LION ELECTRIC AND TRANSIT TRUCK BODIES ANNOUNCE THE LAUNCH OF AN ELECTRIC VEHICLE FOR MEDIUM AND HEAVY-DUTY LAST-MILE DELIVERY THAT WAS DEVELOPED IN PARTNERSHIP WITH DEVELOPMENT

MONTREAL, 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 utility vehicles and heavy-duty truck bodies. transit (“Transit”) today announced the launch of a new light, aerodynamic and 100% electric heavy-duty truck perfectly suited for last-mile urban delivery, which has been developed under a partnership model of layout.

Designed by Transit, this zero-emission vehicle built on a Lion6 chassis has an e-Classik gearbox, much lighter than the standard model and specifically adapted to urban roads. This vehicle was developed as part of the Mobel mobilization project that the government of Quebec help finance.

“The completion of this project is a big step forward for Transit. We have always been committed to innovating and providing our customers with efficient and effective products. We focus on designing the green truck bodies of tomorrow. This is why we are delighted to present the e-Classik case mounted on a Lion 6 chassis. 40% lighter, it is an innovative product which is available now in both Canada and United Statesand it’s an important tool in our customers’ transition to EVs,” said Louis LeclairPresident of Transit.

“We are very proud of the launch of this new vehicle which once again demonstrates the versatility of Lion’s electric chassis. Congratulations to the Transit team for their vision! For several years, our two teams have been working diligently to create 100% electric products which Today, the e-Classik box combined with our Lion6 chassis not only allows us to meet the needs of the transport fleet, but also the expectations of society in the fight against climate change and the transition to zero transport show,” said Marc Bédard, CEO – Founder of Lion Electric.

Quebec has the potential to be a leader in transportation electrification, which is why our government is helping fund many projects to electrify all kinds of vehicles. In a way, it’s one of of Quebec contribution to the global fight against climate change. And I’m very proud of what we do. Every new innovation that chooses electrification over fossil fuels is one step closer to reducing our greenhouse gas emissions and achieving of Quebec greenhouse gas targets. I therefore congratulate the project partners for their commitment to creating an all-new, 100% electric delivery vehicle,” said Benoit CharretteMinister 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 utility vehicle once again confirms of Quebec leadership in transportation electrification. It is through projects like this between Transit and Lion that we will be able to build a green and innovative economy,” concluded Peter FitzgibbonMinister of Economy and Innovation and Minister of Regional Economic Development.

About Electric Lion

Electric Lion is an innovative manufacturer of zero-emission vehicles. We think, design and manufacture all-electric class 5 to 8 commercial urban trucks and 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 on the lookout for new and reliable technologies, Lion vehicles have unique features specifically tailored to users and their daily needs. We believe 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.

Lion Electric, the brilliant choice
Thelionelectric.com

About Transit Truck Bodies

Since 1978, Transit Truck Bodies has provided products and services through North America exceeding customer expectations. With more than 65,000 truck bodies manufactured, Transit has developed a range of dry bodies (Classik® and Xtreme®) and refrigerated boxes (Arctik® and Frio®) offering innovative technologies, ease of use and impeccable design.

Transit can manufacture customized, durable and resistant products in short lead times.

Discover another way to make truck bodies 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. 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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