The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Buying EV Adoption: Government Incentives For Medium and Heavy-Duty Zero-Emission Vehicles Mandate Cheered By Lion Electric


JOLIET, ILL., Nov. 18, 2022 - The Lion Electric Company (TSX: LEV) ("Lion" or the "Company"), a leading manufacturer of all-electric medium and heavy-duty vehicles, today celebrated the signing of a global Memorandum of Understanding (MOU) by the Biden Administration at COP27 in Egypt, targeted at supporting a path to 100% zero-emission medium and heavy-duty vehicles (ZE-MHDVs) sales by 2040.

The MOU has also set a goal for 30% of MHDV sales to be electrified by 2030, further reinforcing the Administration's commitment to addressing the climate crisis, and its goals to create a carbon-free power sector by 2035.

"As an original signer, we recognize the Global MOU's significance and are ready to collaborate with our policy partner group, CALSTART, and other global organizations to focus on decarbonization," said Nate A. Baguio, Senior Vice President of Commercial Development at Lion Electric. "Transitioning toward ZE-MHDVs will foster job growth in the clean energy sector, develop new, global sales opportunities for the MHDV industry and support the implementation of both the Inflation Reduction Act and the Infrastructure Law."

Heavy-duty, diesel-powered transportation is considered one of the largest contributors to greenhouse gas emissions (GHG), but by accelerating the path toward a ZE-MHDV market, communities around the world will benefit from cleaner air, better health, and technology innovation to help bolster their economies.

Founded in 2008, Lion has been developing zero-emission heavy-duty vehicles for over a decade, having put its first all-electric school buses on the road in 2016. Today, the company has over 800 electric vehicles on the road which have collectively covered over 10 million miles in real-world operating conditions. The company recently announced production of the first school bus at its U.S. manufacturing facility in Joliet, Ill. At full production, this facility is expected to be able to produce up to 20,000 ZE-MHDV vehicles annually.

About Lion Electric

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