Dana and Lion Electric Co. Announce Long-term Agreement for Electrified Systems

Rhea-AI Summary

Dana Incorporated (NYSE: DAN) has reaffirmed its strategic partnership with Lion Electric Co. to provide electric drive systems for their electric buses and medium- to heavy-duty trucks. This collaboration encompasses the supply of electric motors, inverters, controllers, axles, and driveshafts for all Lion Electric platforms. The partnership aims to support growing demand for zero-emission transportation solutions, aligning with Lion's plans to enhance production at its new Illinois facility later this year. Dana's technologies will be showcased at the Advanced Clean Transportation Expo in Long Beach, California.

Positive

• Strategic partnership with Lion Electric enhances Dana's position in the electric vehicle market.
• Collaboration supports rapidly growing demand for zero-emission transportation solutions.
• Dana's technologies to be showcased at a major industry expo, increasing visibility.

Negative

• None.

MAUMEE, Ohio, May 10, 2022 /PRNewswire/ -- Dana Incorporated (NYSE: DAN) announced today that it has confirmed its strategic supply relationship with current OEM partner Lion Electric Co. to support its line-up of electric buses as well as medium- and heavy-duty trucks.

The strategic relationship covers the supply of the electric drive systems, including electric motors, inverters, and controllers, as well as axles and driveshafts for all Lion Electric platforms, including the LionA, LionC, LionD, LionM, Lion6, and Lion8.

"The bus and medium-duty truck segments are among the fastest growing for electrified products and we have developed our portfolio to enable a seamless integration for our customers vehicles," said Ryan Laskey, senior vice president of Dana Commercial Vehicle Drive and Motion Systems.  "We are excited to support Lion Electric as they deliver on their mission to help electrify urban transportation for buses and medium and heavy-duty trucks."

"We are pleased with our strategic relationship with Dana in order to deliver the highest quality medium and heavy-duty all-electric trucks and buses available today. By working together, Lion will be able to continue meeting the increasing demand in the marketplace for zero-emission transportation solutions, especially as we prepare to manufacture vehicles at our upcoming U.S. facility in Illinois in the second half of this year," said Yannick Poulin, Chief Operating Officer at Lion Electric.

Dana supplies Lion with a broad range of technologies and systems, including:  

• the Dana TM4^™ SUMO family of electric motors supporting light, medium, and heavy-duty applications;
• Dana TM4^™ medium-and heavy-duty high-voltage inverters;  
• medium-and high-voltage bi-directional charger inverters that function as both a battery charger and inverter;
• the fully programmable OpenECU^™ M5 series of vehicles controllers for use as the main vehicle management unit; and
• a range of single reduction and tandem drive axles, and driveshafts for direct-drive configurations.

Lion Electric vehicles featuring Dana technologies will be featured at the Advanced Clean Transportation Expo in Long Beach, Calif., May 9-12 in booth 2019.

About Dana Incorporated
Dana is a leader in the design and manufacture of highly efficient propulsion and energy-management solutions that power vehicles and machines in all mobility markets across the globe.  The company is shaping sustainable progress through its conventional and clean-energy solutions that support nearly every vehicle manufacturer with drive and motion systems; electrodynamic technologies, including software and controls; and thermal, sealing, and digital solutions.

Based in Maumee, Ohio, USA, the company reported sales of $8.9 billion in 2021 with 40,000 people in 31 countries across six continents.  Founded in 1904, Dana was named one of "America's Most Responsible Companies 2022" by Newsweek for its emphasis on sustainability and social responsibility.  The company is driven by a high-performance culture that focuses on valuing others, inspiring innovation, growing responsibly, and winning together, earning it global recognition as a top employer.  Learn more at dana.com.

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SOURCE Dana Incorporated

FAQ

What is the strategic relationship between Dana and Lion Electric?

Dana and Lion Electric have confirmed a long-term partnership to supply electric drive systems for Lion's electric buses and medium- to heavy-duty trucks.

What products will Dana supply to Lion Electric?

Dana will provide electric motors, inverters, controllers, axles, and driveshafts for all Lion Electric platforms.

When is Dana showcasing its technologies?

Dana's technologies will be featured at the Advanced Clean Transportation Expo from May 9-12, 2022, in Long Beach, California.

How does the partnership benefit Dana shareholders?

The partnership positions Dana favorably within the growing electric vehicle segment, which may enhance future revenue and market share.