MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that the Company and its subsidiaries have applied to the Superior Court of Quebec (Commercial Division) (the “Court”) for an initial order to seek protection from their creditors under the Companies’ Creditors Arrangement Act (“CCAA”). The Company and its subsidiaries also intend to seek recognition of the CCAA proceedings in the United States under Chapter 15 of the Bankruptcy Code.
In its application for an initial order, the Company seeks the approval of a formal sale and investment solicitation process (“SISP”) in order to provide interested parties with the opportunity to submit proposals with a view to enabling the Company and its senior lenders to determine the highest and best available transaction for the Company and its stakeholders.
The initial order application seeks, among other things, a stay of proceedings in favor of the Company and its subsidiaries, including a stay of creditor claims and exercise of contractual rights, and the authorization of an interim debtor-in-possession (DIP) financing to be provided by the lenders under the Company’s senior revolving credit agreement in order to fund the SISP and the Company’s operations during the restructuring process. Approval is also being sought for the appointment of Deloitte Restructuring Inc. as monitor to oversee the CCAA proceedings and report to the Court. While under CCAA protection, management of the Company will remain responsible for the day-to-day operations of the Company under the oversight of the monitor.
This announcement follows the press release issued by the Company on December 17, 2024 announcing the expiry of the covenant relief period under the Company’s senior revolving credit agreement and maturity of the Company’s loan agreement with Finalta Capital and Caisse de dépôt et placement du Quebec.
Trading in the common shares and other listed securities of the Company on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (the “NYSE”) has been halted. The TSX has also put the Company under delisting review under its expedited review process. It is anticipated that trading in the Company’s listed securities will continue to be halted until completion of the review undertaken by the TSX and the NYSE regarding the suitability of the Company for listing on the TSX and the NYSE.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
MACON, Ga. — Wilkes County Schools (WCS) has marked the historic milestone of becoming the first school district in Georgia to serve all of its 25 daily bus routes exclusively with zero- and ultra-low-emission school buses. WCS’ new fleet of electric and propane-powered buses eliminates regular diesel bus routes, significantly improving air quality for students and the surrounding community, while also significantly reducing operating costs.
Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, delivered 5 electric and 12 propane-powered school buses to Wilkes County Schools. The company’s electric school buses generate zero emissions and can carry approximately 60 students up to 130 miles on a single charge.
WCS can considerably lower its operating expenses by replacing diesel with electric school buses due to reduced fuel and vehicle maintenance costs. School districts have reported paying a mere 19 cents per mile in energy costs for electric buses compared to fuel costs of up to 79 cents per mile for their diesel buses.
WCS will also rely on Blue Bird’s industry-leading propane buses for its student transportation needs. Blue Bird’s propane buses for the school district can carry approximately 60 students around 250 miles on a single tank of propane autogas. Propane school buses generate 96% fewer harmful emissions than their diesel counterparts.
In addition, propane-powered school buses help the school district to lower the total cost of ownership of its bus fleets by realizing fuel and maintenance cost savings of up to $3,700 per bus annually compared with diesel buses. WCS presently operates a fleet of 22 Blue Bird propane buses. Thus, the school district could save more than $1.2 million over the 15-year life of its vehicles.
“We are proud to be among the first school districts in the nation to launch a fleet of all electric and propane-powered school buses,” said Michelle Smith, superintendent of Wilkes County Schools. “Blue Bird’s zero- and ultra-low-emission school buses will help us to create a healthier environment for our students and our communities at-large while significantly lowering our operating costs. Together, we have transformed our ambitious vision of clean, sustainable student transportation into a reality.”
“We are delighted to supply Wilkes County Schools with our industry-leading, electric and propane-powered school buses,” said Albert Burleigh, vice president of North America bus sales at Blue Bird Corporation. “Moving forward, students on all 25 daily routes will travel exclusively on zero- and ultra-low-emission buses to and from school. We applaud Wilkes County Schools for putting student and community health first.”
The leading provider of school bus fleet electrification-as-a-service, Highland Electric Fleets, installed five new Tellus charging stations to support the district’s five electric school buses. These chargers allow WCS to utilize overnight and downtime charging, ensuring the buses are always ready to meet transportation needs.
“We’re thrilled to be one of the partners helping Wilkes County Schools transition to a fully clean school bus fleet, bringing lasting air quality to students and cost-saving benefits to the school district,” said Duncan McIntyre, CEO of Highland Electric Fleets. “By adding electric school buses and charging infrastructure, WCS is investing in healthier, more resilient communities, while ensuring that students have a safe, reliable ride to school every day.”
WCS received a $2,335,000 grant through the U.S. Environmental Protection Agency’s (EPA) highly effective Clean School Bus Rebate Program to purchase its Blue Bird electric and propane-powered school bus fleet. This program is part of the Bipartisan Infrastructure Law (BIL) which provides a total of $5 billion over five years for clean school bus transportation nationwide. The EPA has already awarded nearly $3 billion through the landmark bipartisan initiative. The program to date will enable more than 1,300 school districts nationwide to replace old diesel buses with nearly 9,000 electric and ultra-low emission vehicles.
Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company remains the proven clean transportation leader with more than 2,000 electric-powered, zero-emission school buses in operation today.
In addition, Blue Bird is the only school bus manufacturer in the United States to offer propane-powered school buses. Today’s propane engine is 90% cleaner than the most stringent federal emission standard set by the EPA. New and even stricter emission standards will take effect in 2027. Blue Bird’s ultra-low emission, propane-powered school buses exceed those emission standards already today.
Wilkes County Schools purchased its advanced electric and propane-powered vehicles through Blue Bird’s authorized school bus dealer Yancey Bus Sales & Service in Austell, Ga.
About Blue Bird Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. School buses carry the most precious cargo in the world – 25 million children twice a day – making them the most trusted mode of student transportation. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird’s complete product and service portfolio, visit www.blue-bird.com.
About Wilkes County Schools
Located in historic Washington, Georgia, Wilkes County Schools serves approximately 1,250 students within a diverse and inclusive rural community. Guided by the vision of “Excellence Without Exception,” the district is dedicated to transformative education, offering robust programs in STEM, fine arts, Career and Technical Education, Advanced Placement, and dual enrollment. With a commitment to critical thinking, lifelong learning, and educator development, Wilkes County Schools fosters a safe, innovative learning environment. Grounded in community collaboration and a tradition of continuous improvement, the district prepares students to excel in an ever-evolving, competitive global workforce. For more information, visit www.wilkes.k12.ga.us.
About Highland Electric Fleets
Highland Electric Fleets is the leading provider of electrification-as-a-service for school districts, governments, and fleet operators in North America. Founded in 2019, Highland offers a unique suite of products that make it simple and affordable to upgrade to electric fleets today. Active in 30 states and Canada, Highland is responsible for the first use of electric school buses in a commercial vehicle-to-grid (V2G) program and the largest electric school bus project in the United States to date. To learn more, visit www.highlandfleets.com.
The deadline passed for Lion Electric Company to repay loans needed to overcome hundreds of millions in debt, but the school bus manufacturer is not heading into bankruptcy, a company spokesperson said.
The statement made to School Transportation News on Tuesday came amid a Lion press release earlier in the day that highlighted use of the Companies Credit Arrangement Act (CCAA), a Canadian federal law dating back to 1933 that allows insolvent companies to avoid liquidation. This occurs through court-directed compromise or arrangement made by a debtor company and its secured creditors.
Lion on Wednesday formally applied for CCAA protection. It also said it will seek recognition of the CCAA process under chapter 15 of the U.S. bankruptcy code.
In the press release on Tuesday, Lion said it “is currently in discussions with its senior lenders to obtain additional funds pursuant to a new debtor-in-possession credit facility and expects to seek creditor protection” under the CCAA as it seeks to restructure its business and financial affairs. Lion added it pursues a formal sales and investment solicitation process for the company’s business or assets.
The Lion spokesperson referred to the CCAA proceedings as a “stable and structured environment” for various restructuring measures under a Revolving Credit Agreement with two lenders represented by the National Bank of Canada and a loan agreement with Finalta Capital Fund that expired on Monday. No timeline was given for when the CCAA agreements will be finalized.
On Dec. 1, Lion announced the latest of four amendments to the Revloving Credit Agreement and an extension of the Finalta Capital loan agreement, a halt to all production at its manufacturing plant in Joliet, Illinois, and the laying off an additional 400 workers on top of the 120 employees laid off in April. The company has trimmed its workforce from nearly 1,300 employees to about 300.
A separate SEC filing that same day announced the Nicolas Brunet resigned as president.
Four days later, Lion said it reached an agreement to sell its Quebec innovation center for $35 million U.S. The company noted in its third-quarter financial results total liabilities of $500 million and a net loss of nearly $75 million as of Sept. 30.
MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today the expiry of the previously announced covenant relief period under its senior revolving credit agreement entered into with a syndicate of lenders represented by National Bank of Canada, as administrative agent and collateral agent, and including Bank of Montreal and Federation des Caisses Desjardins du Québec (the “Revolving Credit Agreement”), as well as the maturity of the Company’s loan agreement entered into with Finalta Capital Fund, L.P., as lender and administrative agent, and Caisse de dépôt et placement du Quebec (through one of its subsidiaries), as lender (the “Finalta CDPQ Loan Agreement”).
The company had previously announced on Dec. 1, 2024 amendments to the Revolving Credit Agreement and the Finalta CDPQ Loan Agreement in order to extend the covenant relief period and the maturity date of the Finalta CDPQ Loan Agreement to Dec. 16, 2024, which provided the company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives. As no such alternatives have materialized and no further amendments, concessions or waivers have been obtained, the expiry of the covenant relief period and re-introduction of the financial covenants previously applicable under the Revolving Credit Agreement as well as the maturity of the Finalta CDPQ Loan Agreement on Dec. 16, 2024 result in the company being in default pursuant to the terms of the Revolving Credit Agreement, the Finalta CDPQ Loan Agreement and other debt instruments providing for cross-default or cross acceleration provisions, and in the company’s lenders having the ability to exercise their rights and request immediate repayment of amounts borrowed by the company.
As a result of the foregoing, the company is currently in discussions with its senior lenders to obtain additional funds pursuant to a new debtor-in-possession credit facility and expects to seek creditor protection under the companies’ Creditors Arrangement Act in order to restructure its business and financial affairs and pursue a formal sales and investment solicitation process in respect of the company’s business or assets.
Trading in the common shares and other listed securities of the Company on the Toronto Stock Exchange (“TSX”) and the New York Stock Exchange (the “NYSE”) has been halted and it is anticipated that the trading thereof will continue to be halted until a review is undertaken by the TSX and the NYSE regarding the suitability of the Company for listing on the TSX and the NYSE.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
The latest personnel move related to the Lion Electric Company monetary issues is Nicolas Brunet, who the company announced is resigned as president 14 months after he was tapped for the position.
Lion made no formal announcement, with a note indicating Brunet was leaving the company immediately tucked away on the second to last page of an SEC filing dated Dec. 1. That same day, the company announced it was halting production at its Joliet, Illinois, factory and was laying over 400 workers.
Nicolas Brunet
Lion has until Dec. 16 to pay back four creditors unless it can secure additional investments or find a company to purchase it.
Brunet joined the company headquartered in Saint-Jerome, Quebec, in 2019 and was executive vice president and CFO before being named president on Sept. 28, 2023.
A company spokesperson declined to comment on Wednesday on Brunet’s departure but added that Marc Bedard remains chief executive officer. Bedard founded Lion Electric as Autobus Lion, or Lion Bus, in 2008 after previously serving as an executive for Type A school bus manufacturer Corbeil, which closed the previous year.
Lion’s first school bus was the Lion 360 in 2011, a diesel Type C model developed in partnership with Spartan Chassis. The company transitioned to only manufacturing electric school buses and rebranded itself as Lion Electric in 2017. Two years later it began manufacturing electric trucks.
Boeing workers gather on a picket line near the entrance to a Boeing facility on Oct. 24 in Seattle. The strike ended with a deal in November. Those workers returning to the job factored into growth reported in the latest labor report. (Photo by David Ryder/Getty Images)
The economy added 227,000 jobs in November, making for a strong jobs report despite a slight increase in the unemployment rate. Although the labor market has cooled this year, the Trump administration stands to inherit a fairly healthy labor market, with decent job growth across many sectors.
The number of jobs was bolstered by the return of striking workers, according to the U.S. Bureau of Labor Statistics report. Employment in transportation equipment manufacturing rose by 32,000 jobs. Boeing machinists who went on strike in September seeking higher pay and better retirement benefits reached a deal in November.
The agency also revised up the number of jobs added in the October and September reports by 56,000 jobs combined.
Although the unemployment rate ticked up from 4.1% to 4.2%, the economy is looking strong, particularly when you look at gross domestic product, said Louise Sheiner, with the nonpartisan Brookings Institution.
“It’s been remarkably strong. If you look at what the Congressional Budget Office projected the level of real GDP before the pandemic, it’s higher now. We’ve just had a really strong economy,” said Sheiner, who focuses on fiscal policy.
Although she said the labor market has been slowing a little, it’s still healthy.
Elise Gould, senior economist at the left-leaning Economic Policy Institute, said the three-month average of job growth at 173,000 jobs shows a fairly strong labor market.
Employment in health care and government, including state government employment, continued to add jobs. Leisure and hospitality added 53,000 jobs and food services and drinking places added 29,000 jobs.
Gould said she is keeping an eye on the employment-to-population ratio, a measure of workers employed versus the working-age population. The measure is down 0.6 percentage point over the year.
“Let’s pay attention to that and see where that goes,” she said. “We were at a pretty nice high this summer that has come down a bit.”
Economists will also keep an eye on demographic data changes in the next jobs report. The unemployment rate for Black men jumped from 5.7% to 6% and the unemployment rate for Black women increased from 4.9% to 6%. Economists and policy experts said that although they will be watching these numbers, they don’t think the higher unemployment rate for Black people will necessarily continue. The month-to-month data can be volatile and may not point to a broader trend, they said.
“The Black unemployment rate jumped to 6.4% which is the highest since March and then looking at Black women, we saw their unemployment rate jumped to 6% which is the highest that we’ve seen in 2.5 years,” said Clara Wilson, senior policy analyst at the Groundwork Collaborative, a left-of-center economic think tank. “However, the spike in Black unemployment is something to always keep a track of because if we continue to see a rise in Black unemployment that typically is a warning signal canary in the coal mine that there could be further weakening in the labor market down the line.”
Retail jobs fell by 28,000, with a loss of 15,000 in general merchandise and 4,000 in electronics and appliance retailers.
“I’m not particularly concerned about it because it can be due to the fact that it was just a late Thanksgiving this year, so that holiday hiring may not have happened during the reference period in the same way,” Gould said.
Average hourly earnings rose 0.4%, the same as October, and 4% over the past year. Although some economists say the Federal Reserve would like to see wages come down to help it meet its 2% target for inflation, Wilson said higher wages are an indication that workers are benefiting from the current economy. She said she’s worried that the Trump administration will undo some of the economic progress she said has been made from the Biden administration’s major legislation.
“It’s really important to remember that real people are behind the data and the strong labor market propels more opportunities for workers and ensures families have higher wages and that leads to a stronger economy. Policymakers should take those lessons that we’ve learned from those strong public investments and sustain that progress,” Wilson said.
MONTREAL — The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that it has reached a definitive agreement with Aéroport de Montreal to sell its innovation center facility located in Mirabel, Québec, for a purchase price of C$50,000,000, subject to customary purchase price adjustments and closing conditions.
All of the net proceeds from the transaction are intended to be used towards the partial repayment of the Company’s senior secured non-convertible debentures issued in July 2023, holders of which currently benefit from a first ranking hypothec over the immovable/real rights related to the innovation center facility. As a result, while the transaction is expected to reduce the Company’s long-term indebtedness, it will not impact the Company’s short term liquidity and cash position.
Closing of the transaction is expected to occur before the end of 2024, subject to the satisfaction of customary closing conditions.
About Lion Electric
Lion Electric is an innovative manufacturer of zero-emission vehicles, including all electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.
The U.S. Senate unanimously passed the Invent Here, Make Here Act on Tuesday. According to Baldwin’s office, the bipartisan bill would ensure that federally-funded innovations are manufactured in the U.S. and not in adversarial countries.
Pharmaceutical giant Eli Lilly and Company Thursday announced a $3 billion expansion at its recently acquired manufacturing facility in Kenosha County.
As Lion Electric attempts to stay afloat amid hemorrhaging cash and rising debt, the company announced a Quebec innovation center is being sold amid the latest workforce reduction that halted production at an Illinois electric vehicle factory that opened not quite a year and a half ago.
On Sunday, Lion announced the latest amendments to its senior revolving credit agreement, the fourth such move this year, extending the maturity agreement with lenders from Nov. 30 to Dec. 16. Lion said this will allow the company to maintain minimum liquidity needs for continued operation.
“Such additional liquidity will also provide the company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives, including seeking creditor protection … There can be no assurance that the Company will be successful in pursuing and implementing any such alternatives, nor any assurance as to the outcome or timing of any such alternatives,” according to a press release.
Lion also announced it was temporarily laying off 400 additional employees in both the U.S. and Canada. The company laid off 520 workers earlier this year. The latest workforce reduction suspends all production at the Joliet, Illinois, facility, which opened in July 2023 to much fanfare.
The company added that it has approximately 300 employees remaining that will focus on bus manufacturing, sales, service, delivery and maintenance.
On Thursday, Lion said it reached a definitive agreement to sell its innovation center in Mirabel, Quebec to Aéroport de Montreal for $50 million Canadian, about $35.65 million.
“As a result, while the transaction is expected to reduce [Lion’s] long-term indebtedness, it will not impact the company’s short-term liquidity and cash position,” the statement read.
On Nov. 30, the New York Stock Exchange began delisting Lion warrants citing “abnormally low selling price” levels. Since September, company revenue is down nearly 62 percent, with net income down 71 percent.
Lion was the first all-electric school bus manufacturer to reach market in 2017. It has over 2,200 total electric vehicles including trucks on the road.
DRUMMONDVILLE, Canada- Micro Bird, a joint venture between Blue Bird Corporation and Girardin, will be expanding its manufacturing operations in Plattsburgh, NY. The company has confirmed the purchase of the Nova Bus facility on Banker Road, where it plans to build both electric and non-electric versions of its current bus products. Nova Bus is set to cease operations in Plattsburgh next year. This investment is part of a growth strategy to double production capacity and better meet the sustained and growing demand for its products, which are known for their superior quality, durability and value. This will also provide a considerable growth opportunity for the Blue Bird brand and its well established and reputable North American dealer network.
Eric Boulé, Micro Bird’s President and CEO, said, “We are very excited to begin this new chapter by expanding our operations in Plattsburgh, and by creating high quality job opportunities for our future colleagues. This investment confirms Micro Bird’s position as a leading manufacturer in the North American bus industry. We are also grateful for the strong cooperation and support from the Nova Bus leadership team and representatives from the state of New York, Clinton County, and the Town of Plattsburgh. “
Micro Bird ‘s investment in capital expenditure and training will create more than 350
full-time jobs over the next several years. This project is supported by the Empire State Development with nearly $10 million in performance-based Excelsior Jobs Program tax credits and a $2.5 million capital grant from the North Country Regional Economic
Development Council.
“When Nova Bus announced they would cease operations at their Plattsburgh facility, I
immediately contacted company leadership and strongly advocated for solutions that
would capitalize on the current workforce and existing supply chain,” Governor Hochul
said. “Today, I am proud to welcome Micro Bird which we recruited to the North
Country where they can take advantage of our top talent, a thriving transportation
cluster and the major investments we have made across the region. New York’s
manufacturing sector is in the midst of a major renaissance and is a major driver of our
economy I look forward to a long and successful future for Micro Bird in New York
State.”
Majority Leader Charles Schumer said, “This Thanksgiving we have a little extra to
be grateful for in Plattsburgh thanks to Micro Bird’s fantastic investment to take over the former Nova Bus manufacturing facility. I called Nova Bus’s top leadership to urge them to do the right thing and find a new owner in the transportation lane to take over this plant, and I’m thrilled that Micro Bird is stepping up to start manufacturing operations keeping hundreds of good-paying jobs here in Clinton County. This will keep the North Country economy’s wheels in motion and provide good-paying job opportunities for hundreds in the Plattsburgh area. America’s buses will continue to be stamped ‘Made in Upstate NY’ courtesy of the world-class Plattsburgh workforce. I am grateful for Governor Hochul for her partnership and leadership in helping drive this deal to ensure Upstate NY remains a leader in transportation manufacturing.”
Nova Bus President Mr. Paul Le Houillier said, “From our earliest discussions with
Micro Bird, it was clear that they were the right partner with a similar manufacturing
profile who would benefit from Nova Bus’s skilled employees and the cluster of
suppliers in the Plattsburgh area. Choosing Micro Bird quickly became a win-win
choice. We are thrilled to have concluded an agreement with a company that will carry
forward the manufacturing footprint in the region for years to come and who will benefit from the same unwavering support we have received from both the Plattsburgh
community and the New York State.”
Micro Bird will progressively be hiring the skilled and experienced employees currently
working at Nova Bus Plattsburgh, building on the culture of excellence put in place by
Nova Bus. A close collaboration with Nova Bus has been established to ensure a
seamless transition. Site preparation will begin in January, including hiring of
employees. Start of production is scheduled for the Summer of 2025.
About Micro Bird
A joint venture between Girardin and Blue Bird, Micro Bird specializes in the design,
assembly and distribution of school and commercial buses, as well as electric motors,
through its subsidiary Ecotuned Technologies. Headquartered in Drummondville, the
company employs over 600 people. Manufacturing over 3,000 buses per year from its
Drummondville plant, Micro Bird is the largest bus manufacturer in Canada and an
established and respected leader across North America.
A joint venture company owned by Blue Bird and the Girardin that focuses on designing, assembling, and distributing commercial and school minibuses as well as electric powertrain solutions through its subsidiary Ecotuned Technologies. With more than 600 employees, the company’s headquarters are located in Drummondville, Québec. Micro Bird is an established leader in the school bus industry and Canada’s largest manufacturer of buses, producing over 3,000 buses annually from its Drummondville facility
MONTREAL, Canada- The Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, announced today that the staff of NYSE Regulation of the New York Stock Exchange (“NYSE”) has determined to commence proceedings to delist the Company’s warrants with an expiration date of May 6, 2026 ticker symbol LEV.WS to purchase common shares of the Company from the NYSE. Trading in the warrants was suspended immediately. Trading in the Company’s common shares ticker symbol LEV and another series of warrants with an expiration date of December 15, 2027 ticker symbol LEV.WS.A will continue on the NYSE.
NYSE Regulation has determined that the warrants are no longer suitable for listing based on “abnormally low selling price” levels, pursuant to Section 802.01D of the NYSE Listed Company Manual.
The Company is considering whether it will require a review of this determination by a Committee of the Board of Directors of the NYSE. The NYSE will apply to the Securities and Exchange Commission to delist the warrants upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision.
About Lion Electric:
Lion Electric is an innovative manufacturer of zero-emission vehicles. The Company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric school buses. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life. Lion shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.
HIGH POINT, N.C. – Thomas Built Buses, a leading manufacturer of school buses in North America, is proud to announce the addition of three new dealerships to its esteemed Platinum Support Dealer Program for 2024. Western Mountain Bus Sales of Nampa, Idaho, Myers Equipment of Canfield, Ohio, and Velocity Truck Centers serving British Columbia have all achieved Platinum certification. This designation demonstrates their commitment to providing unparalleled service and support to Thomas Built Buses customers.
The Platinum Support Dealer Program recognizes dealerships that go above and beyond in customer service, parts availability and service capabilities. These dealers have met rigorous standards and demonstrated unwavering dedication to operational excellence. Through an extensive training regimen, Platinum Support dealerships learn to eliminate waste from day-to-day business operations, pass down faster vehicle assessment, reduce vehicle downtime and lower vehicle lifecycle costs for the customer.
“The dedication and commitment demonstrated by Velocity Truck Centers, Myers Equipment and Western Mountain in achieving Platinum Support status is truly commendable,” said Dee Dee Parnell, general manager of dealer network development at Thomas Built Buses. “Their continuous pursuit of excellence ensures that our customers receive unparalleled sales and aftermarket support, reinforcing our commitment to superior service.”
Established in 2015, the Thomas Built Buses Platinum Support Dealer Program is focused on improving the customer experience. Today, nearly 80% of all Thomas Built dealers are Platinum Support-certified.
For more information on service offerings, contact your local Thomas Built dealer.
About Thomas Built Buses:
Founded in 1916, Thomas Built Buses is a leading manufacturer of school buses in North America. Since the first Thomas Built bus rolled off the assembly line, the company has been committed to delivering the smartest and most innovative buses in North America. Learn more at thomasbuiltbuses.com or facebook.com/thomasbuiltbuses.
Thomas Built Buses, Inc., headquartered in High Point, North Carolina, is a subsidiary of Daimler Truck North America LLC, a leading provider of comprehensive products and technologies for the commercial transportation industry. The company designs, engineers, manufactures and markets medium- and heavy-duty trucks, school buses, vehicle chassis and their associated technologies and components under the Freightliner, Western Star, Thomas Built Buses, Freightliner Custom Chassis Corp and Detroit brands. Daimler Truck North America is a subsidiary of Daimler Truck, one of the world’s leading commercial vehicle manufacturers.
VANCOUVER, Canada, – GreenPower Motor Company Inc. (Nasdaq: GP) (TSXV: GPV) (“GreenPower” and the “Company”), a leading manufacturer and distributor of all-electric, purpose-built, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported its second quarter fiscal year 2025 results and provided an update on its manufacturing operations.
“GreenPower spent the quarter advancing the school bus production process at its West Virginia facility by setting up an oversized paint booth and establishing production stations to increase throughput in order to meet customer orders and demands,” said GreenPower President Brendan Riley. “The increase in production coupled with manufacturing process improvements is expected to result in higher gross profit margins and cost reductions on a per unit basis as throughput improves.”
Riley said that the Company has been systematically increasing its production workforce to provide for its growing production. “Putting the workforce in place and validating the manufacturing process is key to our efficiency, and production growth which is expected to drive cost savings on a per unit basis. With these in place, GreenPower will be able to attain its longer-term manufacturing goal of producing 20 school buses per month,” he said, noting that steady, measured growth, a foundation of GreenPower’s model, is critical for maintaining quality throughout the production process.
“The growth in production complements GreenPower’s sales strategy of focusing on states where there are money and mandates for electric school buses,” added Fraser Atkinson, CEO of GreenPower. “While we continue to manufacture and sell EV school buses for current orders and contracts under both state and federal programs, the future is more focused on states that have put policies and plans in place to provide a cleaner, healthier ride for students through the deployment of electric school buses. States like California and New York, and regions like the Southwest.”
During the second quarter of GreenPower’s fiscal year 2025, the manufacturing process was exhibited when the Company produced the first Type D BEAST all-electric, purpose-built, zero-emission school bus for the 37 BEAST order from the state of West Virginia from its South Charleston plant, which was delivered at the beginning of our current quarter. That was the second BEAST produced in the facility following the production of the Kanawha County bus purchased directly by the school district outside of the state order. Additional deliveries to fulfill the state order are planned to take place in the third and fourth quarters.
Second Quarter 2025 Highlights:
Generated revenues of $5.3 million for the three months ended September 30, 2024, an increase of 78% over the previous quarter.
Delivered 11 BEAST Type D all-electric school buses, six EV Star Cargo and EV Star Cargo Plus and five EV Star Passenger Vans.
Deferred revenue increased to $10.4 million, including the current portion of $7.5 million, which is expected to be realized over the next year.
At the end of the quarter GreenPower had working capital of $10.1 million including inventory of $31.7 million consisting of $9.3 million of finished goods, $18.6 million of work-in-process and $3.8 million of parts and components.
Received order for school buses under EPA’s Clean School Bus Program from the RWC Group for Arizona.
In October the Company completed an underwritten offering of 3,000,000 common shares raising gross proceeds of $3 million. The net proceeds from this offering are intended for the production of all-electric vehicles, including BEAST school buses and EV Star commercial vehicles, product development, with the remainder, if any, for general corporate purposes.
For additional information on the results of operations for the periods ended September 30, 2024 review the interim financial statements and related reports posted on GreenPower’s website as well as on www.sedar.com or filed on EDGAR.
About GreenPower Motor Company Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo van and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com
AMSTERDAM, N.Y. -Mohawk Lifts, a leading manufacturer of heavy-duty lifting equipment, announces a new Lifting Table. Now capable of lifting up to 2,500 lbs.
Engineered to accommodate transmissions or diDerential repairs and auto EV battery service.
LOS ANGELES, Calif.- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today announced it has undertaken a process of selling its tradable emissions compliance credits earned under various regulations related to zero-emission vehicles (ZEVs), greenhouse gas (GHG) emissions, fuel consumption, renewable energy and clean fuels.
“Through the manufacturing and sale of GreenPower’s all-electric, purpose-built, zero-emission commercial trucks, passenger vehicles and school buses, we have generated hundreds of tradable credits and will continue to generate significant numbers of tradable credits” said GreenPower CEO Fraser Atkinson. “We are in discussions with a number of traditional OEM manufacturers and have also engaged veteran brokerage firm, Kardos & Associates LLC, to assist us in selling our credits, which if a sale is completed, based on Tesla’s success in trading credits, could generate significant potential revenue for GreenPower. Given the increasingly more stringent emissions standards being implemented by state and federal regulators, the demand for credits is increasing and GreenPower is positioned to benefit by supplying traditional OEMs with the credits needed to ensure compliance with the regulations.”
California’s Advanced Clean Truck (ACT) regulation, EPA’s Phase 3 GHG regulation, NHTSA’s Fuel Consumption Credit program, and other state-level mandates each include credit trading programs that provide manufacturers enhanced compliance flexibility and the opportunity for reduced compliance costs through the acquisition of credits. Through these programs, manufacturers have the opportunity to earn credits by exceeding the emissions standard specified in the regulations. Once generated, the credits can either be used to offset internal deficits or traded to other manufacturers. Being a manufacturer of all-electric trucks, GreenPower has no internal deficits and is thus positioned to trade every credit it generates. Entities interested in participating in GreenPower’s process of selling the tradable credits can contact Fraser Atkinson at fraser@greenpowermotor.com.
About GreenPower Motor Company, Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo vans and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose-built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com.
SOUTH CHARLESTON, W.Va.- GreenPower Motor Company Inc. (NASDAQ: GP) (TSXV: GPV) (“GreenPower”), a leading manufacturer and distributor of purpose-built, all-electric, zero-emission medium and heavy-duty vehicles serving the cargo and delivery market, shuttle and transit space and school bus sector, today reported that it has delivered four all-electric, purpose-built, zero-emission school buses in Arizona, California and West Virginia in the first half of the month and announced plans to deliver 6 more Type D BEAST school buses in California and West Virginia in the near term.
In West Virginia, GreenPower delivered the first of the 37 BEAST school buses ordered by the state to the Wyoming County School District through GreenPower’s dealer. “We have been operating a GreenPower Type A Nano BEAST Access in our school district and the experience has been incredible. It has been really nice for our students who need to be transported with wheelchairs,” said Wyoming County School District Superintendent John Henry. “We are excited to now have a Type D BEAST in our fleet and expect the kids are going to embrace this new clean ride as well.”
Three additional BEAST all-electric school buses manufactured at the company’s South Charleston plant are planned to be delivered in West Virginia within the next month. Monongalia County School District, who currently operates one Nano BEAST, one Nano BEAST Access and one BEAST, will receive these as part of the order from the state of West Virginia.
In the West, one Type A all-electric, purpose-built, zero-emission Nano BEAST was delivered by GreenPower’s Dealer the RWC Group to the Joseph City School District in Arizona and two BEAST school buses were delivered through GreenPower’s Dealer Model 1 to Garden Grove Unified School District in California. Garden Grove has already deployed four BEAST school buses on their routes and plan to receive two more by the end of October. One additional BEAST is expected to be delivered to the Brawley Elementary School District this month.
“These deliveries along with our current order book show the continued growth in demand for GreenPower’s school bus products,” said Paul Start, GreenPower’s Vice President of Sales – School Bus Group, noting that the company currently has 126 live orders of school buses representing more than $45 million in business. “We have seen a significant uptick with our sales pipeline as we’ve also quoted new orders for more than 180 school buses.”
GreenPower’s BEAST is a purpose-built 40-foot Type D all-electric, zero-emission school bus with seating for up to 90 students. Designed from the ground up, it is a unified structure that features a seamlessly integrated aluminum body made from extruded aluminum manufactured by Constellium on a high strength steel Truss (bus) chassis. The complete flat floor design allows for tracking with no obstacles, and the high floors keep students out of the crash zone. Dual port charging is standard with Level 2 rates up to 19.2 kW and DC Fast Charging rates up to 85 kW.
The School Transportation News award-winning Nano BEAST has a standard 118 kWh battery pack and a range of up to 140 miles. Configured for up to 24 passengers, it features a seamlessly integrated aluminum body made from extruded aluminum manufactured by Constellium. The dual port charging is standard, with Level 2 rates up to 19.2 kW and DC Fast Charging rates up to 60 kW.
The Type D BEAST and Type A Nano BEAST are both eligible for California HVIP vouchers and qualify for grants under the California Zero-Emission School Bus and Infrastructure (ZESBI) program. ZESBI grants pair zero-emission (ZE) school bus vehicle funding offered by the California Air Resources Board (CARB), with charging infrastructure funding offered by the California Energy Commission (CEC). A total of $500 million is appropriated by Senate Bill (SB) 114 for ZESBI for Fiscal Year 2023-24. Of that amount, $375 million is allocated to support the replacement of old school buses with ZE school buses and $125 million is allocated to support complementary infrastructure and associated costs. ZESBI utilizes a joint application for vehicles and infrastructure. The application process is open until November 22, 2024.
GreenPower all-electric school buses are also eligible for federal Clean School Bus Program funds administered by the EPA. Applications for the current rebate program round, funded at $965 million, are being accepted through January 9, 2025.
For the recent quarter ended September 30, 2024 GreenPower delivered 11 BEAST school buses in California and Oregon and delivered 11 EV Star Cargo Plus, EV Star Rear ADA and EV Stars.
About GreenPower Motor Company, Inc.
GreenPower designs, builds and distributes a full suite of high-floor and low-floor all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, cargo vans and a cab and chassis. GreenPower employs a clean-sheet design to manufacture all-electric vehicles that are purpose-built to be battery powered with zero emissions while integrating global suppliers for key components. This OEM platform allows GreenPower to meet the specifications of various operators while providing standard parts for ease of maintenance and accessibility for warranty requirements. GreenPower was founded in Vancouver, Canada with primary operational facilities in southern California. Listed on the Toronto exchange since November 2015, GreenPower completed its U.S. IPO and NASDAQ listing in August 2020. For further information go to www.greenpowermotor.com.
Kaufman focuses on Masterlock, the iconic Milwaukee lock company that outsourced 1,000 jobs to Mexico shortly after then President Bill Clinton signed the North American Free Trade Agreement (NAFTA). Masterlock shut down its entire Milwaukee operation this year. In the podcast, you can hear former Masterlock worker Chancie Adams describe the arc of his disaffection from the Democratic Party. It’s a painful journey.
Adams’ family was part of the Great Migration of Black Americans from the South who moved to Milwaukee when the city was a manufacturing powerhouse. He was the first among his relatives able to buy a house, thanks to his union wages. The union got him involved in politics, too, and he actually met President Barack Obama when Obama made a campaign stop at Masterlock in 2012. “Milwaukee, we are not going back to an economy that’s weakened by outsourcing and bad debt and phony financial profits,” Obama told Masterlock employees, praising the company’s decision to bring back some of its previously outsourced jobs. But a few years later the company moved all the jobs away and shut its Milwaukee plant.
After supporting Obama, Adams won’t be voting in 2024, he said. “I’m done with all that,” he told Kaufman. He has no faith that Harris will do anything to help people like him. All politicians are crooks, in Adams’ view. But if he did vote, he’d probably cast his ballot for former President Donald Trump, he said. Trump’s a crook, too, but “he’s a gangster,” Adams said, laughing.
I’ve heard similar reactions from Wisconsin dairy farmers who voted for Trump in 2016 and 2020. They liked it when Trump pledged to remember “the forgotten men and women of America.” They laughed off some of his outrageous statements. As a political outsider, they felt he would throw a rock at the two-party system that, in their view, abandoned ordinary people and really only served the interests of big corporations, especially when it came to trade deals like NAFTA.
Disappearing factories and farms
In addition to spurring devastating job losses at manufacturing plants in places like Milwaukee, Janesville and Racine, NAFTA helped make Wisconsin the No. 1 state in the nation for farm bankruptcies, accelerating the “get big or get out” trend in agriculture. Wisconsin lost more than half its family farms during the early 2000s.
Don’t get me wrong. The Democrats were not solely responsible for trade deals that made investors rich by setting off a race to the bottom in wages and prices. Mainstream candidates of both major political parties embraced “free trade,” while on the right and left-wing margins, conservative commentator and 1992 presidential candidate Pat Buchanan and socialist U.S. Sen. Bernie Sanders sounded the alarm that what was good for Wall Street could be devastating for Main Street.
Kaufman does a good job documenting how NAFTA “signaled the Democratic Party’s move away from its working-class, New Deal roots.” I remember that shift in the early 1990s, when liberal intellectuals and New Democrats sneered at down-at-the-heel union workers and farmers, and began embracing more upscale suburban voters.
“For every blue-collar Democrat we lose in western Pennsylvania, we will pick up two moderate Republicans in the suburbs in Philadelphia,” Kaufman quotes Democratic Senate Majority Leader Chuck Schumer saying before the 2016 election. “And you can repeat that in Ohio and Illinois and Wisconsin.”
That strategy didn’t work out too well for the Democrats in 2016. And despite Biden’s narrow victory in 2020, it’s still a problem for them in 2024.
“Democrats have privately grown worried about Kamala Harris’s standing among working-class voters in the crucial ‘blue-wall’ states,” the Wall Street Journal reported on Oct. 8 in a piece citing pleas from allies including Michigan Gov. Gretchen Whitmer for Harris to make a “sharper economic appeal.”
This criticism is maddening to Democrats who point out President Joe Biden’s pro-union record, including being the first president to walk a picket line, his creation of 765,000 new manufacturing jobs, and massive federal investments in job creation, infrastructure and clean energy projects — plus low unemployment and wage growth.
Biden came to Wisconsin this year to visit the site of the failed Foxconn plant, to tout a new Microsoft A.I. facility that will create 1,000 jobs on the site where Trump promised “the Eighth Wonder of the World” but where, after billions in public investment, the promised Foxconn facility never materialized.
Contrary to his rhetoric about representing the working class, Trump created a huge trade deficit and his 2017 tax cut gave corporations a new incentive to offshore jobs by cutting taxes on foreign profits.
Still, Trump and his running mate J.D. Vance have capitalized on Democrats’ decision in the 1990s to shift away from working class concerns and embrace NAFTA. They are speaking directly to the voters who were left behind.
For her part, Harris says she would have voted against NAFTA were she in the U.S. Senate when it came up. She has promised to continue Biden’s pro-union efforts and to support and protect U.S. manufacturing.
But unlike Trump and Vance, Harris doesn’t have a big-picture story to tell “the forgotten men and women” that reverses the impression that Democrats are mostly the party of sophisticated city-dwellers and suburbanites. Her plans to help first-time home buyers come up with a downpayment, expand Medicare to include long-term care, and help families cover the costs of child care — all part of what she calls the “opportunity economy” — are good. But they sound like a grab bag of technocratic solutions to economic upheaval that has played out in the lives of ordinary workers and farmers as an epic catastrophe — something a lot of Democrats haven’t acknowledged.
One exception is Wisconsin Democratic Sen. Tammy Baldwin, a staunch opponent of global trade deals, including Most Favored Nation trading status for China and Obama’s Trans Pacific Partnership deal. Baldwin has championed Made in America rules and is constantly visiting farms and pushing investment in ag innovation and in Wisconsin manufacturers.
In a recent campaign ad, a parade of Teamsters truck drivers wearing baseball caps and their family members praise Baldwin, saying she “fought like hell” and saved their pensions after their employer tried to cut their retirement savings in half. “You don’t forget something like that,” one guy says. That’s the kind of message that helps Baldwin win in districts that voted heavily for Trump.
There’s a lot at stake in the coming election: reproductive freedom, a potentially brutal crackdown on immigrants, voting rights and even the survival of democracy itself.
But one of the most important questions candidates must answer is who is looking out for working class Midwesterners. Many Democrats have taken a pass on that issue in recent years. Unless they make it very clear that has changed, it will come back to bite them.
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