The school bus company might stay afloat
Lion Electric, which makes large EVs like buses and trucks, has been struggling lately, but a new subsidy from the Quebec government is giving it a new start.
A report from Electrek says that Lion Electric has accrued around $343 million in debt and laid off lots of employees. There is even a New York law firm looking into the company over alleged “violated federal securities laws and/or engaged in other unlawful business practices.”
Overall, things have not been looking good for the Canadian company, but it’s getting a second chance. There was a government incentive in the province that stopped in March, but it’s now prepped to be reinstated. The new version could net Lion around $240,000 per bus. The report also states that this upcoming wave of incentives has also kickstarted other investments back into the company.
The report finally clarifies that it’s unclear how the new funds could impact the lawsuits.
Image credit: Lion Electic
Source: Electrek
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