The Lion Electric Company announced today it will temporarily lay off about 150 employees in Canada and the United States, bringing its workforce to about 160. The company said the move is tied to its ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings and the debtor-in-possession financing terms required by its lenders.
The remaining employees will focus on assisting customers with the maintenance and servicing of the company’s electric school buses and trucks, the company said. Lion added that the layoffs are part of its plan to fund a sale and investment solicitation process, as approved by the Superior Court of Quebec on Dec. 18, 2024.
Lion Electric designs and builds zero-emission vehicles, including electric school buses. It also assembles many of its components, such as chassis, battery packs, truck cabins and bus bodies. The company’s shares trade on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.
Documents related to the restructuring are available from the monitor’s website, the company said.
