manufacturing facility in Joliet, Ill., and the battery plant in Quebec, down $11.8 million compared to last year.
The company reports that it has more than 1,100 vehicles on the road with more than 10 million miles driven. Production of LionC zero-emission school buses has begun in Joliet. The order book includes 2,565 all-electric medium- and heavy-duty vehicles - 295 trucks and 2,270 buses - with a combined total order value of about $6 million. Lion Electric employs 1,400 people as of May 8, with about 300 working in the engineering and research and development departments.
Lion Electric's virtual annual meeting will be held May 30 at 11 a.m. Eastern.
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