Lion Electric and U.S. Transportation Secretary Pete Buttigieg Join Roundtable Focused on Workforce Development and Clean Manufacturing in the Electric Vehicle Sector

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JOLIET, Ill., May 4, 2022 /PRNewswire/ – Lion Electric Company (NYSE:LEV) (TSX:LEV) (“Lion” or the “Company”), a leading manufacturer of medium and heavy-duty all-electric vehicles, today joined U.S. Secretary to Transport Pete Buttigiegcongressman Bill Foster (IL-11), workforce experts, policy makers and industry players to discuss new investment opportunities in electric vehicles and clean manufacturing.

Nate BaguioSenior Vice President of Business Development at Lion Electric, provided insight into how the company has been a leader in manufacturing zero-emission school buses and all medium and heavy-duty electric trucks in North America. The roundtable discussed how partnerships with the federal government, states, counties, cities, as well as local and nonprofit organizations provide economic opportunities for green manufacturing. They also meet the need for clean energy and can help meet the demand for additional heavy-duty electric vehicles and charging infrastructure across the country.

“We are honored that U.S. Secretary of Transportation Buttigieg, an advocate for electric vehicles, recognizes how critical building a robust electrification ecosystem and supply chain is to the stability and growth of industry,” said Nate Baguio. “The Federal Government’s Infrastructure and Employment Act and the $5 billion that it is allocating to fund the deployment of zero-emission, clean school buses over the next five years further reinforces its commitment to the electric vehicle sector.”

The current administration has supported the expansion of charging infrastructure in urban, suburban and rural communities in United States. In addition, he spoke about his goal of offering funding to advance the adoption of electric vehicles. One of their priorities is to build a network of charging stations along the country’s highways that will help create more jobs in the electric vehicle sector and a healthier environment.

The roundtable conversation also featured remarks on the future of the U.S. clean manufacturing sector from the congressman. Bill Foster (IL-11); Doug PriorCEO of Will County Economic Development; Craig KnightCEO of Hyzon Motors; Caroline PortlockDirector of the Workforce Center of Will County; Kathy Gilmorepresident of Valley Industrial; Dain Meza-GottoDirector of Joliet Junior College Workforce education; Terrie Simmonspresident of the Illinois Minority Business Development Center; John GedneyLegislative Representative, United Auto Workers Region 4; Bob O’DekirkMayor of Joliette and representatives from Pace Suburban Bus.

Editorial Note: Images available for download here: https://www.dropbox.com/sh/mkjhzjt15vnyl30/AAD9nKSPTfi9fV2ztcTIMvA9a?dl=0

About Electric Lion

Electric Lion is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to 8 urban commercial trucks as well as all-electric buses and minibuses for the school, adapted and collective segments. Lion is a North American leader in electric transportation and designs, builds and assembles many of its vehicle components, including chassis, batteries, truck cabs and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique characteristics specifically adapted to its users and their daily needs. Lion believes that the transition to all-electric vehicles will lead to major improvements in our society, our environment and our overall quality of life. Lion’s shares are traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol LEV.

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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. All statements 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 can be identified by the use of words such as “believe”, “may”, “will”, “continue”, “anticipate”, “intend”, “expect”, ” should”, “should”, “might”, “plan”, “project”, “potential”, “seem”, “seek”, “future”, “target” or other similar expressions and any other statement that predicts or indicate future events or trends or are not statements of historical matters, although not all forward-looking statements contain such identifying words.

The Company has made a number of economic, market and operating 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 to 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 complete the construction of its United States manufacturing facility and its Quebec battery plant and innovation center, that Lion will not experience any significant 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 controls operational, financial and other internal and systems to manage its growth and size and that its results of operations and financial condition will not be adversely affected, which Lion may benefit, directly or indirectly (including through its customers ), government grants and economic incentives in the future and that Lion will be able to obtain any additional financing required through equity or debt financing on terms acceptable to Lion. These estimates and assumptions are made by Lion in light of management’s experience and perception of historical trends, current conditions and expected future developments, as well as other factors deemed appropriate and reasonable under 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 general economic, business, commercial, financial, political, and legal conditions in the United States and Canada, including as consequences of the global COVID-19 pandemic and the emergence of variants of COVID-19 and varying vaccination rates by country; Lion’s inability to successfully and economically manufacture and distribute its vehicles on a large scale and meet the business needs of its customers; Lion’s dependence on key management and any failure to attract and/or retain key personnel; Lion’s inability to execute its growth strategy; Any adverse fluctuations and volatility in the price of raw materials included in key components used to manufacture Lion’s products; Lion’s dependence 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 supply costs over time; any failure to maintain and enhance Lion’s reputation and brand; any major product repair and/or replacement due to warranty claims or product recalls; any computer systems failures or 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, epidemics or pandemics, boycotts and geopolitical events; the outcome of any legal proceedings that may be brought against the Company from time to time.

These and other risks and uncertainties relating to Lion’s business are further described in the section entitled “Risk Factors” not relating 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 the risk factors identified in the Canadian Prospectus, 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. Further, forward-looking statements speak only as of the date they are made. Except as required by applicable securities laws, Lion undertakes no obligation, and expressly disclaims any obligation, to update, revise or review any forward-looking information, whether as a result of new information, future events or otherwise.

SOURCE Electric Lion

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