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Lion Electric cuts 10% of its workforce amid industry-wide layoffs due to slow EV demand and economic challenges.
Lion Electric, a Canada-based EV startup, is laying off 150 employees, about 10% of its workforce, across various departments in Canada and the U.S. to streamline costs and advance towards profitability. This comes despite the company's recent capital raise of $142 million and the opening of a major U.S. manufacturing plant in Joliet, Illinois, projected to produce 20,000 electric trucks and buses annually. The cutbacks reflect broader industry trends, with companies like LG Energy Solution and Our Next Energy also announcing layoffs amid slower EV demand and economic uncertainties.
Source: Trucking Dive
Canada’s @LionElectricCo lays off 10% of its workforce. By @kginalex #trucks #trucking #electricvehicles #layoffs https://t.co/Qkjj1BGB1c
— Transport Topics (@TransportTopics) November 30, 2023
Source: Transport Topics
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