Lion Electric Investor Presentation Deck

Large Total Addressable Market Ripe for Electrification MEDIUM AND HEAVY-DUTY URBAN TRUCKS(¹) -335K Trucks / Year FEDERAL 1. 10 2. EPA's Clean School bus Program: H $7.5 Billion for EV infrastructure STATES / MUNICIPAL California: H ■ ■ ANNUAL TAM US$100B New York: New York City committed to electrify 100% of its school buses by 2035 New York State Governor proposing that 50,000 school bus fleet be 100% electrified by 2035 M $5 Billion Clean School Bus Program H + Diversified product line-up targets $110 billion annual TAM in the U.S. and Canada STRONG UNDERLYING SECULAR TAILWINDS DRIVING EV ADOPTION UNITED STATES CANADA ■ Boston: Plan to replace over 700 school buses with electric alternatives by 2030 17 states, DC and Province of Québec: signed Advanced Clean Truck MOU supporting rapid expansion of ZEV truck market 6 states have already adopted the ACT rule Lion submitted first application for credits $3.9 billion for EV in the 2021-2022 budget HVIP: $196 million in the first 2022 funding round FEDERAL U Zero Emission Transit Fund: C$2.75 Billion to support public transit and school bus electrification (incl. purchase of 5,000 zero emission buses) ■ SCHOOL BUSES(2) -45K School Buses / Year Infrastructure Bank of Canada Debt Funding Plan: C$1.5 Billion for public transit and school bus electrification ANNUAL TAM US$10B ■ New Federal Government Incentive: C$547.5 Million over 4 years for medium and heavy-duty ZEVS PROVINCIAL Québec: C$5 Billion to electrify 50%+ of transit buses by 2030 and C$250 Million for school bus electrification ■ ■ Registrations for ICE school buses no longer permitted: expecting 2,600 new electric school buses on the road within 3 years C$246 Million for EV trucks infrastructure through the new EcoCamionnage program British Columbia: $31 million for school buses and trucks through the SUVI program Expanded LCFS program to enable EV charging infrastructure owners to earn LCFS credits LION ELECTRIC Source: WardsAuto. Represents class 5, 6, 7 and 8 urban trucks, excludes class 8 trucks used for long-haul transportation, which represent -55% of total class 8 volumes. Assumes Canadian volume is 10% of U.S. Source: School Bus Fleet. Represents class C, D and A school buses.

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