Lion Electric Company (LEV)

[WeTheMarket]

LION ELECTRIC REACHES KEY MILESTONE WITH POSSESSION OF JOLIET, ILLINOIS PRODUCTION FACILITY AND KEY MANAGEMENT APPOINTMENTS
January 10 2022 - 06:30AM
PR Newswire (Canada)
https://ih.advfn.com/stock-market/NYSE/the-lion-electric-LEV/stock-news/86977991/lion-electric-reaches-key-milestone-with-possessio

MONTREAL, Jan. 10, 2022 /CNW Telbec/ - 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.

Lion Electric, The Bright Move
Thelionelectric.com