MONTREAL – Quebec’s opposition parties are calling for answers about whether Lion Electric Co. misled investors while receiving government financial support.
The Quebec Liberals want a legislature committee to investigate allegations the electric-vehicle maker deceived investors with unrealistic forecasts and fabricated orders.
Lion Electric sought creditor protection last month with US$500 million in debt and has laid off most of its employees.
As first reported by Radio-Canada, a group that now numbers 1,300 investors has sent letters to provincial and federal legislators demanding further investigation of the company.
They say Lion Electric CEO Marc Bédard was deceptive in the way he talked publicly about potential sales that didn’t come through as planned, including with Amazon.
The company publicized a purchase agreement with Amazon in 2020 for up to 2,500 trucks over five years, but only ever announced a contract for 10 trucks.
Lion Electric wasn’t immediately available for comment.
This report by The Canadian Press was first published Jan. 16, 2025.
