Lion Electric Announces Layoffs, Potential Sublease of Part of Joliet Facility

 Lion Electric announced their operating and financial results for the second quarter of the 2024 earnings year on July 31, 2024.

The company also announced an "Action Plan" to reach profitability.  Action plan items of relevance to Joliet include:

-"a reduction of the Company's workforce by 30% (representing approximately 300 employees) across Canada and the United States and impacting all areas of the organization, which is expected to be implemented over the upcoming days and will result in mostly temporary lay offs (such initiative being expected to result in annualized costs savings for the Company of up to approximately $25 million, assuming that employees temporarily laid off are not re-hired);"

-a process to optimize usage of the Company's facilities, including the potential sublease of a significant portion of its Joliet Facility and certain experience centers throughout Canada and the United States;"


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