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Nov. 18, 2021, 7:00 a.m. EST

Lion Electric stock rallies after order of 55 electric school buses by a repeat customer

Shares of Lion Electric Co. (NYS:LEV) rallied 1.3% in premarket trading Thursday, after the electric trucks and buses maker announced an order for 55 electric school buses from Groupe Autobus Séguin. The price of the buses was not disclosed. The order includes 45 LionA and 10 LionC models to be delivered by 2025. The order is conditional on Autobus Séguin being granted funding from the Quebec government's School Transportation Electrification Program and the Canadian federal government's Zero Emission Transit Fund. The order of 55 buses follows the 60 electric vehicles Autobus Séguin previously ordered in January 2021. "The fact that our customers repeat large orders is a sign that the transition to electrification is well underway and that Lion's products are successful in all markets," said Lion Electric Chief Executive Marc Bédard. The stock has dropped 35.8% year to date through Wednesday, while the S&P 500 (S&P:SPX) has run up 24.8%.

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