Investor Presentation December 2023

Investment Highlights A Established commercial EV OEM with 13+ years of R&D and manufacturing experience and 1,600+ EVs on the road, having collectively travelled over 19M miles Opportunity to replicate our school bus leadership in the medium- and heavy-duty truck segment, with a favorable TCO vs. diesel vehicles ] Line-up of purpose-built medium- and heavy- duty vehicles designed and assembled in-house, with our proprietary chassis, bus body / truck cabin, battery technology and software integration Established leader in the all-electric school bus space, with deliveries of 1,400+ and order book of 2,000+ vehicles (1) Manufacturing footprint to further support growth plan: vehicle factory in St-Jerome, near Montreal (2.5K vehicles annual capacity), Joliet Illinois vehicle plant (2.5K annual capacity and estimated annual capacity of 20,000 vehicles at full scale(2)) and battery plant in Mirabel (1.7 GWh annual manufacturing capacity and estimated annual capacity of 5 GWh at full scale(2)) Well positioned to benefit from continued strong regulatory tailwinds, such as the $5B EPA Clean School bus Program, CARB's Advanced Clean Fleets Regulation and the C$2.75B Zero Emissions Transit Fund p.3 1) As of November 6, 2023. The Company's vehicle and charging stations order book is determined by management based on purchase orders that have been signed, orders that have been formally confirmed by clients or products in respect of which formal joint applications for governmental programs, subsidies or incentives have been made by the applicable clients and the Company. The order book is expressed as a number of units or a total dollar value, which dollar value is determined based on the pricing of each unit included in the order book as further explained below under the section entitled "Pricing in section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023 entitled "Order Book". The vehicles included in the vehicle order book as of November 6, 2023 provided for a delivery period ranging from a few months to the end of the year ending December 31, 2026, with substantially all of such vehicles currently providing for deliveries before the end of the year ending December 31, 2025. In addition, substantially all of the vehicle orders included in the order book are subject to the granting of governmental subsidies and incentives, including programs in respect of which applications relating to vehicles of Lion have not yet been fully processed to date. The processing times of governmental programs, subsidies and incentives are also subject to important variations. There has been in the past and the Company expects there will continue to be variances between the expected delivery periods of orders and the actual delivery times, and certain delays could be significant. Also, there has been in the past and the Company expects there will continue to be variances in the eligibility criteria of the various programs, subsidies and incentives introduced by governmental authorities, including in their interpretation and application. Such variances or delays could result in the loss of a subsidy or incentive and/or in the cancellation of certain orders, in whole or in part. See section 10.0 of the Company's MD&A for the three and nine months ended September 30, 2023, entitled "Order Book" for a full description of the methodology used by the Company in connection with the order book and certain important risks and uncertainties relating to such methodology and the presentation of the order book. 2) Represents management's estimates of the projected annual production capacity at the facilities after completion of the production ramp-up and scale-up of manufacturing operations. Such estimates have been prepared on the basis of current footprint and projected workstations and equipment and will continue to be reassessed by management taking into account prevailing economic conditions, the demand environment for the Company's products, the Company's order book, the Company's liquidity profile as well the covenants relating to incurrence of capital expenditures included in the Convertible Debentures issued by the Company in Q3 2023. See "Forward-Looking Statements" on page 1 and section 6.10 of the Company's Annual Information Form for the year ended December 31, 2022 entitled "Property, Plants and Equipment". LION ELECTRIC

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