Transportation
Lion Electric Expects Bankruptcy Filing Amid EV Pushback
- Deadline expired on credit covenants and a separate loan
- Lion’s problems stem from delays in EV subsidy programs
A Lion 6 electric truck charges outside the Lion Electric assembly plant in Saint-Jerome, Quebec, Canada, in 2022.
Photographer: Christinne Muschi/BloombergThis article is for subscribers only.
Quebec committed billions of dollars to carve out its place in North America’s electric vehicle supply chain, but those efforts have been thwarted by a string of bad news. The latest: electric bus and truck maker Lion Electric Co. expects to seek creditor protection.
The Saint-Jerome, Que.-based company announced in a news release the expiry of covenants on a credit line and the maturity on a separate loan as no “alternatives have materialized and no further amendments, concessions or waivers have been obtained.”