MONTREAL, Feb. 13,
2023 /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, today
announced that the Company has entered into an agreement with
Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC Capital
America, and its related company, ENGS Commercial Finance Co, to
provide financing solutions to Lion school bus and truck customers
in the United States and
Canada through LionCapital
Solutions' vehicle financing program.
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"I am very pleased to announce this partnership with Mitsubishi
HC Capital Canada and ENGS Commercial Finance Co., and to have
financial partners who share Lion's sustainable transportation
vision and values. This agreement will allow LionCapital Solutions
to leverage Mitsubishi's vehicle financing expertise and capital to
provide Lion customers with financing solutions specifically
designed for Lion school buses and trucks, thereby making it easier
and simpler for our clients to secure the financing required for
the purchase of their Lion vehicles." said William Blanchard, Head of LionCapital
Solutions.
"As an established market leader in the transportation sector,
we are proud to work alongside and support Lion as advancements
continue to be made in the ever-important electric transportation
segment," said Craig Weinewuth, CEO
& President ENGS Commercial Finance Co. "Joining together to
offer Lion customers innovative financing options further
demonstrates our pledge to supporting electrification and this next
phase of mobility solutions."
François Nantel, President of Mitsubishi HC Capital Canada
added: "As the world searches for more sustainable solutions, the
necessity of electric transportation is more obvious than ever. As
an organization that provides financing solutions focused on the
United Nations Sustainable Development Goals (SDGs), we firmly
believe that electric transportation not only positively impacts
our environment, but can ultimately improve our quality of life.
That makes our partnership with Lion perfectly attuned."
LionCapital Solutions' turnkey financing solutions can provide
for up to 100% of fleet electrification costs, including the
initial cost of the vehicle, charging infrastructure and
installation, and thus can potentially completely eliminate upfront
capital requirements for fleets to transition to electric
vehicles.
For more information, visit:
https://pages.thelionelectric.com/lion-capital-solutions/; or
contact LionCapital Solutions directly at:
lioncapitalsolutions@thelionelectric.com
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.
ABOUT MITSUBISHI HC CAPITAL
CANADA AND ENGS COMMERICAL FINANCE
CO.
Mitsubishi HC Capital Canada, a subsidiary of Mitsubishi HC
Capital America, brings a consultative approach and expertise to
customers of all sizes to help their businesses grow every day.
Serving as a collaborative partner, the company
provides customized financing solutions for a wide range of
industries, including manufacturing, construction, transportation,
staffing & temporary help, commercial electric vehicles &
charging infrastructure and clean technology. The company is
committed to the United Nations Sustainable Development Goals to
improve the communities where it operates.
ENGS Commercial Finance Co., a member of one of the largest and
most diversified financial groups in the world, is a market leading
commercial finance company providing best-in-class,
technology-enabled financing solutions. An industry expert
committed to Service, Speed and Simplicity. The FINTECH platform
offers a 100% digital finance and service solution for greater
efficiency and streamlined customer experience. The company
is also committed to supporting the United Nations Sustainable
Development Goals by delivering financing offerings in the
renewable and alternative energy markets.
The combined assets under management of the two organizations is
$6.4 billion. More information on
Mitsubishi HC Capital Canada can be found at:
https://www.mhccna.com/en-ca/. More information on ENGS can be
found at: https://engsfinance.com/
CAUTION REGARDING FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking information" and
"forward-looking statements" within the meaning of applicable
securities laws and within the meaning of the United States Private
Securities Litigation Reform Act of 1995 (collectively,
"forward-looking statements"). Any statements contained in this
press release that are not statements of historical fact, including
statements about Lion's and the Supplier's commitments under the
Cell Supply Agreement and the expected volumes of lithium-ion
battery cells to be supplied thereunder, 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 may contain
such identifying words. 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 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, but are not
limited to, the following: any adverse changes in U.S. or Canadian
general economic, business, market, financial, political or legal
conditions, including as a consequence of the ongoing uncertainties
relating to inflation and interest rates; any inability to meet its
customers' business needs; any inability to successfully and
economically manufacture and distribute its vehicles at scale; any
adverse effects of the Russia-Ukraine war, which continues to affect
economic and global financial markets and exacerbate ongoing
economic challenges; any inability to ramp-up the production of
Lion's products and meet project construction and other project
milestones and timelines; any inability to execute the Company's
growth strategy; any unfavorable fluctuations and volatility in the
availability or price of raw materials included in components used
to manufacture the Company's products; the outcome of any legal
proceedings that may be instituted by or against the Company from
time to time; any inability to reduce total cost of ownership of
electric vehicles sold by the Company over time; the reliance on
key suppliers and any inability to maintain an uninterrupted supply
of raw materials; the reliance on key management and any inability
to attract and/or retain key personnel; labor shortages (including
as a result of employee departures, turnover, and demands for
higher wages) which may force the Company to operate at reduced
capacity, to lower its production and delivery rates or lower its
growth plans, and could pose additional challenges related to
employee compensation; any inability to meet the expectations of
the Company's customers in terms of products, specifications, and
services; any inability to maintain the Company's competitive
position; any inability to reduce the Company's 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; any inability to secure adequate insurance coverage or
a potential increase in insurance costs; and 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.
These and other risks and uncertainties related to the
businesses of Lion are described in greater detail in section 23.0
entitled "Risk Factors" of the Company's management's discussion
and analysis ("MD&A") for the years ended December 31, 2021, 2020 and 2019 and in Item 3.D
entitled "Risk Factors" of the Company's annual report on Form 20-F
for the fiscal year ended December 31,
2021. Many of these risks are beyond Lion's management's
ability to control or predict. All forward-looking statements
included in this press release are expressly qualified in their
entirety by the cautionary statements contained herein and the risk
factors included in the Company's annual MD&A for the fiscal
year 2021 and in other documents filed with the applicable Canadian
regulatory securities authorities and the Securities and Exchange
Commission.
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.
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SOURCE Lion Electric