08:32 AM EDT, 04/18/2024 (MT Newswires) -- Lion Electric ( LEV ) said Thursday it is laying off roughly 120 employees as part of cost-cutting measures.

The majority of the impacted employees are Canada-based in overhead and product development functions, the company added.

Lion said it continues to implement cost-cutting measures in areas including third-party inventory logistics, lease expenses, consulting, product development, and professional fees.

The company anticipates roughly $40 million in annualized cost savings from its workforce reduction and cost-cutting plans, combined with the measures disclosed in November and February.

Shares of the company were up 2.7% in recent Thursday premarket activity.