Lion Electric Co. says it is laying off hundreds more workers as part of a plan to staunch its financial losses.
The announcement sent the electric bus company's shares into a tailspin, leaving them a penny stock by day's end. The share price fell by 22 cents or more than 18 per cent to 98 cents when markets closed Wednesday — far below highs that topped $24 in mid-2021.
Lion Electric said some 300 employees would be let go in the coming days in a 30 per cent cut to its workforce. It expected most of the layoffs to be temporary.
The company previously laid off about 220 employees in a pair of announcements in February and April.
https://www.thealbertan.com/national-business/lion-electric-announces-300-more-layoffs-driving-stock-into-the-tank-9293018