Lion Electric school buses get a lifeline in Quebec

TribeNews
2 Min Read

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.

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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.

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The report finally clarifies that it’s unclear how the new funds could impact the lawsuits.

Image credit: Lion Electic 

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Source: Electrek

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