MONTRÉAL, April 11,
2022 /PRNewswire/ - The Lion Electric Company (NYSE:
LEV) (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer
of all-electric medium and heavy-duty vehicles, and Transit Truck
Bodies ("Transit") today announced the launch of a new lightweight,
aerodynamic, 100% electric heavy-duty truck perfectly suited for
last-mile urban delivery, that was developed under an upfitter
partnership model.
Designed by Transit, this zero-emission vehicle built on a Lion6
chassis features an e-Classik box, which is much lighter than the
standard model and has been specifically adapted to urban roads.
This vehicle was developed as part of the Mobel mobilization
project that the government of Quebec is helping to finance.
"The completion of this project is a huge step forward for
Transit. We have always been committed to innovation and providing
customers with efficient, high-performance products. We're focused
on designing the green truck boxes of tomorrow. That's why we're
excited to introduce the e-Classik box mounted on a Lion6 chassis.
40 percent lighter, it's an innovative product that is available
right now in both Canada and
the United States, and it is an
important tool in our customers' transition to EV journey," said
Louis Leclair, Transit
President.
"We're very proud of the launch of this new vehicle that further
demonstrates the versatility of Lion's electric chassis.
Congratulations to the Transit team on their vision! For several
years, our two teams have been working diligently to create 100%
electric products that advance our industry. Today, the e-Classik
box combined with our Lion6 chassis allows us not only to meet
transportation fleet needs, but also society's expectations as we
fight climate change and transition to zero-emission
transportation," stated Marc Bédard, CEO – Founder of Lion
Electric.
"Quebec has the potential to be
a leader in transportation electrification, hence our government
helping fund many projects to electrify all kinds of vehicles. In a
way, it's one of Quebec's
contributions to the global fight against climate change. And I am
very proud of what we're doing. Every new innovation that chooses
electrification over fossil fuels is one more step towards reducing
our greenhouse gas emissions and achieving Quebec's greenhouse gas objectives. I
therefore applaud the project partners for their commitment to
creating a brand new 100% electric delivery vehicle," stated
Benoit Charette, Minister of the
Environment and the Fight against Climate Change, Minister
Responsible for the Fight Against Racism and Minister Responsible
for the Laval Region.
This new electric commercial vehicle once again confirms
Quebec's leadership in
transportation electrification. It's through projects like
this one between Transit and Lion that we can build a green
and innovative economy," concluded Pierre
Fitzgibbon, Minister of Economy and Innovation and Minister
for Regional Economic Development.
About Lion
Electric
Lion Electric is an innovative manufacturer of zero-emission
vehicles. We think, design and manufacture 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
users and their everyday needs. We believe 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 brilliant choice
Thelionelectric.com
About Transit Truck
Bodies
Since 1978, Transit Truck Bodies has been providing products and
services throughout North America
exceeding customer expectations. With more than 65,000 truck bodies
manufactured, Transit has developed a range of dry boxes
(Classik® and X-Treme®) and refrigerated
boxes (Arctik® and Frio®) offering
innovative technologies, ease of use and impeccable design.
Transit can manufacture customized, durable and resistant
product on short notice.
Discover another way to make truck boxes with Transit.
Transit.ca
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking information" and
"forward-looking statements" (collectively, "forward-looking
statements") within the meaning of applicable securities laws. Any
statements contained in this press release 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.
The Company made a number of economic, market and operational
assumptions in preparing and making certain forward-looking
statements contained in this press release including, but not
limited to, 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 centre, that Lion will not suffer 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 and
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 any required additional funding through
equity or debt financing on terms acceptable to Lion. 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, but are not
limited to, the following: any adverse changes in the U.S. and
Canadian general economic, business, market, financial, political
and legal conditions, including as consequences of the global
COVID-19 pandemic and the emergence of COVID-19 variants and
varying rates of vaccination amongst various countries; Lion's
inability to successfully and economically manufacture and
distribute its vehicles at scale and meet its customers' business
needs; Lion's reliance on key management and any inability to
attract and/or retain key personnel; Lion's inability to execute
its growth strategy; Any unfavourable fluctuations and volatility
in the price of raw materials included in key components used to
manufacture Lion's products; Lion's reliance on key suppliers and
any inability to maintain an uninterrupted supply of raw materials;
Lion's inability to maintain its competitive position; Lion's
inability to reduce its costs of supply over time; any inability to
maintain and enhance Lion'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; the
reduction, elimination or discriminatory application of government
subsidies and economic incentives or the reduced need for such
subsidies; natural disasters, epidemic or pandemic outbreaks,
boycotts and geo-political events; 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 the section
entitled "Risk Factors" not related to an investment in the
Company's final prospectus dated May 5,
2021 (the "Canadian Prospectus") filed with the Autorité des
marchés financiers (the "AMF") and the registration statement on
Form F-1 (the "Registration Statement") filed with the Securities
and Exchange Commission (the "SEC") and declared effective on
June 14, 2021 and other documents
publicly filed with the AMF and the SEC. 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
the Canadian Prospectus, the Registration Statement and other
documents filed with the AMF and the SEC.
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