JOLIET, Ill., May 4, 2022 /PRNewswire/ – Lion Electric Company (NYSE: LEV) (TSX: LEV) (“Lion” or the “Company”), a leading manufacturer of all-electric medium and heavy-duty vehicles, today joined U.S. Secretary of Transportation Pete Buttigieg, Congressman Bill Foster (IL-11), workforce experts, policymakers and industry stakeholders to discuss new opportunities for investments in electric vehicles and clean manufacturing.
Nate Baguio, Senior Vice President of Commercial Development at Lion Electric, provided an overview of how the Company has been a leader in manufacturing zero-emission school buses and all electric medium and heavy-duty trucks in North America. The roundtable addressed how partnerships with the federal government, states, counties, cities as well as local and nonprofit organizations deliver economic opportunities for green manufacturing. They also address the need for clean energy and can help bridge the demand for additional heavy-duty electric vehicles and charging infrastructure across the nation.
“We are honored to have U.S. Secretary of Transportation Buttigieg, an advocate for electric vehicles, recognize how building a robust electrification ecosystem and supply chain is integral for industry stability and growth,” said Nate Baguio. “The Federal Government’s Infrastructure and Jobs Act and the $5 billion it allocates to fund the deployment of zero-emission and clean school buses over the next five years further reinforces its commitment to the electric vehicle sector.”
The current administration has been supportive of expanding charging infrastructure across urban, suburban and rural communities in the United States. Furthermore, it has been vocal about its focus to offer funding to advance the adoption of electric vehicles. One of their priorities is to build a network of charging stations along the nation’s highways that will help create more jobs in the EV sector and a healthier environment.
The roundtable conversation also featured remarks about the future of the American clean manufacturing sector from Congressman Bill Foster (IL-11); Doug Pryor, CEO of Will County Economic Development; Craig Knight, CEO of Hyzon Motors; Caroline Portlock, Director with the Workforce Center of Will County; Kathy Gilmore, President of Valley Industrial; Dain Meza-Gotto, Director of Joliet Junior College Workforce Education; Terrie Simmons, President of Illinois Minority Business Development Center; John Gedney, Legislative Representative, United Auto Workers Region 4; Bob O’Dekirk, Mayor of Joliet and representatives from Pace Suburban Bus.
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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
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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