Lion Electric (NYSE:LEV) layoffs are coming for the electric vehicle (EV) company’s employees as it focuses on ways to reduce costs.
A new statement from the company notes that it will be cutting 120 jobs. Investors will note that Lion Electric employs roughly 1270 workers. That will leave it with about 1,150 employees after the cuts.
Lion Electric says that these job cuts will mostly affect its employees in Canada. Specifically, it’s targeting those in its overhead and product development divisions. The cuts are part of internal measures to reduce operating expenses.
Lion Electric is looking at other ways to save money as well. That includes cutting costs in “third-party inventory logistics, lease expenses, consulting, product development and professional fees.”
Ongoing Lion Electric Layoffs
Lion Electric also announced layoffs late last year that affected 150 workers. These were in its production overhead, manufacturing, product development and administrative units. Those layoffs affected both its U.S. and Canadian employees.
The latest layoffs are an ongoing sign of a tough economy. Inflation and interest rates continue to keep companies looking for more ways to reduce costs. That could continue through 2024 with more layoffs.
LEV stock is down 8.6% as of Thursday morning.
Investors will find more of the most recent stock market stories below!
We have all of the hottest market news ready to go on Thursday! Among that are layoffs from Ericsson (NASDAQ:ERIC), Rivian Automotive (NASDAQ:RIVN) and Walgreens (NASDAQ:WBA). You can catch up on this news at the following links!
More Stock Market News for Thursday
- Ericsson Layoffs 2024: What to Know About the Latest Ericsson Job Cuts
- Rivian Layoffs 2024: What to Know About the Latest Round of RIVN Job Cuts
- Walgreens Layoffs 2024: What to Know About the Latest WBA Job Cuts
On the date of publication, William White did not hold (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.
