What happened
The Lion Electric Company's (LEV +0.00%) stock was as mighty as its namesake animal this week.
From last Friday's close, the Canadian electric bus maker's share price accelerated to a nearly 23% gain across the following five trading days, according to data compiled by S&P Global Market Intelligence. Some fresh production news from the company had investors roaring, and they were also clearly eager about an upcoming earnings release.
So what
Lion Electric kicked off this week in style, officially inaugurating a new battery factory on Monday. This 175,000 square foot facility is located in the Quebec municipality of Mirabel. Batteries produced at Mirabel will be used to power the specialty electric vehicles (EVs) produced by the company in its two manufacturing plants, one of which also sits in Quebec (in the city of Saint-Jérôme) and one that's located in Joliet, Illinois.
Although the inauguration garnered some positive publicity for Lion Electric, the company has actually been making batteries at the facility since late 2022. The final certification of the first battery pack model is slated to occur by the end of June, Lion Electric said.
The company quoted its CEO and founder Marc Bédard as saying that the factory's inauguration "celebrates the culmination of several years of efforts that now allow us to control the manufacturing and integration of one of the fundamental components in the production of electric vehicles and the electrification of transportation -- namely the battery."
OTC: LEV
Key Data Points
Now what
The following day, Lion Electric scheduled its next earnings release. The company will publish its first-quarter results before market open on Tuesday, May 9. According to data compiled by Yahoo!, the few analysts tracking the company's stock are expecting it to post a net loss of $0.10 per share, on revenue of just under $52.4 million.
