Amazon Takes a Stake in Electric Truck & Bus Manufacturer: Lion Electric (NGA) Northern Genesis Acquisition

The special-purpose acquisition company (SPAC) is preparing to merge with electric-bus maker Lion Electric, which revealed in a regulatory filing last week that Amazon (NASDAQ:AMZN) has secured an option to purchase a stake in the company. 

As of 12:45 p.m. EST today, Northern Genesis shares were up about 8.2% from Friday’s closing price.

  • Lion agreed to reserve enough manufacturing capacity to deliver 500 of its electric trucks per year to Amazon from 2021 to 2025, and then either 500 trucks a year or 10% of its manufacturing capacity per year, whichever is greater, from 2026 through 2030. 
  • Amazon also has an option to purchase a 15.8% stake in Lion.