Zero-emission vehicles manufacturer The Lion Electric Company (NYSE: LEV) recently revealed that it has entered into a partnership agreement with vehicle buying and selling platform Cox Automotive Mobility to provide rapid support to Lion Electric customers in the United States.
The partnership follows a successful pilot program between the two companies that began in 2021.
Strategic Impact
With 25 maintenance service centers, more than 1,000 technicians and nearly 800 mobile service trucks in the field, Cox Automotive Mobility’s expertise is expected to provide an efficient avenue for Lion Electric customers to get rid of their vehicular problems.
This is expected to be complementary to Lion Electric’s network of Experience Centers, which serve as local hubs for maintenance, distribution, training, and education on electrification.
Further, Lion Electric will provide Cox Automotive Mobility’s technicians with in-depth training on its products, including maintenance of high-voltage systems.
Management Commentary
The Vice-President of Commercial Operations at Lion Electric, Marc-Andre Page, said, “Lion’s customer base continues to grow throughout the U.S. as medium and heavy-duty electrification continues to accelerate. It is therefore important that we expand our customer support network to provide our customers with more options and conveniences and give them the best experience possible. Lion has always been dedicated to providing our valued customers with the best service possible, and we look forward to working with Cox Automotive Mobility to continue delivering an industry leading customer experience.”
Stock Rating
Consensus among analysts is a Moderate Buy based on 2 unanimous Buys. The average Lion Electric stock prediction of $17.50 implies upside potential of 116.1% from current levels. Shares have declined 62% over the past year.
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