Lion Electric Announces Fourth Quarter and Fiscal 2021 Results

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LionC electric school buses. PHOTO Lion Electric

The Lion Electric Company, a manufacturer of all-electric medium and heavy-duty urban vehicles, announced its financial and operating results for the fourth quarter and fiscal year 2021, which ended on December 31, 2021.

Here are the highlights:

  • More than 550 vehicles on the road, with over 9 million miles driven.
  • Vehicle order book of 2,325 all-electric medium- and heavy-duty urban vehicles as of February 24, 2022, consisting of 300 trucks and 2,025 buses, representing a combined total order value of approximately $575 million based on management’s estimates.
  • LionEnergy order book of 278 charging stations and related services as of February 24, 2022, representing a combined total order value of approximately $3.0 million.
  • 11 Experience Centers in operation in the United States and Canada
  • Took possession of new leased 900,000 sq-ft U.S. manufacturing facility in Joliet, Illinois (the “Joliet Facility”) and continuing with tenant improvement work as well as the installation of critical production and other equipment. Vehicle production is expected to begin in the second half of 2022.
  • Construction advancing at the battery manufacturing plant and innovation center in Mirabel Quebec, (the “Lion Campus”) and the purchase of critical equipment for the battery plant has begun. Production of battery packs and modules expected to begin in the second half of 2022.
  • Launched LionCapital Solutions, a new division dedicated to providing customers with flexible financing solutions specifically tailored to the medium and heavy-duty electric vehicle market.
  • As of February 24, 2022, Lion had approximately 1,000 employees, of which approximately 300 were in its Engineering and R&D departments.

“We are proud of the progress we have made during the last year, which marked, among other things, our transition to a public company. In addition to delivering vehicles across North America, we solidified our commanding leadership in all-electric school buses, continued to strengthen our order book in both buses and trucks, and advanced the development of additional vehicle platforms,” commented Marc Bedard, CEO – Founder of Lion.

“We also started building our 900,000 square foot, state-of-the-art manufacturing facility in Joliet, Illinois, which will eventually have the capacity to annually produce up to 20,000 Lion vehicles per year for the U.S. market. Additionally, we began the construction of the Lion Campus, which will house our 5 GhW battery plant and innovation centre.”

“As we look forward to 2022, I would like to thank all employees for their continued dedication, as well as for their flexibility, agility and innovation, which are essential as we strengthen our position as a leader in the electric vehicle sector. I am confident that the initiatives we have taken on will accelerate growth, while making a concrete, long-term impact on the society we live in,” concluded Marc Bedard.



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