Lion Electric ( NYSE: LEV ) stock climbed 13.5% to its highest in over seven weeks on Thursday after the EV maker reported Q3 results largely in line with expectations and delivered a record number of vehicles in the quarter.
The company delivered 156 vehicles in Q3, a nearly fourfold increase from 40 delivered in Q3 2021, marking its fourth straight quarter of sequential growth in deliveries.
Lion Electric's ( LEV ) vehicle order book of 2.4K all-electric medium- and heavy-duty urban vehicles as of Nov. 9, representing combined total order value of ~$575M.
LionEnergy order book was 239 charging stations and related services as of Nov. 9, representing combined total order value of ~$4M.
Lion Electric ( LEV ) also provided updates on its manufacturing facility in Joliet, Illinois and Lion Campus in Mirabel, Quebec.
The firm expects to incur total capex of ~$65M in 2022 for the Joliet plant, lower than the ~$80M disclosed in Q2.
Construction for battery plant in Lion Campus is expected to be completed by year-end, with production of the first modules and packs out of the plant on track for Q4.
Lion Electric ( LEV ) expects to incur total capex of ~$85M in 2022 for Lion Campus, lower than the ~$100M previously disclosed.
Shares of Lion Electric ( LEV ) dropped ~66% YTD.
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Lion Electric stock climbs over 13% on record vehicle deliveries in Q3