Lion Electric (LEV) cuts workforce by 10%

Canada-based, Lion Electric (NYSE: LEV) announced Monday that the medium and heavy-duty electric automaker will reduce its workforce by 150 employees in an attempt to rationalize its cost structure and improve profitability.

The reduction will effect approximately 10% of Lion's total workforce in production overhead, manufacturing, product development and administrative functions, both in Canada and the United States.

"Although this was a very difficult decision and we are sad to part ways with valued employees, this initiative was the right thing to do for the business at this point in time", said CEO Marc Bedard.

Shares of LEV are up 0.89% in mid-day trading on Monday.

By Michael Elkins | [email protected]

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