LION ELECTRIC ANNOUNCES RESULTS OF ANNUAL SHAREHOLDERS MEETING

MONTREAL, QUEBEC - May 30, 2023 – 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 held its annual meeting of shareholders (the “Meeting”) as a completely virtual meeting. A total of 128,697,659 common shares (representing approximately 58% of all issued and outstanding common shares of the Company) were represented online or by proxy at the Meeting. Lion hereby announces that shareholders of the Company (the “Shareholders”) voted in favour of all items of business put forth at the Meeting by the Company. The complete voting results for each item of business at the Meeting are presented below.

ELECTION OF DIRECTORS

The Board of Directors of the Company had fixed at ten the number of directors (the “Directors”) to be elected at the Meeting. Each of the ten nominees listed in the Company’s Management Information Circular dated April 19, 2023 was elected as a Director of Lion until the close of the next annual meeting of Shareholders of the Company or until their successors are appointed. All of the nominees were members of the Board of Directors prior to the Meeting.

Nominee	Votes For	% Votes For		Votes Withheld	% Votes Withheld
Latasha Akoma	119,652,631	99.63	%	447,513	0.37	%
Sheila C. Bair	118,397,258	98.58	%	1,702,886	1.42	%
Marc Bedard	119,705,396	99.67	%	394,748	0.33	%
Pierre Larochelle	119,691,639	99.66	%	408,505	0.34	%
Dane L. Parker	119,696,886	99.66	%	403,258	0.34	%
Ann L. Payne	118,440,176	98.62	%	1,659,968	1.38	%
Pierre-Olivier Perras	117,246,333	97.62	%	2,853,811	2.38	%
Michel Ringuet	119,696,919	99.66	%	403,225	0.34	%
Lorenzo Roccia	118,411,055	98.59	%	1,689,089	1.41	%
Pierre Wilkie	119,680,898	99.65	%	419,246	0.35	%

APPOINTMENT OF INDEPENDENT AUDITORS

Raymond Chabot Grant Thornton LLP, Chartered Professional Accountants, were appointed as independent auditors of Lion until the close of the next annual meeting of Shareholders, and the Directors were authorized to fix the remuneration of the auditors.

Votes For	% Votes For	Votes Withheld	% Votes Withheld
128,326,823	99.71%	370,836	0.29%

The foregoing voting results will be published on the Company’ website at www.thelionelectric.com, on SEDAR at www.sedar.com and EDGAR at www.sec.gov.

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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.

CONTACT:

Isabelle Adjahi

Vice President, Investor Relations and Sustainable Development

Isabelle.Adjahi@thelionelectric.com

450-432-5466, extension 171

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