Lion Electric, a manufacturer of commercial electric vehicles, announced in its fourth-quarter earnings report on Friday that its vehicles have officially crossed the milestone of 10 million miles driven. The Quebec-based company, which produces electric buses, trucks, and school buses, saw its revenue double in a record quarter, with nearly 1,000 total EVs on the road.
Lion Electric has been a pioneer in the commercial electric vehicle industry for over 12 years, long before it became a trend. Its 950 vehicles have now driven over 10 million miles, a testament to the company’s determination.
The company has secured deals with several major clients across North America, including Amazon and Ikea for its electric trucks, and First Student, LA USD, STA, National Express, and ZUM for its buses. Lion Electric offers a complete turnkey solution to make it easy for businesses to switch to electric vehicles, including the vehicle, charging infrastructure, grants assistance, financing, training, maintenance, and more.
After producing its first LionC all-electric school bus in the US at its Joliet Factory and manufacturing its first battery pack at its Mirabel facility in December, Lion Electric is entering the ramp-up phase of production.
In the fourth quarter, Lion Electric delivered 174 vehicles, generating $46.8 million in revenue, more than double the previous year’s revenue of $22.9 million. Of these 174 vehicles, 139 were electric school buses and 35 were trucks, with 160 delivered in Canada and 14 in the US.
Although the company’s sales have been on the rise, Lion Electric reported a net loss of $4.8 million in the fourth quarter. However, the company achieved net earnings of $17.8 million in 2022, compared to a net loss of $43.3 million in 2021.
Lion Electric has an order book of 2,468 all-electric vehicles, including 301 trucks and 2,167 buses, with an estimated value of around $575 million.
See also: Lion Electric Completes First Lithium-Ion Battery Pack Production in Mirabel Facility
Lion Electric CEO and founder, Marc Bedard, commented on the company’s progress, saying, “We are pleased with our 2022 performance, as once again, despite external challenges, we delivered a record number of electric vehicles. In parallel, we produced our first electric school bus at our Joliet, IL manufacturing plant and we produced our first battery pack at our Mirabel, QC battery manufacturing facility, while efficiently managing our cash position throughout the year.”
Bedard also stated that the company would carefully manage liquidity in 2023 to focus on where best to invest resources in order to support its ramp-up.
