Joliet,
Illinois Facility Planned to Begin Production in Second Half
of 2022 with Annual Capacity of up to 20,000 Zero-Emission
Vehicles
MONTREAL, May 7, 2021 /PRNewswire/ - The Lion Electric
Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading
manufacturer of all-electric medium and heavy-duty urban vehicles,
today announced that it has selected Joliet, Ill., for the construction of its U.S.
manufacturing facility. The new facility will represent the largest
dedicated production site for zero-emission medium and heavy-duty
vehicles in the U.S. and Lion's biggest footprint in the market,
giving the company the ability to meet the increasing demand in the
marketplace for "Made in America" zero-emission vehicles, while
simultaneously bringing production closer to its customers. As part
of its agreement with the government of Illinois, Lion has committed to an initial
investment of at least U.S. $70
million over a 3-year period.
![The Lion Electric Co. Logo (CNW Group/Lion Electric) The Lion Electric Co. Logo (CNW Group/Lion Electric)](https://mma.prnewswire.com/media/1505334/Lion_Electric_Lion_Electric_Announces_U_S__Manufacturing_Facilit.jpg)
The 900,000 sq-ft facility, for which building ramp up is
anticipated in the second half of 2021, is expected to add a
minimum of 745 clean energy direct jobs to the region over the next
three years, with an annual production capacity of up to 20,000
all-electric buses and trucks. This additional production capacity
will aid Lion in scaling electric bus production as the U.S. market
moves to electrify a large portion of its school bus fleet, as well
as to produce a larger number of heavy-duty zero-emission trucks as
governments and operators throughout the U.S. look to decarbonize
freight and transportation fleets. Lion anticipates that the first
vehicles will roll off the production line in the second half of
2022.
"Lion is the leader in electric school buses and has always been
dedicated to the U.S. market, and our commitment to be close to our
customers is one of the core values we have as a company. This
significant expansion into the U.S. market will not only allow us
to drastically increase our overall manufacturing capacity of
electric trucks and buses but to also better serve our customers,
while adding critical clean manufacturing jobs that will form the
backbone of the green economy," said Marc
Bedard, CEO and Founder of Lion. "I also want to acknowledge
the crucial role that P33 and Intersect Illinois, civic groups
committed to developing developing a long-term roadmap for the
local tech industry, played in connecting Lion with the
Chicago area's business and civic
community to help further commercial traction, as well as
engagement with key workforce and supplier partners."
"Lion's historic investment to bring its largest production
facility to Illinois represents
not only a win for our communities, but a strong step forward in
our work to expand clean energy alternatives and the jobs they
bring to our communities," said Gov. J.B.
Pritzker. "The new Joliet
facility will put Illinois at the
forefront of a national movement to transition to zero-emission
vehicle use, advancing our own goals of putting one million of
these cars on the road by 2030. In Illinois, we know that a
clean energy economy is about more than just vehicles – it's about
healthier communities and jobs for those who live there. We are
excited to welcome Lion to the Land of Lincoln and look forward to their future
success here."
The Will County region has a
rich history of manufacturing, and Lion plans to build a robust
local supply chain within the area. In addition, the Joliet location offers Lion a geographically
centralized base of manufacturing and operations, with access to
key infrastructure and distribution channels.
Over the last decade, Lion has established itself as a leader in
the zero-emission heavy-duty vehicle industry, having delivered
over 390 all-electric heavy-duty vehicles in North America with over 7 million miles driven
since 2016. All of Lion's vehicles are purpose-built for electric
propulsion from the ground up, assembled in North America and are distributed and serviced
through the Company's network of Experience Centers, including
locations in California,
New York, Washington, Florida and Arizona.
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 all 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
Thelionelectric.com
Forward-Looking Statements
All statements other than statements of historical facts
contained in this press release constitute "forward-looking
statements" (which shall include forward-looking information within
the meaning of Canadian securities laws) within the meaning of
Section 27A of the Securities Act, including statements relating to
the planned construction and the commencement of operations of
Lion's manufacturing facility and its projected production
capacity. Forward-looking statements may generally be identified by
the use of words such as "believe," "may," "will," "continue,"
"anticipate," "intend," "expect," "should," "would," "could,"
"plan," "potential," "future," "target" or other similar
expressions 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
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Lion's management and are not predictions of actual performance.
These forward-looking statements are provided for the purpose of
assisting readers in understanding certain key elements of Lion's
current objectives, goals, targets, strategic priorities,
expectations and plans, and in obtaining a better understanding of
Lion's business and anticipated operating environment. Readers are
cautioned that such information may not be appropriate for other
purposes and is not intended to serve as, and must not be relied
on, by any investor as a guarantee, an assurance, a prediction or a
definitive statement of fact or probability.
Forward-looking statements involve inherent risks and
uncertainties, most of which are difficult to predict and many of
which are beyond the control of Lion, and are based on a number of
assumptions, as well as other factors that Lion believes are
appropriate and reasonable in the circumstances, but there can be
no assurance that such estimates and assumptions will prove to be
correct or that Lion's vision, business, objectives, plans and
strategies will be achieved. Many risks and uncertainties could
cause Lion's actual results, performance or achievements or future
events or developments to differ materially from those expressed or
implied by the forward-looking statements.
In addition, forward-looking statements reflect Lion's
expectations, plans or forecasts of future events and views as of
the date of this press release. Lion anticipates that subsequent
events and developments will cause Lion's assessments to change.
However, while Lion may elect to update these forward-looking
statements at some point in the future, Lion has no intention and
undertakes no obligation to do so, except as required by applicable
law. These forward-looking statements should not be relied upon as
representing Lion's assessments as of any date subsequent to the
date of this press release. Lion's forward-looking statements are
expressly qualified in their entirety by this cautionary statement.
The complete version of the cautionary note regarding
forward-looking statements as well as a description of the relevant
assumptions and risk factors likely to affect Lion's actual
results, performance or achievements or future events or
developments to differ materially from those expressed or implied
by the forward-looking statements are included in the registration
statement on Form F-4 filed by Lion under its profile on EDGAR
at www.sec.gov.
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SOURCE Lion Electric