LION ELECTRIC REACHES KEY MILESTONE WITH POSSESSION OF JOLIET, ILLINOIS PRODUCTION FACILITY AND KEY MANAGEMENT APPOINTMENTS
The Lion Electric Company (NYSE: LEV) has secured its new production facility in Joliet, Illinois, expected to be the largest site for zero-emission medium and heavy-duty vehicles in the U.S. upon completion. With an anticipated annual capacity of 20,000 vehicles, this facility will create approximately 1,400 clean energy jobs over the next four years. Additionally, Lion has appointed Richard Coulombe as Senior VP for Strategic Initiatives and Eric Pansegrau as General Manager of the Joliet Plant, both key to driving the company's growth as production begins in 2022.
- Acquisition of Joliet production facility enhances manufacturing capabilities for zero-emission vehicles.
- Expected production capacity of up to 20,000 vehicles annually strengthens market position.
- Creation of approximately 1,400 jobs in the region supports local economy.
- None.
MONTREAL, Jan. 10, 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 that it has taken possession of its upcoming production facility in Joliet, Ill. Tenant improvement work is ongoing and the company will shortly begin the installation of critical equipment and expects the first vehicles to come off the production line in the second half of 2022.
The manufacturing facility, which was announced last year, will represent the largest dedicated production site for zero-emission medium and heavy-duty vehicles in the U.S. upon its completion, with an expected annual production capacity of up to 20,000 vehicles per year. The facility is expected to add up to 1,400 clean energy jobs in the region over the next four years.
Lion also announced the hiring of two new positions key to the company's growth.
Richard Coulombe has been named Senior Vice President, Strategic Initiatives. In this new role, Mr. Coulombe will be responsible for leading Lion's growth and strategic initiatives, with a primary focus on major upcoming projects including the Joliet, Ill. manufacturing facility and the Lion Campus (which includes the battery manufacturing plant and innovation center) in Mirabel, Quebec. He will coordinate with all departments to ensure that Lion's strategic governance plan is consistent with the company's growth. Mr. Coulombe's experience spans over 25 years in international public organizations within the transportation technology sector, having previously held executive positions at Alstom, Bombardier Transportation and Pratt & Whitney.
Additionally, Eric Pansegrau is joining the company and will serve as General Manager – Joliet Plant, where he will be responsible for establishing operational structures, implementing manufacturing, distribution, quality control and inventory standards and processes, and overseeing ongoing daily operations. Mr. Pansegrau brings over 25 years of operational expertise in the automotive sector, including medium and heavy-duty vehicle components manufacturing, having most recently served as Vice President of Operations for the Wheel End Division at Accuride.
"2022 is set to be the biggest year yet for Lion, with major projects underway, and Lion continues to remain on schedule to begin production in the United States in 2022. Our production from the Joliet plant will support the national demand for zero-emission electric school buses, paratransit buses and trucks ranging from Class 5 to Class 8," said Marc Bedard, CEO – Founder, Lion Electric. "I am pleased to welcome Richard and Eric to the company, and we look forward to continuing the build out and equipment installation in Joliet throughout the year as we prepare for production to come on-line."
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.
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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.
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SOURCE Lion Electric
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