LION ELECTRIC ANNOUNCES 3RD QUARTER 2022 RESULTS.

MONTREAL: 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 its financial and operating results for the third quarter of fiscal year 2022, which ended on September 30, 2022. Lion reports its results in U.S. dollars and in accordance with International Financial Reporting Standards ("IFRS").

Q3 2022 FINANCIAL HIGHLIGHTS

Delivery of 156 vehicles, an increase of 116 vehicles, as compared to the 40 delivered in the same period last year.

Revenue of $41.0 million, up $29.1 million, as compared to $11.9 million in Q3 2021.

Gross loss of $3.8 million, as compared to gross loss of $1.2 million in Q3 2021.

Net loss of $17.2 million, as compared to net earnings of $123.0 million in Q3 2021. Net earnings for Q3 2021 included a $138.4 million gain related to non-cash decrease in the fair value of share warrant obligations (as compared to a $7.6 million gain related to non-cash decrease in the fair value of share warrant obligations in Q3 2022).

Adjusted EBITDA of negative $15.1 million, as compared to negative $8.8 million in Q3 2021, after mainly adjusting for certain non-cash items such as change in fair value of share warrant obligations and share-based compensation.

Capital expenditures, which included expenditures related to the Joliet Facility and the Lion Campus, amounted to $29.4 million, up $24.4 million, as compared to $5.0 million in Q3 2021. See section 5.0 of the MD&A for the three and nine months ended September 30, 2022 entitled "Company Overview" and section 8.0 of the MD&A for the three and nine months ended September 30, 2022 entitled "Operational Highlights" for more information related to the Joliet Facility and the Lion Campus.

Additions to intangible assets, which mainly consist of R&D activities, amounted to $18.2 million, up $8.7 million, as compared to $9.5 million in Q3 2021.

Drawdowns of $45.2 million during the quarter under the Revolving Credit Agreement, the Investissement Quebec loan, and the Strategic Innovation Fund of the Government of Canada loan, and issuances of $19.2 million under the ATM program, for total proceeds of $64.4 million.

BUSINESS UPDATES

More than 800 vehicles on the road, with over 10 million miles driven.

Vehicle order book1 of 2,408 all-electric medium- and heavy-duty urban vehicles as of November 9, 2022, consisting of 323 trucks and 2,085 buses, representing a combined total order value of approximately $575 million based on management's estimates.

LionEnergy order book2 of 239 charging stations and related services as of November 9, 2022, representing a combined total order value of approximately $4.0 million.

12 Experience Centers in operation in the United States and Canada.

Substantially completed the construction of the school bus production area of the Joliet plant and continued to manufacture LionC units for purpose of preparing working stations set up and employee training at the Joliet Facility. The building and tenant improvements, as well as the installation of school bus production stations are expected to be substantially completed near the end of 2022. On November 2, 2022, the Company announced that it completed the assembly of its first zero-emission LionC school bus at the Joliet Facility.

Continued to produce additional prototype battery packs at JR Automation's facility in Troy, Michigan where the prototype line has been in operation for testing purposes. The assembly line is expected to be transferred to Mirabel in the next few weeks once final onsite preliminary testing is complete. Lion expects that battery pack testing and certification for the first pack model will be completed and that pack production will begin in Mirabel...