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Lion Electric Company (NYSE: LEV) announced a Memorandum of Understanding with the U.S. Department of Energy to enhance vehicle-to-everything (V2X) technologies. Lion is the sole school bus manufacturer involved in this initiative, collaborating with industry leaders to explore bidirectional EV charging infrastructure integration and cybersecurity. The MOU emphasizes the role of heavy-duty electric vehicles in supporting renewable energy grids, aiming to reduce fossil fuel reliance. Lion's all-electric vehicles, including school buses, are already participating in V2G programs in New York and California.
The Lion Electric Company (NYSE: LEV) will release its Q1 2022 results on May 3, 2022, after market close. A conference call discussing the results is scheduled for May 4, 2022, at 8:30 a.m. Eastern Time. Additionally, Lion will conduct its annual shareholders' meeting virtually on May 6, 2022, at 11:00 a.m. This decision supports COVID-19 safety measures, enabling global shareholder participation via a live webcast. Lion Electric is a leader in manufacturing all-electric vehicles, focusing on class 5 to class 8 trucks and buses.
The Lion Electric Company (NYSE: LEV) has partnered with Transit Truck Bodies to launch a new lightweight, 100% electric heavy-duty truck designed for last-mile urban delivery. Built on a Lion6 chassis, the e-Classik box is 40% lighter than traditional models and aims to facilitate the transition to electric vehicles. This initiative, supported by the Quebec government under the Mobel mobilization project, showcases Lion's commitment to zero-emission transportation. The vehicle is now available in Canada and the U.S., reinforcing Quebec's leadership in the electric vehicle sector.
The Lion Electric Company (NYSE: LEV) announced the availability of its management information circular for the upcoming virtual annual shareholder meeting scheduled for May 6, 2022. The company also filed its annual report on Form 20-F for the fiscal year ended December 31, 2021, with the SEC on March 29, 2022. Shareholders can access the Circular, annual financial statements, and the annual report on Lion's website and through SEDAR and EDGAR. Hard copies are available free of charge upon request.
Lion Electric Company (NYSE: LEV) announced an order for 50 all-electric LionC school buses from Autobus Campeau in Quebec. Deliveries are set to commence in Q1 2023. This new order expands Autobus Campeau's use of LionC buses, which have been part of their fleet since 2016. Lion Electric emphasizes its commitment to electric transportation, with a focus on improving societal and environmental outcomes. This collaboration reinforces Lion's position in the electric vehicle market, particularly in school transportation.
The Lion Electric Company (NYSE: LEV) announced a purchase order for 30 LionC school buses from an undisclosed Canadian customer, marking the second order from this client. These zero-emission buses are set to be delivered by March 31, 2023, and are estimated to eliminate over 600 tonnes of greenhouse gas emissions. Lion has established leadership in the zero-emission vehicle sector, delivering over 550 electric heavy-duty vehicles in North America since 2016. The company emphasizes the environmental benefits of its products while continuing its operational growth strategy.
The Lion Electric Company (NYSE: LEV) hosted congressional representatives and state officials at its manufacturing facility in Joliet, Illinois, on March 21, 2022. The event emphasized advancements in clean manufacturing fueled by the Infrastructure Investment and Jobs Act (IIJA), which allocates $5 billion for clean school buses and $7.5 billion for charging infrastructure. Lion anticipates commencing production of 100% electric vehicles in Joliet by late 2022, aiming for a capacity of 20,000 vehicles annually and the creation of over 1,400 jobs in the region.
The Lion Electric Company (NYSE: LEV) has announced key partnerships with leading truck upfitters, including Morgan Truck Body and Thermo King, to introduce new electrified options for its Lion6 zero-emission urban truck. These innovations, showcased at Work Truck Week 2022, include refrigerated and dry freight bodies. The Lion6 operates on a fully electric chassis, offering a range of 200 miles and equipped with advanced battery thermal management for optimal performance in various climates. The partnerships aim to enhance the operational efficiency and sustainability of truck fleets.
The Lion Electric Company (NYSE: LEV) announced its participation in key investor conferences in March 2022. The events include the 34th Annual Roth Conference on March 14 in Dana Point, CA, the virtual 2022 Desjardins Diversified Conference on March 17, and the virtual 50th Annual Scotia Howard Weil Energy Conference on March 22. Lion Electric is recognized for manufacturing zero-emission vehicles, including all-electric trucks and buses, and is committed to enhancing urban transportation. For more details, visit the company website.
The Lion Electric Company (LEV) reported its Q4 and fiscal year 2021 results, highlighting a revenue increase of 69.6% to $22.9 million compared to Q4 2020. Vehicle deliveries rose to 71 from 46 year-over-year. Despite a gross profit drop to $2.2 million, net earnings surged to $28.3 million, primarily due to a $46.6 million gain in share warrant obligations. For the year, total revenue reached $57.7 million, a 142.9% increase, while net loss narrowed to $43.3 million from $97.4 million in 2020. As of year-end, Lion held $241.7 million in cash and has over 2,300 vehicles on order valued at approximately $575 million.
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