JOLIET, Ill., March 23, 2022 /CNW Telbec/ - The Lion Electric
Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading
manufacturer of all-electric medium and heavy-duty vehicles, hosted
congressional representatives Bill
Foster, Sean Casten and
Lauren Underwood, alongside state
and federal officials on March 21 at
its upcoming Joliet, Ill.
manufacturing facility. The event showcased the advancement of
Lion's state-of-the-art manufacturing facility in Joliet, Ill. and highlighted how the recently
passed Infrastructure Investment and Jobs Act (IIJA) will bolster
clean manufacturing in the United
States.
In addition to representatives Casten, Foster and Underwood,
Illinois Department of Commerce and Economic Opportunity Director,
Sylvia Garcia, and EPA Region 5
Administrator, Debra Shore addressed
the economic and health benefits of electrification, as well as
state and federal policies designed to spur EV adoption.
The IIJA sets aside $5 billion in
funding for the adoption of clean school buses to be administered
by the EPA, along with $7.5 billion
to build out critical charging infrastructure throughout the
country to speed the transportation sector's transition to
electrification.
Dozens of local and industry stakeholders were in attendance to
tour the factory and get hands-on time with Lion's vehicles. These
included school districts from several states and student
transportation advocacy groups such as the National School
Transportation Association, which represents private school
transportation contractors that amount to approximately one-third
of the school buses operating in the
United States. Large national commercial fleets also
attended to test vehicles from Lion's trucking portfolio and get a
preview of where their vehicles will be built in the U.S.
market.
Lion is on track to begin manufacturing 100% electric vehicles
in Joliet in the second half of
2022, in what will be the largest dedicated medium and heavy-duty
electric vehicle manufacturing plant in the country with a
production capacity of up to 20,000 vehicles per year. Lion
anticipates that it will add over 1,400 new jobs to the
Joliet region over the next four
years.
"We are very proud to have hosted Illinois congress members at our upcoming
factory, whose votes have led to historic investments in clean
school transportation. It shows how Lion is playing an important
role in the rise of the green economy in the United States, and that we are
contributing to the rebirth of U.S. manufacturing right here in
Illinois, with made in America
heavy-duty electric trucks and buses. Thanks to the Infrastructure
Investment and Jobs Act, the growth of heavy-duty electrification
is poised to accelerate rapidly, with $5
billion in federal funding for clean school buses – which
Lion will be delivering by the end of the year from our
Joliet facility," said
Brian Piern, Chief Commercial
Officer at Lion Electric.
"The billions in clean school bus funding in the Infrastructure
Investment and Jobs Act is proof that it is time for the days of
polluting diesel school buses to come to an end. With over 550
vehicles on the road today and more than 9 million miles driven,
Lion is ready to lead the charge in electrifying school fleets
throughout the United States – a
critical transition that we feel very passionately about. As a
dedicated zero emission school bus manufacturer, Lion is uniquely
positioned to have 100% of its school bus products qualify for the
entirety of the funding included in the bipartisan package. We have
heard the call to clean up our nation's school bus fleets from the
federal government and this American factory will be the
centerpiece of bringing healthy transportation to our students and
communities," commented Nate Baguio,
Senior Vice President of Commercial Development at Lion
Electric.
"It was great to see the progress Lion Electric has made on
their brand-new electric vehicle manufacturing facility. I'm proud
that companies like Lion Electric are choosing to invest in
Illinois, positioning our region
to lead the rapidly growing electric vehicle industry. Thanks to
the bipartisan Infrastructure Investment and Jobs Act, we're making
sure our communities have the necessary financial resources they
need to build out charging infrastructure to support these vehicles
as their availability and use continues to rise," said Congressman
Bill Foster (IL-11).
"From EV auto manufacturers like Lion Electric and trailblazing
battery technology research at Argonne National Laboratory to
unions like IBEW training the next-generation of skilled workers to
build and install new electric infrastructure, folks across our
state are stepping up to ensure our transition to a cleaner,
stronger economy," said Congressman Sean
Casten (IL-6). "Thanks to the investments I fought to secure
in the Bipartisan Infrastructure Investment and Jobs Act,
Illinois will lead the country in
clean energy innovation and electric vehicle manufacturing so that
we can combat climate change and build a brighter economic future
for all."
"Lion Electric is demonstrating how the Bipartisan
Infrastructure Investment and Jobs Act can make an impact here in
northern Illinois by promoting
clean energy infrastructure, supporting American manufacturing, and
creating good-paying jobs. The investments in electric and reduced
carbon buses in the Bipartisan Infrastructure Investment and Jobs
Act are propelling our country forward to further strengthen our
economic recovery while creating more sustainable transportation
options," said Congresswoman Lauren
Underwood (IL-14).
Images of the event are available at the following link:
https://www.dropbox.com/sh/u5oausgizz59pt4/AABIQREEtQRP75xhxD11RO0Pa?dl=0
About Lion Electric Company
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
Thelionelectric.com
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 center, 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 unfavorable 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" 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/lion-electric-hosts-federal-and-state-officials-key-stakeholders-at-its-upcoming-illinois-manufacturing-facility-301508619.html
SOURCE Lion Electric