07:03 AM EDT, 07/31/2024 (MT Newswires) -- The Lion Electric ( LEV ) , a manufacturer of all-electric medium and heavy-duty urban vehicles, on Wednesday said its second-quarter net loss widened.

The net loss was US$19.3 million, or US$0.09 per share, widening from a loss of US$11.8 million, or US$0.05 per share.

Revenue fell to US$30.3 million from US$58.0 million. Adjusted EBITDA was negative US$20.6 million, down from negative US$9.7 million.

The company delivered 101 vehicles in the second quarter, down from 199 vehicles in the year-ago quarter. The decrease was attributed to a slowdown in the production cadence due to the integration of Lion MD batteries onto vehicles and the continued ramp-up of production of the Lion5 and LionD platforms, among other factors.

Lion Electric ( LEV ) also announced an action plan to streamline operations, align its cost structure with current demand and improve its liquidity position. The plan includes a workforce reduction by 30%, or around 300 employees, across Canada and the U.S.

The company will also adjust its truck manufacturing operations in response to lower market demand than initially anticipated for all-electric trucks.

Lion Electric ( LEV ) plans to create a new product line to sell its battery packs to third parties. It will also potentially sublease its Joliet facility and certain facilities in Canada and the U.S.

The company will implement an overall efficiency improvement plan to to further reduce other operational expenses, such as third-party logistics costs and consultant costs.

Lion Electric's ( LEV ) share price at last look lost 4.2% to US$0.82 in U.S. pre-market trading on Wednesday.