MONTREAL, Nov. 18, 2021 /CNW Telbec/ - Lion Electric
Company (NYSE: LEV) (TSX: LEV) ("Lion" or the "Company"), a leading
manufacturer of all-electric medium and heavy-duty vehicles,
announced today that it has received an order from Groupe Autobus
Séguin (Autobus Séguin) for 55 100% electric school buses,
including 45 LionA and 10 LionC models, to be delivered by 2025.
The order is conditional upon the satisfactory grant of funding
under the Quebec government's
School Transportation Electrification Program and the Canadian
federal government's Zero Emission Transit Fund.
The order of 55 new zero-emission school buses comes following
the 60 vehicles that Autobus Séguin previously acquired in
January 2021, 10 of which are already
on the road. The new buses will be used on school routes in the
Montreal and Laval regions in the province of
Quebec.
"We're very pleased to continue our collaboration with Autobus
Séguin to transport even more students in zero-emission vehicles,
which benefits their health. The fact that our customers repeat
large orders is a sign that the transition to electrification is
well underway and that Lion's products are successful in all
markets. We applaud Autobus Seguin for being a leader in
zero-emission transportation," stated Marc Bédard, CEO – Founder of
Lion Electric.
"Transporting children in sustainable vehicles is particularly
important to Groupe Autobus Séguin. That's why our goal is to
electrify 75% of our fleet by 2030, and with the order announced
today, we're certainly moving in the right direction," concluded
Stéphane Boisvert, President of Autobus Groupe Séguin.
About Lion Electric
Lion Electric is an innovative manufacturer of zero
emission vehicles. We think, design and manufacture 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. We believe 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.
Lion Electric, the brilliant choice
Thelionelectric.com
About Groupe Autobus Séguin
Founded by Gérald Séguin in 1979, Autobus Groupe Séguin has
built an enviable reputation in the school and charter
transportation industry. For more than forty years, our mission has
been to offer a highly secure service while having at heart to
satisfy our customers, our passengers and our great team of
employees.
The company has more than 310 vehicles to serve seven school
service centres, private colleges and a large customer base for
extracurricular and sports activities, as well as for other
destinations. Always on the lookout for new ideas, the management
team is actively involved in the Fédération des transporteurs par
autobus du Québec.
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 centre, 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 unfavourable 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 non-offering 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