0001834974falseMarch 31, 202312/3100018349742023-01-012023-03-3100018349742023-03-31iso4217:USD00018349742022-12-3100018349742022-01-012022-03-31iso4217:USDxbrli:shares0001834974ifrs-full:IssuedCapitalMember2022-12-31xbrli:shares0001834974ifrs-full:SharePremiumMember2022-12-310001834974ifrs-full:RetainedEarningsMember2022-12-310001834974ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-12-310001834974ifrs-full:SharePremiumMember2023-01-012023-03-310001834974ifrs-full:IssuedCapitalMember2023-01-012023-03-310001834974ifrs-full:RetainedEarningsMember2023-01-012023-03-310001834974ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-01-012023-03-310001834974ifrs-full:IssuedCapitalMember2023-03-310001834974ifrs-full:SharePremiumMember2023-03-310001834974ifrs-full:RetainedEarningsMember2023-03-310001834974ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2023-03-310001834974ifrs-full:IssuedCapitalMember2021-12-310001834974ifrs-full:SharePremiumMember2021-12-310001834974ifrs-full:RetainedEarningsMember2021-12-310001834974ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2021-12-3100018349742021-12-310001834974ifrs-full:SharePremiumMember2022-01-012022-03-310001834974ifrs-full:RetainedEarningsMember2022-01-012022-03-310001834974ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-01-012022-03-310001834974ifrs-full:IssuedCapitalMember2022-03-310001834974ifrs-full:SharePremiumMember2022-03-310001834974ifrs-full:RetainedEarningsMember2022-03-310001834974ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember2022-03-3100018349742022-03-310001834974ifrs-full:BottomOfRangeMember2023-01-012023-03-310001834974ifrs-full:TopOfRangeMember2023-01-012023-03-310001834974lev:PremisesMember2022-12-310001834974lev:RollingStockMember2022-12-310001834974lev:PremisesMember2023-01-012023-03-310001834974lev:RollingStockMember2023-01-012023-03-310001834974lev:PremisesMember2023-03-310001834974lev:RollingStockMember2023-03-310001834974lev:PremisesMember2021-12-310001834974lev:RollingStockMember2021-12-310001834974lev:PremisesMember2022-01-012022-12-310001834974lev:RollingStockMember2022-01-012022-12-3100018349742022-01-012022-12-3100018349742023-02-022023-02-02iso4217:CAD0001834974ifrs-full:CostOfSalesMember2023-01-012023-03-310001834974ifrs-full:CostOfSalesMember2022-01-012022-03-310001834974lev:AdministrativeExpensesMember2023-01-012023-03-310001834974lev:AdministrativeExpensesMember2022-01-012022-03-310001834974lev:SellingExpensesMember2023-01-012023-03-310001834974lev:SellingExpensesMember2022-01-012022-03-310001834974lev:CapitalizedToPropertyPlantAndEquipmentMember2023-01-012023-03-310001834974lev:CapitalizedToPropertyPlantAndEquipmentMember2022-01-012022-03-310001834974ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberlev:CashAndCashEquivalentsMember2023-03-310001834974ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberlev:CashAndCashEquivalentsMember2022-12-310001834974ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:TradeReceivablesMember2023-03-310001834974ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberifrs-full:TradeReceivablesMember2022-12-310001834974ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberlev:GovernmentAssistanceReceivablesSupportProgramForTheDeploymentOfElectricSchoolBusesAndZeroEmissionTruckAndBusProgramMember2023-03-310001834974ifrs-full:FinancialAssetsAtAmortisedCostCategoryMemberlev:GovernmentAssistanceReceivablesSupportProgramForTheDeploymentOfElectricSchoolBusesAndZeroEmissionTruckAndBusProgramMember2022-12-310001834974ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMemberlev:TradeAndOtherPayablesMember2023-03-310001834974ifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMemberlev:TradeAndOtherPayablesMember2022-12-310001834974lev:BorrowingsMemberifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMemberlev:LongTermDebtOtherMember2023-03-310001834974lev:BorrowingsMemberifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMemberlev:LongTermDebtOtherMember2022-12-310001834974lev:WarrantMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember2023-03-310001834974lev:WarrantMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMember2022-12-310001834974lev:BorrowingsMemberifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMemberlev:SIFAndIQLoanMember2023-03-310001834974lev:BorrowingsMemberifrs-full:FinancialLiabilitiesAtAmortisedCostCategoryMemberlev:SIFAndIQLoanMember2022-12-310001834974lev:BorrowingsMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMemberlev:SIFAndIQLoanMember2023-03-310001834974lev:BorrowingsMemberifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossCategoryMemberlev:SIFAndIQLoanMember2022-12-310001834974lev:SharePriceMeasurementInputMember2023-01-012023-03-31xbrli:pure0001834974lev:SharePriceMeasurementInputMemberlev:WarrantMember2023-01-012023-03-310001834974lev:SharePriceMeasurementInputMemberlev:WarrantMember2022-01-012022-03-310001834974lev:WarrantMemberlev:WarrantPriceMeasurementInputMember2023-01-012023-03-310001834974lev:WarrantMemberlev:WarrantPriceMeasurementInputMember2022-01-012022-03-310001834974lev:BankingSyndicateSecuredRevolvingCreditMember2023-03-310001834974lev:BankingSyndicateSecuredRevolvingCreditMember2022-12-310001834974lev:IQLoanMember2023-03-310001834974lev:IQLoanMember2022-12-310001834974lev:SIFLoanMember2023-03-310001834974lev:SIFLoanMember2022-12-310001834974lev:LoansOnResearchAndDevelopmentTaxCreditAndSubsidiesReceivableMember2023-03-310001834974lev:LoansOnResearchAndDevelopmentTaxCreditAndSubsidiesReceivableMember2022-12-310001834974lev:SecuredLoanForTheAcquisitionOfRollingStockMaturingDecember2023AndAugust2024Member2023-03-310001834974lev:SecuredLoanForTheAcquisitionOfRollingStockMaturingDecember2023AndAugust2024Member2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementMember2021-08-110001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementMember2022-01-250001834974ifrs-full:WeightedAverageMemberlev:RevolvingCreditFacilityRevolvingCreditAgreementMember2023-03-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementCAMember2023-03-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementCAMemberifrs-full:BottomOfRangeMember2023-03-310001834974ifrs-full:TopOfRangeMemberlev:RevolvingCreditFacilityRevolvingCreditAgreementCAMember2023-03-310001834974lev:StampingFeeRateMemberlev:RevolvingCreditFacilityRevolvingCreditAgreementCAMember2023-03-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMember2023-03-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMemberifrs-full:BottomOfRangeMember2023-03-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMemberifrs-full:TopOfRangeMember2023-03-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMemberlev:StampingFeeRateMember2023-03-310001834974ifrs-full:WeightedAverageMemberlev:RevolvingCreditFacilityRevolvingCreditAgreementMember2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementCAMember2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementCAMemberifrs-full:BottomOfRangeMember2022-12-310001834974ifrs-full:TopOfRangeMemberlev:RevolvingCreditFacilityRevolvingCreditAgreementCAMember2022-12-310001834974lev:StampingFeeRateMemberlev:RevolvingCreditFacilityRevolvingCreditAgreementCAMember2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMember2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMemberifrs-full:BottomOfRangeMember2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMemberifrs-full:TopOfRangeMember2022-12-310001834974lev:RevolvingCreditFacilityRevolvingCreditAgreementUSMemberlev:StampingFeeRateMember2022-12-310001834974lev:IQLoanMember2021-07-010001834974lev:IQLoanMember2021-07-012021-07-010001834974lev:SIFLoanMember2021-08-190001834974lev:SIFLoanMember2021-08-192021-08-190001834974lev:GovernmentAssistanceReceivablesMember2023-01-012023-03-310001834974lev:GovernmentAssistanceReceivablesMember2022-01-012022-12-310001834974lev:DevelopmentCostsMember2023-01-012023-03-310001834974lev:DevelopmentCostsMember2022-01-012022-12-310001834974lev:LoansOnResearchAndDevelopmentTaxCreditAndSubsidiesReceivableMember2022-11-080001834974lev:LoansOnResearchAndDevelopmentTaxCreditAndSubsidiesReceivableMember2022-11-082022-11-080001834974ifrs-full:BottomOfRangeMemberlev:SecuredLoanForTheAcquisitionOfRollingStockMaturingDecember2023AndAugust2024Member2023-03-310001834974ifrs-full:TopOfRangeMemberlev:SecuredLoanForTheAcquisitionOfRollingStockMaturingDecember2023AndAugust2024Member2023-03-310001834974lev:CreditFacilityMember2023-02-080001834974ifrs-full:BottomOfRangeMemberlev:CreditFacilityMember2023-02-082023-02-080001834974ifrs-full:TopOfRangeMemberlev:CreditFacilityMember2023-02-082023-02-0800018349742020-07-012020-07-010001834974srt:MaximumMemberlev:TheWarrantMember2023-03-310001834974lev:TheWarrantMember2023-01-012023-03-310001834974lev:TheWarrantMember2022-01-012022-12-310001834974srt:MinimumMember2023-01-012023-03-310001834974lev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMember2023-03-310001834974lev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMember2022-12-310001834974ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberlev:WarrantMemberlev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMember2023-03-310001834974ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberlev:WarrantMemberlev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMember2022-12-310001834974lev:WarrantMemberlev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMemberlev:RiskFreeInterestRateMeasurementInputMember2023-03-310001834974lev:WarrantMemberlev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMemberlev:RiskFreeInterestRateMeasurementInputMember2022-12-310001834974lev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMember2023-01-012023-03-310001834974lev:AmazonLogisticsIncMemberifrs-full:OptionPricingModelMember2022-01-012022-12-310001834974lev:AmazonLogisticsIncMember2022-12-310001834974lev:AmazonLogisticsIncMember2021-12-310001834974lev:AmazonLogisticsIncMember2023-01-012023-03-310001834974lev:AmazonLogisticsIncMember2022-01-012022-12-310001834974lev:AmazonLogisticsIncMember2023-03-3100018349742021-05-060001834974lev:NorthernGenesisAcquisitionCorpMember2021-05-060001834974lev:WarrantMemberlev:NorthernGenesisAcquisitionCorpMember2021-05-062021-05-060001834974lev:WarrantPublicallyTradedMemberlev:NorthernGenesisAcquisitionCorpMember2021-05-062021-05-060001834974lev:NorthernGenesisAcquisitionCorpMemberlev:WarrantPrivatelyTradedMember2021-05-062021-05-060001834974lev:WarrantPublicallyTradedMember2023-03-310001834974lev:WarrantPublicallyTradedMember2022-12-310001834974lev:WarrantPrivatelyTradedMember2023-03-310001834974lev:WarrantPrivatelyTradedMember2022-12-310001834974lev:WarrantPublicallyTradedMember2021-05-060001834974lev:WarrantPublicallyTradedMember2021-05-062021-05-06utr:D0001834974lev:NorthernGenesisAcquisitionCorpMember2023-03-310001834974lev:NorthernGenesisAcquisitionCorpMember2022-12-310001834974ifrs-full:OptionPricingModelMember2023-03-310001834974ifrs-full:OptionPricingModelMember2022-12-310001834974ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberlev:WarrantMemberlev:NorthernGenesisAcquisitionCorpMemberifrs-full:OptionPricingModelMember2023-03-310001834974ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberlev:WarrantMemberlev:NorthernGenesisAcquisitionCorpMemberifrs-full:OptionPricingModelMember2022-12-310001834974lev:WarrantMemberlev:NorthernGenesisAcquisitionCorpMemberifrs-full:OptionPricingModelMemberlev:RiskFreeInterestRateMeasurementInputMember2023-03-310001834974lev:WarrantMemberlev:NorthernGenesisAcquisitionCorpMemberifrs-full:OptionPricingModelMemberlev:RiskFreeInterestRateMeasurementInputMember2022-12-310001834974ifrs-full:OptionPricingModelMember2023-01-012023-03-310001834974ifrs-full:OptionPricingModelMember2022-01-012022-12-310001834974lev:WarrantPublicallyTradedMemberlev:NorthernGenesisAcquisitionCorpMember2022-12-310001834974lev:NorthernGenesisAcquisitionCorpMemberlev:WarrantPrivatelyTradedMember2022-12-310001834974lev:WarrantPublicallyTradedMemberlev:NorthernGenesisAcquisitionCorpMember2023-01-012023-03-310001834974lev:NorthernGenesisAcquisitionCorpMemberlev:WarrantPrivatelyTradedMember2023-01-012023-03-310001834974lev:NorthernGenesisAcquisitionCorpMember2023-01-012023-03-310001834974lev:WarrantPublicallyTradedMemberlev:NorthernGenesisAcquisitionCorpMember2023-03-310001834974lev:NorthernGenesisAcquisitionCorpMemberlev:WarrantPrivatelyTradedMember2023-03-310001834974lev:WarrantPublicallyTradedMemberlev:NorthernGenesisAcquisitionCorpMember2021-12-310001834974lev:NorthernGenesisAcquisitionCorpMemberlev:WarrantPrivatelyTradedMember2021-12-310001834974lev:NorthernGenesisAcquisitionCorpMember2021-12-310001834974lev:WarrantPublicallyTradedMemberlev:NorthernGenesisAcquisitionCorpMember2022-01-012022-12-310001834974lev:NorthernGenesisAcquisitionCorpMemberlev:WarrantPrivatelyTradedMember2022-01-012022-12-310001834974lev:NorthernGenesisAcquisitionCorpMember2022-01-012022-12-310001834974lev:WarrantPublicallyTradedMember2022-12-162022-12-160001834974lev:OverAllotmentOptionMember2023-01-172023-01-170001834974lev:WarrantPublicallyTradedMember2022-12-160001834974lev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMember2023-01-170001834974lev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMember2022-12-160001834974ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberlev:WarrantMemberlev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMember2023-01-170001834974ifrs-full:HistoricalVolatilityForSharesMeasurementInputMemberlev:WarrantMemberlev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMember2022-12-160001834974lev:WarrantMemberlev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMemberlev:RiskFreeInterestRateMeasurementInputMember2023-01-170001834974lev:WarrantMemberlev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMemberlev:RiskFreeInterestRateMeasurementInputMember2022-12-160001834974lev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMember2023-01-172023-01-170001834974lev:WarrantPublicallyTradedMemberifrs-full:OptionPricingModelMember2022-12-162022-12-160001834974lev:WarrantPublicallyTradedMember2021-12-310001834974lev:WarrantPublicallyTradedMember2023-01-012023-03-310001834974lev:WarrantPublicallyTradedMember2022-01-012022-12-31iso4217:CADxbrli:shares0001834974lev:RestrictedStockUnitMember2022-12-310001834974lev:RestrictedStockUnitMember2021-12-310001834974lev:RestrictedStockUnitMember2023-01-012023-03-310001834974lev:RestrictedStockUnitMember2022-01-012022-03-310001834974lev:RestrictedStockUnitMember2023-03-310001834974lev:RestrictedStockUnitMember2022-03-310001834974lev:DeferredShareUnitsMember2022-12-310001834974lev:DeferredShareUnitsMember2021-12-310001834974lev:DeferredShareUnitsMember2023-03-310001834974lev:DeferredShareUnitsMember2022-03-310001834974lev:DeferredShareUnitsMember2023-01-012023-03-310001834974lev:DeferredShareUnitsMember2022-01-012022-03-310001834974lev:LongTermDebtExcludingConvertibleDebtInstrumentsMember2023-01-012023-03-310001834974lev:LongTermDebtExcludingConvertibleDebtInstrumentsMember2022-01-012022-03-310001834974lev:InterestOnLongTermDebtAndOtherDebtsMember2023-01-012023-03-310001834974lev:InterestOnLeaseLiabilityMember2023-01-012023-03-310001834974srt:MinimumMember2023-01-012023-03-3100018349742021-03-3100018349742022-06-172022-06-170001834974ifrs-full:IssuedCapitalMember2022-01-012022-03-310001834974lev:CommissionCostsMember2023-01-012023-03-310001834974lev:LegalCostsMember2023-01-012023-03-310001834974lev:OverAllotmentOptionMember2023-01-170001834974lev:December2022OfferingMember2023-01-012023-03-310001834974lev:LegalCostsMemberlev:December2022OfferingMember2023-01-012023-03-310001834974lev:December2022OfferingMemberlev:CommissionCostsMember2023-01-012023-03-31lev:segment0001834974country:CA2023-01-012023-03-310001834974country:CA2022-01-012022-03-310001834974country:US2023-01-012023-03-310001834974country:US2022-01-012022-03-310001834974lev:MajorCustomer1Member2023-01-012023-03-310001834974lev:MajorCustomer2Member2023-01-012023-03-310001834974lev:MajorCustomer1Member2022-01-012022-03-310001834974lev:MajorCustomer2Member2022-01-012022-03-310001834974country:CA2023-03-310001834974country:US2023-03-310001834974country:CA2022-12-310001834974country:US2022-12-31

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2023

Commission File No. 001-40387
THE LION ELECTRIC COMPANY
(Translation of registrant’s name into English)



921 chemin de la Rivière-du-Nord
Saint-Jérôme (Québec) J7Y 5G2
(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐








EXHIBIT INDEX

Exhibits 99.1, 99.2 and 99.3 included with this report are hereby incorporated by reference to the registrant’s Registration Statement on Form F-10 (File No. 333-265627), as amended and supplemented, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.





SIGNATURES

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

THE LION ELECTRIC COMPANY
Date: May 9, 2023
By:/s/ Nicolas Brunet
Name:Nicolas Brunet
Title:Executive Vice President & Chief Financial Officer

Lion Electric (NYSE:LEV)
Historical Stock Chart
Von Mär 2024 bis Apr 2024 Click Here for more Lion Electric Charts.
Lion Electric (NYSE:LEV)
Historical Stock Chart
Von Apr 2023 bis Apr 2024 Click Here for more Lion Electric Charts.