May 8, 2021 - 02:38 pm

Lion Electric selects US factory location, announces IPO

The Canadian electric utility vehicle manufacturer Lion Electric has selected the city of Joliet in the state of Illinois as the location for its production facility in the USA. At the same time, Lion Electric announced its IPO.

The plant is planned to offer an annual production capacity for up to 20,000 battery-electric buses and trucks and create 745 jobs. Lion Electric expects the first vehicles to roll off the production line at the new plant in the second half of 2022.

In this way, Lion Electric wants to meet the growing demand for zero-emission vehicles “Made in America”. The US market wants to increase the number of zero-emission heavy-duty trucks, as well as electrifying a large part of the school bus fleet. According to Lion, this will also bring production closer to customers at the same time. Amazon, for example, plans to buy up to 2,500 fully electric Lion 6 and Lion 8 trucks from the Canadian manufacturer by 2025.

Construction of the new production facility is scheduled to begin in the second half of this year. The first vehicles should then roll off the production line in the second half of 2022. Under an agreement with the Illinois government, Lion Electric has committed to an initial investment of at least $70 million over a three-year period.

In parallel, Lion Electric announced its initial public offering via a merger with Northern Genesis Acquisition Corp. Lion shares are traded on the New York Stock Exchange (NYSE) and the Toronto Stock Exchange (TSX). (Illinois, PDF), (stock market, PDF)


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08.05.2021 14:46