Former Lion Electric Executives Face Fallout as Company Shifts Focus
Saint-Jérôme, Quebec - November 17, 2025 - A dramatic restructuring at electric vehicle manufacturer Lion Electric has left former leaders with limited options as new ownership steers the company toward a narrower focus on electric school buses. The shift follows a precipitous decline in the company’s value and a safety-related shutdown of its electric bus fleet last year.
just $6 million secured the acquisition by a Quebec investment group led by Vincent Chiara, president and founder of Groupe Mach, a stark contrast to Lion’s peak market capitalization of approximately $4.7 billion in June 2021, weeks after its initial public offering on the wall Street and Toronto Stock Exchanges.The financial reversal underscores the challenges facing the EV sector and the heightened scrutiny of emerging manufacturers. The acquisition and subsequent refocusing signal a potential end to broader ambitions for the company, and a reckoning for those who guided its earlier trajectory.
Last July, The Press first reported the sale price, a figure that triggered critically important workforce reductions. Prior to the cuts initiated in Fall 2023, Lion Électrique employed 1,350 people. The new owners are now prioritizing the electric school bus segment, a decision prompted in part by a September 2023 order from the Quebec government to ground 1,200 of the company’s buses following an onboard fire.
The restructuring unfolded rapidly over several weeks,leaving former executives facing an uncertain future. The company’s pivot represents a significant recalibration, effectively abandoning previous expansion plans in favor of a more specialized market. The fate of former leadership remains unclear as the company navigates its new direction.
