Lion Electric reported record revenue of $80.3 million in Q3 2023.  -  Photo: Lion Electric/Work Truck

Lion Electric reported record revenue of $80.3 million in Q3 2023.

Photo: Lion Electric/Work Truck

Employees at Lion Electric Company in Joliet, IL, have declared their intent to unionize with the International Association of Machinists and Aerospace Workers on November 20.

Approximately 140 workers at the facility advocate for improved working conditions through collective bargaining, citing industry-wide challenges such as low pay, an imbalanced work-life structure, job insecurity, favoritism, and unaffordable health insurance.

Prioritizing a living wage for all Lion employees, the workers aim to address longstanding issues and create stable, family-supporting jobs crucial for the well-being of the Joliet community, according to The International Association of Machinists and Aerospace Workers.

Lion Electric Announces Workforce Reduction to Enhance Profitability

Following the announcement on November 27, Lion Electric revealed plans for a strategic reduction in its workforce aimed at optimizing operational costs and advancing profitability goals.

The decision impacts 150 employees, constituting approximately 10% of Lion's total workforce, across various departments such as production overhead, manufacturing, product development, and administration in both Canada and the United States.

"Although this was a very difficult decision and we are sad to part ways with valued employees, this initiative was the right thing to do for the business at this point in time", said Marc Bedard, CEO-Founder of Lion. "I am confident that the workforce remaining in place is more than capable to continue growing Lion's leadership", he added.

Although the company says the reduction results from optimizing operational costs and advancing profitability goals, it reported record revenue and gross profit for the third quarter of 2023.

Some of its financial highlights include:

  • Record revenue of $80.3 million, up $39.4 million, as compared to $41.0 million in Q3 2022.
  • Record gross profit of $5.4 million as compared to a gross loss of $3.8 million in Q3 2022.
  • Delivery of 245 vehicles, an increase of 89 vehicles, as compared to the 156 delivered in the same period last year.
  • Net loss of $19.9 million in Q3 2023, as compared to net loss of $17.2 million in Q3 2022.
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