The Quebec-based EV maker said it will temporarily lay off 400 workers, leaving it with 300 workers remaining. It also suspended work at its Illinois factory. The company had previously faced a Nov. 30 deadline for its key loan packages, which it has now extended to Dec. 16. (The Logic)

Talking point: The news bumped up Lion Electric’s stock by about 55 per cent on the New York Stock Exchange. The maker of electric buses and trucks said its remaining workers will focus on bus manufacturing as well as sales, deliveries and servicing. The company has in part blamed slow government funding programs for its struggles, and has cut its workforce by over 1,000 from the 1,350 employees it had in December 2022. Last month, the company warned that the New York Stock Exchange was considering de-listing some of its warrants due to “abnormally low” prices, and said it was open to selling itself.