ACQUISITION OF COMMON SHARES OF THE LION ELECTRIC COMPANY BY MARC BEDARD, CEO-FOUNDER

SAINT-JÉRÔME, QC, Aug. 30, 2022 /CNW Telbec/ - On August 30, 2022, Marc Bedard, CEO-Founder of The Lion Electric Company ("Lion") (NYSE: LEV) (TSX: LEV), acquired 50,000 common shares of Lion.

Immediately prior to acquiring the common shares, Mr. Bedard had beneficial ownership of, or control or direction over (including through 9368-2672 Québec Inc., of which Mr. Bedard has control over, directly or indirectly, a majority of the voting shares), 26,458,653 common shares and 2,877,641 exercisable options to purchase common shares, which represented, in the aggregate, approximately 15.2% of the issued and outstanding common shares of Lion on a partially diluted basis. The common shares were acquired through a trade through the facilities of the Toronto Stock Exchange at a price of C$4.99 per common share and an aggregate purchase price of C$249,950. Immediately following the acquisition of the common shares, Mr. Bedard had beneficial ownership of, or control or direction over (including through 9368-2672 Québec Inc.), 26,508,653 common shares and 2,877,641 exercisable options to purchase common shares, representing, in the aggregate approximately 15.2% of the issued and outstanding common shares of Lion on a partially diluted basis.

Mr. Bédard acquired the common shares for investment purposes and may from time to time acquire further common shares, or dispose of common shares, in each case subject to market, economic and other relevant conditions.

Lion's head office is located at 921 chemin de la Rivière-du-Nord, Saint-Jérôme, Québec J7Y 5G2, Canada. For inquiries or to obtain a copy of the related early warning report required under applicable Canadian securities legislation, a copy of which has also been filed on Lion's profile on SEDAR at www.sedar.com, please contact: Isabelle Adjahi, Vice President, Investor Relations and Sustainable Development, [e-mail], 450-432-5466, extension 171

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SOURCE Marc Bedard

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