Overview

• The court-appointed monitor for Lion Electric reported a high likelihood of liquidation due to the Quebec government’s decision to withhold further funding.
• Lion Electric has laid off all but 12 employees following the government’s announcement, signaling the near-total cessation of operations.
• Deloitte, overseeing the restructuring process, has solicited offers from companies interested in liquidating the company’s assets, with a transaction expected to be finalized by next Monday.
• A group of potential buyers had sought $24 million in provincial funding to relaunch the electric vehicle manufacturer, but the economy minister deemed further investment irresponsible.
• Quebec’s decision to halt funding comes after investing $140 million in the company, raising questions about the province’s electrification goals and fiscal priorities.