Lion Electric (NYSE:LEV) stock was charging higher on Tuesday morning after the electric vehicle (EV) company revealed a new order contract.
Langs Bus Lines is the company behind this order and it includes up to 200 of Lion Electric’s all-electric LionC school buses. The company expects deliveries to start next year and last through 2026.
It’s worth pointing out that this purchase order is conditional. Langs Bus Lines will move forward with it so long as its Zero-Emission Transit Fund application in Canada is approved. This would give it non-repayable grants to use in buying the electric buses.
Kevin Langs, vice president of Langs Bus Lines, said the following about the deal that boosted LEV stock higher today.
“Langs Bus Lines has been operating a LionC school bus since 2019, thanks to the Electric School Bus Pilot Program of the Ontario Climate Change Action Plan. As we clearly saw the benefits of all-electric vehicles, we are pleased to purchase 200 LionC electric school buses to transport thousands of students throughout Southern Ontario.”
The purchase order from Langs Bus Lines represents a large switch to EV for the company. Currently, it operates roughly 600 school buses and minibusses across Southern Ontario.
The order contract originally sent shares of LEV stock higher this morning. However, the stock couldn’t maintain that increase and has been slowly slipping since then. As of Tuesday afternoon, shares of the stock are down slightly compared to yesterday’s close.
Investors looking for more stock market news today are in luck!
We’ve got all the latest stock market coverage traders need for Tuesday. That includes what’s happening with shares of Hexo (NASDAQ:HEXO), Tesla (NASDAQ:TSLA), and Galera Therapeutics (NASDAQ:GRTX) today. You can get up to speed on that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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