11:39 AM EDT, 07/31/2024 (MT Newswires) -- Lion Electric ( LEV ) was last seen down 18% after the company on Wednesday said its second-quarter loss widened on lower deliveries of the company's medium and heavy duty electric vehicles, as it plans to restructure its operations and cut jobs.

The company said it lost US$19.3 million, or US$0.09 per share, in the period, widening from a loss of US$11.8 million, or US$0.05, in the year-prior quarter.

Revenue fell 48% 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 period, down from 199 vehicles in the year-ago quarter. The drop 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 ) said it plans 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.

"Transition to electric is taking longer than initially expected, but transportation electrification is here to stay. It is with that mindset that we have put together an action plan to adjust our cost structure to enable us to continue to support the increasing electric school bus demand and maintain our leadership position, while allowing us to keep supporting the truck operators in their electric transition and focus on our profitability objective," chief executive Marc Bedard said in a release.

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, Quebec, facility and other 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 ( LEV ) shares were last seen down $0.22 to $0.98 on the Toronto Stock Exchange.

Price: 0.98, Change: -0.22, Percent Change: -18.33