Lion Electric (TSX:LEV)(NYSE:LEV) is a Montreal-based company that designs, develops, manufactures,
and distributes purpose-built all-electric medium and heavy-duty urban vehicles in North America.
Shares of this EV stock has plummeted 60% in 2022 as of late afternoon trading on August 30. The stock
has declined 67% from the previous year.
MarketsAndMarkets released a report on the future of the EV industry earlier this year. It projected that
the global electric vehicle market would grow from 8.15 million units to 39.2 million units by 2030. That
would represent a CAGR of 21% over the forecast period.
This company unveiled its second quarter fiscal 2022 earnings on August 5. It delivered 105 vehicles in
the quarter – up 44 from the prior year. Meanwhile, revenue nearly doubled to $29.5 million. Net
earnings increased to $37.5 million which was up from a net loss of $178 million in the second quarter of
fiscal 2021. However, adjusted EBITDA worsened to negative $14.4 million compared to an adjusted
EBITDA loss of $5.5 million in the prior year.
On the business front, it reported that it now had more than 700 vehicles on the road and over 10
million miles driven. Moreover, its vehicle order book reached 2,357 all-electric medium and heavy-duty
urban vehicles as of August 4, 2022.
Shares of Lion Electric currently possess an RSI of 29. That puts the stock in technically oversold territory
at the time of this writing. I’m looking to snag Lion Electric at this discounted price as we move into
September.
