MONTREAL, May 6, 2022
/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
at its annual shareholder meeting, that it released its first
annual Environmental, Social and Governance ("ESG") report, a
document that provides an overview of the Company's priorities, as
it advances the management of its ESG risks and opportunities.
"At Lion, we believe in a healthier, more resilient future for
all, and we have a long history of creating reliable,
climate-friendly electric vehicles for the well-being of our
citizens and the communities in which we live. We are proud to be a
change agent, bringing solutions to our customers in their journey
to GHG emissions reductions," said Marc
Bedard, Lion Electric's CEO-Founder. "As we look to achieve
long-term sustainable growth, having this inaugural report
formalizes and enables us to share these deep-rooted beliefs with
our stakeholders. This is an important first step in formulating
our approach to a sustainable business, especially through an ESG
lens. We invite you to review our report to learn about our plans
to pave the way for transportation decarbonization and a
sustainable future," he added.
During the year, significant progress was made across ESG
topics, as we, among other things:
- Established formal oversight of ESG practices and published our
first ESG Policy
- Calculated our scope 1 and 2, 2020 and 2021 GHG emissions
- Helped our customers avoid 10,862 tCO2eof GHG
emissions
- Studied potential long-term plans for the lifecycle of our
batteries
- Conducted an employee experience and an employment equity
survey
- Unveiled our Diversity, Equity and Inclusion Policy
- Committed to at least 30% female representation on the Board by
Lion's next annual meeting of shareholders to be held in 2023
- Committed to at least one director who is a minority by our
next annual meeting of shareholders in 2023
- Launched a Whistleblower line
To read the full report: Click here
This report contains disclosures recommended in the Industrial
Machinery & Goods and Automobiles standards developed by the
Sustainability Accounting Standards Board ("SASB") and the
recommendations by the Task Force on Climate-related Financial
Disclosures ("TCFD").
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 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.
FORWARD-LOOKING
STATEMENT
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. These forward-looking statements include
statements regarding the Company's order book and the Company's
ability to convert it into actual sales, the Company's long-term
strategy and future growth, the Company's battery plant and
innovation center project in Quebec and its U.S. manufacturing facility,
and the expected launch of new models of electric vehicles. Such
forward-looking statements are based on a number of estimates and
assumptions that Lion believes are reasonable when made, including
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 further supply
chain challenges or 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, 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
additional funding through equity or debt financing on terms
acceptable to Lion when required in the future. 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 the following:
any adverse changes in U.S. or Canadian general economic, business,
market, financial, political or legal conditions, including as
consequences of the global COVID-19 pandemic and the emergence of
COVID-19 variants, as well as varying vaccination rates amongst
different countries; any adverse effects of the Russia-Ukraine war, which is increasingly affecting
economic and global financial markets and exacerbating ongoing
economic challenges, including issues such as rising inflation and
global supply-chain disruption; any inability to successfully and
economically manufacture and distribute its vehicles at scale and
meet its customers' business needs; any inability to ramp-up the
production of Lion's products and meet project construction and
other project timelines; any inability to reduce total cost of
ownership of electric vehicles sold by Lion over time; the reliance
on key management and any inability to attract and/or retain key
personnel; any inability to execute the Company's growth strategy;
any unfavorable fluctuations and volatility in the price and
availability of raw materials included in key components used to
manufacture Lion's products; the reliance on key suppliers and any
inability to maintain an uninterrupted supply of raw materials;
labor shortages which may in the form of employee turnover,
departures, and demands for higher wages which result in the
Company having to operate at reduced capacity, lower production and
deliveries, delayed growth plans, and could pose additional
challenges related to employee compensation; any inability by Lion
to meet user expectations related to, or other difficulties in
providing, charging solutions to its customers; any inability to
maintain the Company's competitive position; any inability to
reduce its costs of supply over time; any inability to maintain and
enhance the Company'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; any event or
circumstance resulting in the Company's inability to convert its
order book into actual sales, including the reduction, elimination
or discriminatory application of government subsidies and economic
incentives or the reduced need for such subsidies; any inability to
secure adequate insurance coverage or a potential increase in
insurance costs; natural disasters, epidemic or pandemic outbreaks,
boycotts and geo-political events such as civil unrest and acts of
terrorism, the current military conflict between Russia and Ukraine or similar disruptions; and the
outcome of any legal proceedings that may be instituted against the
Company from time to time.
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SOURCE Lion Electric