LONG
BEACH, Calif., May 9, 2022
/CNW Telbec/ - Lion Electric Company (NYSE: LEV) (TSX:
LEV) ("Lion" or the "Company"), a leading manufacturer of
all-electric medium and heavy-duty vehicles, today kicked off the
Advanced Clean Transportation (ACT) Expo (ACT) in Long Beach, Calif., by announcing that the
company has reached a major operational milestone, with its
vehicles on the road collectively surpassing 10 million miles
driven to date.
Lion is participating at ACT Expo this week where the company is
showcasing its Lion6 class 6 heavy-duty truck upfit for a variety
of applications including stake bed and refrigeration, as well as
the LionC zero-emission school bus – the most ordered and delivered
electric school bus on the market. Lion put its first all-electric
school buses in the U.S. on the road in 2016, and today has over
600 vehicles on the road throughout North
America.
"Reaching 10 million miles on the road is a major achievement
for Lion and we're excited to be able to celebrate this here at ACT
Expo, where industry stakeholders can see our vehicles firsthand.
Our significant real-world experience means that Lion is able to
design and deliver the highest quality zero-emission medium and
heavy-duty vehicles on the market, purpose-built from the ground up
to be electric." said Marc Bedard,
CEO – Founder, Lion Electric.
Lion vehicles on display at ACT Expo include:
- Lion6 Aluminum Platform Body (26-foot) in partnership
with CM Truck Beds (Lion booth #2019)
- Lion6 Electrified Refrigerated Concept in partnership
with Morgan Truck Body and Thermo
King (Morgan booth #567)
- LionC All-Electric Type C School Bus (Dana booth
#2048)
ACT Expo attendees will also have the opportunity to experience
an all-electric lightweight and aerodynamic Lion6 Dry Freight
Truck Body in partnership with Morgan Truck Body, which will be
available for test drives at the ACT Expo official ride and drive
from 12:00pm – 3:00pm May 10, and
11:00am – 2:00pm May 11. Lion
invites members of the media to experience the truck during the
media exclusive portion of the ride and drive taking place
May 10, 11:00am – 12:00pm.
About Lion Electric
Lion Electric is an innovative manufacturer
of zero-emission vehicles. The company creates, designs
and manufactures all-electric class 5 to class 8 commercial
urban trucks and all-electric buses and minibuses for the school,
paratransit and mass transit segments. Lion is a North
American leader in electric transportation and designs, builds
and assembles many of its vehicles' components, including chassis,
battery packs, truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lion
vehicles have unique features that are specifically adapted to its
users and their everyday needs. Lion believes that transitioning to
all-electric vehicles will lead to major improvements in our
society, environment and overall quality of life. Lion shares are
traded on the New York Stock Exchange and the Toronto Stock
Exchange under the symbol LEV.
Lion Electric, The Bright Move
www.thelionelectric.com
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements contained in this MD&A that are not statements of
historical fact, including statements about Lion's beliefs and
expectations, are forward-looking statements and should be
evaluated as such.
Forward-looking statements may be identified by the use of
words such as "believe," "may," "will," "continue," "anticipate,"
"intend," "expect," "should," "would," "could," "plan," "project,"
"potential," "seem," "seek," "future," "target" or other similar
expressions and any other statements that predict or indicate
future events or trends or that are not statements of historical
matters, although not all forward-looking statements contain such
identifying words. These forward-looking statements include
statements regarding the Company's order book and the Company's
ability to convert it into actual sales, the Company's long-term
strategy and future growth, the Company's battery plant and
innovation center project in Quebec and its U.S. manufacturing facility,
and the expected launch of new models of electric vehicles. Such
forward-looking statements are based on a number of estimates and
assumptions that Lion believes are reasonable when made, including
that Lion will be able to retain and hire key personnel and
maintain relationships with customers, suppliers and other business
partners, that Lion will continue to operate its business in the
normal course, that Lion will be able to implement its growth
strategy, that Lion will be able to successfully and timely
complete the construction of its U.S. manufacturing facility and
its Quebec battery plant and
innovation center, that Lion will not suffer any further supply
chain challenges or any material disruption in the supply of raw
materials on competitive terms, that Lion will be able to maintain
its competitive position, that Lion will continue to improve its
operational, financial and other internal controls and systems to
manage its growth and size, that its results of operations and
financial condition will not be adversely affected, that Lion will
be able to benefit, either directly or indirectly (including
through its clients), from government subsidies and economic
incentives in the future, and that Lion will be able to secure
additional funding through equity or debt financing on terms
acceptable to Lion when required in the future. Such estimates and
assumptions are made by Lion in light of the experience of
management and their perception of historical trends, current
conditions and expected future developments, as well as other
factors believed to be appropriate and reasonable in the
circumstances. However, there can be no assurance that such
estimates and assumptions will prove to be correct.
By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Lion
believes that these risks and uncertainties include the
following: any adverse changes in U.S. or Canadian
general economic, business, market, financial, political or legal
conditions, including as consequences of the global COVID-19
pandemic and the emergence of COVID-19 variants, as well as varying
vaccination rates amongst different countries; any
adverse effects of the Russia-Ukraine war, which is increasingly affecting
economic and global financial markets and exacerbating ongoing
economic challenges, including issues such as rising inflation and
global supply-chain disruption; any inability to
successfully and economically manufacture and distribute its
vehicles at scale and meet its customers' business
needs; any inability to ramp-up the production of
Lion's products and meet project construction and other project
timelines; any inability to reduce total cost of
ownership of electric vehicles sold by Lion over
time; the reliance on key management and any inability
to attract and/or retain key personnel; any inability
to execute the Company's growth strategy; any
unfavorable fluctuations and volatility in the price and
availability of raw materials included in key components used to
manufacture Lion's products; the reliance on key
suppliers and any inability to maintain an uninterrupted supply of
raw materials; labor shortages which may in the form of
employee turnover, departures, and demands for higher wages which
result in the Company having to operate at reduced capacity, lower
production and deliveries, delayed growth plans, and could pose
additional challenges related to employee
compensation; any inability by Lion to meet user
expectations related to, or other difficulties in providing,
charging solutions to its customers; any inability to
maintain the Company's competitive position; any
inability to reduce its costs of supply over time; any
inability to maintain and enhance the Company's reputation and
brand; any significant product repair and/or
replacement due to product warranty claims or product
recalls; any failure of information technology systems
or any cybersecurity and data privacy breaches or
incidents; any event or circumstance resulting in the
Company's inability to convert its order book into actual sales,
including the reduction, elimination or discriminatory application
of government subsidies and economic incentives or the reduced need
for such subsidies; any inability to secure adequate
insurance coverage or a potential increase in insurance
costs; natural disasters, epidemic or pandemic
outbreaks, boycotts and geo-political events such as civil unrest
and acts of terrorism, the current military conflict between
Russia and Ukraine or similar disruptions;
and the outcome of any legal proceedings that may be
instituted against the Company from time to time.
These and other risks and uncertainties related to the
businesses of Lion are described in greater detail in section 23.0
entitled "Risk Factors" of the Company's MD&A for the years
ended December 31, 2021, 2020 and
2019 and in Item 3.D entitled "Risk Factors" of the Company's
annual report on Form 20-F for the fiscal year ended December 31, 2021. Many of these risks are beyond
Lion's management's ability to control or predict. All
forward-looking statements attributable to Lion or persons acting
on its behalf are expressly qualified in their entirety by the
cautionary statements contained and risk factors identified in this
MD&A and in other documents filed with the applicable Canadian
regulatory securities authorities and the Securities and Exchange
Commission.
Because of these risks, uncertainties and assumptions,
readers should not place undue reliance on these forward-looking
statements. Furthermore, forward-looking statements speak only as
of the date they are made. Except as required under applicable
securities laws, Lion undertakes no obligation, and expressly
disclaims any duty, to update, revise or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
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SOURCE Lion Electric