Shares of Lion Electric Co. (NYS:LEV) surged 6.0% in premarket trading Monday, after the Canada-based maker of zero-emission commercial trucks and buses announced an order for 260 all-electric buses from student transportation provider First Student. Deliveries of the buses will start in the second half of 2021 and will be completed in the first half of 2023. Financial terms were not disclosed. "Today marks a new step in the adoption of zero-emission school buses," said Lion Electric Chief Executive Marc Bedard. "First Student's leadership demonstrates that zero-emission technology is here to meet the needs of the market at scale, as is our production capacity -- we are not talking about pilot programs, but rather entire bus fleets going electric, with vehicles that meet the daily requirements of the industry's largest operators." Lion Electric's stock has dropped 15.1% year to date through Friday, while the S&P 500 (S&P:SPX) has gained 11.1%.
May 17, 2021, 6:40 a.m. EDT