LION ELECTRIC ANNOUNCES SUCCESSFUL FINAL CERTIFICATION OF ITS LIONBATTERY HD BATTERY PACK
MONTREAL, June 13,2024 /PRNewswire/ -The Lion Electric Company(NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leadingmanufacturer of all-electric medium and heavy-duty urban vehicles,announced today the successful final certification for itsheavy-duty ("HD") battery pack, the LionBattery HD, a lithium-ionbattery pack specifically designed for the Company's purpose-builtheavy-duty trucks.
Lion, in collaboration with third-party testing partners,conducted stringent testing to meet the certification requirements.The LionBattery HD pack is now certified to meet the most rigorouscriteria and safety regulations in the automotive industry.
These 105 kWh proprietary battery packs will power the Lion8Tractor, an all-electric Class 8 commercial truck, which wasunveiled on May 21, 2024, during theAdvanced Clean Transportation (ACT) Expo in Las Vegas.
Lion had previously announced in December2023 the certification of its medium-duty ("MD") batterypack, the LionBattery MD pack, specially designed for the company'smedium-duty trucks and school buses.
"At Lion, our commitment to pushing innovation to new heights isexemplified by the development of our state-of-the-art batteries,like the LionBattery HD for heavy-duty trucks. This advancementunderscores our dedication to excellence, reliability and safety,solidifying our leadership role in NorthAmerica's transportation electrification landscape, as thebattery serves as a critical component of the vehicle," statedMarc Bedard, CEO-Founder of Lion."With major battery development milestones behind us, we will nowfocus on optimizing the integration of both the LionBattery MD andHD packs on our vehicles, which should ultimately translate intoproduction efficiency," Marc further emphasized.
The LionBattery HD and MD packs are manufactured at Lion'sstate-of-the-art battery production facility. Today, with an annualmanufacturing capacity of 1.7 gigawatt hours, the plant is capableof powering 5,000 of Lion's commercial vehicles per year.
ABOUT LION ELECTRIC
Lion Electricis an innovative manufacturer ofzero-emission vehicles. The company creates, designs andmanufactures all-electric class 5 to class 8 commercial urbantrucks and all-electric school buses. Lion is a North Americanleader in electric transportation and designs, builds and assemblesmany of its vehicles' components, including chassis, battery packs,truck cabins and bus bodies.
Always actively seeking new and reliable technologies, Lionvehicles have unique features that are specifically adapted to itsusers and their everyday needs. Lion believes that transitioning toall-electric vehicles will lead to major improvements in oursociety, environment and overall quality of life. Lion shares aretraded on the New York Stock Exchange and the Toronto StockExchange under the symbol LEV.
CAUTION REGARDING FORWARD-LOOKINGSTATEMENTS
This press release contains "forward-looking information" and"forward-looking statements" within the meaning of applicablesecurities laws and within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995 (collectively,"forward-looking statements"), including statements about Lion'sbeliefs and expectations and other statements that are notstatements of historical facts. Forward-looking statements may beidentified 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 thatpredict or indicate future events or trends or that are notstatements of historical matters, although not all forward-lookingstatements may contain such identifying words. The forward-lookingstatements contained in this press release are based on a number ofestimates and assumptions that Lion believes are reasonable whenmade. Such estimates and assumptions are made by Lion in light ofthe experience of management and their perception of historicaltrends, current conditions and expected future developments, aswell as other factors believed to be appropriate and reasonable inthe circ*mstances. However, there can be no assurance that suchestimates and assumptions will prove to be correct. By theirnature, forward-looking statements involve risks and uncertaintiesbecause they relate to events and depend on circ*mstances that mayor may not occur in the future. For additional information onestimates, assumptions, risks and uncertainties underlying certainof the forward-looking statements made in this press release,please consult section 23.0 entitled "Risk Factors" of theCompany's annual management's discussion and analysis of financialcondition and results of operations (MD&A) for the fiscal year2023 and in other documents filed with the applicable Canadianregulatory securities authorities and the Securities and ExchangeCommission, including the Company's interim MD&As. Many ofthese risks are beyond Lion's management's ability to control orpredict. All forward-looking statements attributable to Lion orpersons acting on its behalf are expressly qualified in theirentirety by the cautionary statements contained and risk factorsidentified in the Company's annual MD&A for the fiscal year2023 and in other documents filed with the applicable Canadianregulatory securities authorities and the Securities and ExchangeCommission. Because of these risks, uncertainties and assumptions,readers should not place undue reliance on these forward-lookingstatements. Furthermore, forward-looking statements speak only asof the date they are made. Except as required under applicablesecurities laws, Lion undertakes no obligation, and expresslydisclaims any duty, to update, revise or review any forward-lookinginformation, whether as a result of new information, future eventsor otherwise.
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