The Lion Electric Company (NYSE:LEV) Q3 2022 Earnings Conference Call November 10, 2022 8:30 AM ET
Company Participants
Isabelle Adjahi - VP, IR and Sustainable Development
Marc Bedard - CEO and Founder
Nicolas Brunet - EVP and CFO
Conference Call Participants
Mike Shlisky - D.A. Davidson
Christopher Souther - B. Riley
Rupert Merer - National Bank
Craig Irwin - ROTH Capital Partners
George Gianarikas - Canaccord Genuity
Operator
Good morning, ladies and gentlemen. Welcome to Lion Electric Third Quarter 2022 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference call is being recorded.
I would now like to turn the call over to Isabelle Adjahi, Vice President, Investor Relations and Sustainable Development. Please go ahead, Ms. Adjahi.
Isabelle Adjahi
Good morning, everyone. Welcome to Lion's third quarter 2022 results conference call. [Foreign Language] Today, I'm here with Marc Bedard, our CEO, Founder; and Nicolas Brunet, our EVP and CFO. Please note that our discussion will include estimates and other forward-looking information, which our actual results could differ from in the future.
We invite you to review the cautionary language in this morning's earnings release and in our MD&A regarding the various factors, assumptions and risks that could cause our actual results to differ.
With that, let me turn it over to Marc to begin. Marc?
Marc Bedard
Thank you, Isabelle. Good morning, everyone.
There are three key elements we will be discussing on today's call. First, we are announcing this morning a recurrent number of deliveries with 156 vehicles delivered in Q3, our highest quarterly number ever and the fourth consecutive quarter of sequential delivery growth. Second, as announced last week, we have reached a historical milestone, as we assemble the first electric school bus unit at our U.S. Joliet manufacturing plant.
Third, we continue to see an unprecedented shift to vehicle electrification both in the bus market, which is supported by the $5 billion EPA program and in the truck market, a segment where we posted record deliveries with 48 trucks in Q3. We will now elaborate on each of these points.
Let's begin with vehicle deliveries and purchase orders. We delivered 156 vehicles in Q3, consisting in 108 buses and 48 trucks. This represents the highest number ever for a quarter and the fourth quarter of sequential growth in a row. This is almost 4x the number of 40 units delivered in Q3 of last year and an increase of almost 50% compared to the 105 units delivered in the last quarter.