Lion Electric designs and manufactures all-electric medium- and heavy-duty urban vehicles, with two core product lines: electric school buses and electric commercial trucks. School buses are Lion's primary revenue driver and include the LionC (Type C, up to 72 passengers) and LionD (Type D, up to 83 passengers), both with up to 210 kWh of battery capacity. On the truck side, Lion offers four platforms ranging from medium-duty delivery vehicles to heavy-duty tractors. Lion sells direct to customers, bypassing dealerships, which it argues lack EV expertise and incentive to sell low-maintenance electric vehicles. Revenue is driven by vehicle deliveries and average selling price, which varies by battery configuration, product mix, and geography. The U.S. market carries higher ASPs and is roughly 10x the size of Canada, making it a key growth target. Demand for school buses is heavily subsidy-dependent — nearly all sales are tied to government grant programs like the EPA's Clean School Bus Program — making revenue timing volatile and lumpy. Lion has built out supporting services including charging infrastructure deployment, grant application assistance, fleet financing, maintenance, and telematics, primarily to reduce friction in EV adoption rather than as standalone businesses. A key element of Lion's model is vertical battery manufacturing at its Mirabel, Quebec plant, which Lion expects will reduce vehicle costs over time. With major capital investments largely complete across facilities in Quebec and Illinois, Lion's near-term focus is improving margins and growing deliveries within existing capacity.