Lion Electric (LEV) shares dropped 25% in recent trading Friday after it said it is temporarily laying off about 150 employees in Canada and the US.
The electric vehicle manufacturer said that after the workforce reduction, it will have about 160 employees, who will focus primarily on helping customers maintain and service school buses and trucks.
Lion Electric said the workforce reduction was required as part of its current restructuring proceedings under the Companies' Creditors Arrangement Act.
Price: 0.25, Change: -0.08, Percent Change: -25.01
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