Lion Electric lays off 100 more workers after $100 million earnings loss

SAINT-JÉRÔME, Que. — The Lion Electric Co. says it is laying off 100 more employees or about seven per cent of its total workforce in a move to reduce costs.

The announcement comes as the company reported a full-year net loss of $103.8 million versus net income of $17.8 million in 2022, and despite revenue growth of 81 per cent. In the last three months of 2023, Lion Electric delivered 188 electric vehicles, eight per cent more than during the fourth quarter of the previous year.Canadian Natural Resources hits record oil production amid rising U.S. demand

Money managers are scrambling to cash in on the stock market’s interest in artificial intelligence, as a stunning rally by Nvidia sparks a search for other companies that are capitalizing on the technology. Shares of Nvidia - whose chips are the gold standard in the AI industry - are up about 60% this year after tripling in 2023. “It's not a fad," said Francisco Bido, senior portfolio manager for F/m Investments' Large Cap Focused Fund.

Source: News Formal (newsformal.com)

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