Quebec Investors Set to Revitalize Troubled Lion Electric Through Acquisition

An investment group led by Montreal real estate mogul Vincent Chiara is stepping in to rescue the struggling Lion Electric Co., which has recently declared bankruptcy. This new funding aims to keep the electric bus and truck manufacturer afloat.

The company, based in Saint-Jerome, Quebec, sought creditor protection last December after failing to meet debt obligations and struggling to find a buyer for its assets.With no additional support from the Quebec government, liquidation seemed imminent.

However, Chiara’s team has proposed a plan that requires court approval. Thier strategy focuses on reviving production of electric school buses exclusively at Lion’s Saint-Jerome facility.

The firm has already ceased operations at its Joliet plant in illinois and closed a battery assembly site in Mirabel, Quebec.

Lion Electric set for revival under new owners https://t.co/uPdp8Xl1Hf — The Globe and Mail (@globeandmail) May 16, 2025

The provincial government of Quebec is reportedly renewing incentives for buyers of electric school buses—a move that could considerably benefit Lion since it stands as Canada’s only manufacturer of these vehicles.

Lion experienced rapid growth during the surge of interest in electric vehicles but faced setbacks due to delays with subsidy programs across Canada and the U.S., along with supply chain issues that hindered their path to profitability.

In its bankruptcy proceedings, Lion revealed debts exceeding $244 million owed to both secured and unsecured creditors. Notable among these are National Bank of Canada and Caisse de Depot et Placement du Quebec.

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