The Lion Electric Company (NYSE:LEV) Q4 2023 Earnings Conference Call February 29, 2024 8:30 AM ET
Company Participants
Isabelle Adjahi - Vice President, Investor Relations and Sustainable Development
Marc Bedard - Founder and CEO
Nicolas Brunet - President
Richard Coulombe - Chief Financial Officer
Conference Call Participants
Rupert Merer - National Bank
Kevin Chiang - CIBC
Mike Shlisky - D.A. Davidson
George Gianarikas - Canaccord Genuity
Trevor Young - Barclays
Chris Souther - B. Riley
Étienne Larochelle - Desjardins
Operator
Good morning, everyone. Welcome to Lion Electric’s Fourth Quarter and Fiscal 2023 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, M. Adjahi.
Isabelle Adjahi
Good morning, everyone. Welcome to Lion’s fourth quarter and fiscal 2023 results conference call. [Foreign Language] Today, I’m here with Marc Bedard, our CEO, Founder; Nicolas Brunet, our President; and Richard Coulombe, our Chief Financial Officer.
Please note that our discussion may include estimates and other forward-looking information, and that our actual results could differ materially from those implied in any such statements. We invite you to review the cautionary language in this morning’s press release and in our MD&A, which contains important information regarding various factors, assumptions and risks that could impact our actual results.
With that, let me turn it over to Marc to begin. Marc?
Marc Bedard
Thank you, Isabelle. Good morning, everyone. We will be discussing our Q4 results in a moment, but I first want to address our 2023 performance and highlight some of our achievements.
2023 has without a doubt been a challenging year for the whole EV industry, including for Lion, but it has also been a year of significant progress for our company. First, we saw a significant increase in deliveries, resulting in revenue growth of 81% for the year, in addition to achieving positive adjusted gross margins.
We also completed the construction of our vehicle production facility in Joliet and our battery plant in Mirabel, and started production at both facilities. We now have the infrastructure in place, including the production line and equipment, to achieve a production capacity of up to 5,000 vehicles per year and battery production capacity of 1.7 gigawatt-hour, enough to power 5,000 of our vehicles. With this significant manufacturing infrastructure in place, we do not plan to make any significant investments in gross CapEx for the foreseeable future.