Page 1

TAIGA Taiga Reports Second Quarter Results • Strong product demand as Taiga's order book increased 86 % to 2,312 units pre - ordered as of July 31st , 2021 , versus 1,246 at December 31st , 2020. Continued demand for fleet electrification with orders from 57 global commercial operators enrolled in Taiga's fleet program . Expanded manufacturing operations into a new facility in Montreal which has more than double the previous production footprint for the next year . • Announced $ 50 million in government support for a mass - production facility that is expected to increase Taiga's production capacity to 80,000 units by 2025 . • Successfully completed qualifying transaction with Canaccord Genuity Growth II Corp. ( " CGGZ " ) and received gross proceeds of approximately $ 151 million . MONTREAL , Aug. 16 , 2021 / CNW Telbec / - Taiga Motors Corporation ( TSX : TAIG ) ( " Taiga " ) , a leading electric off - road vehicle manufacturer , reported its financial and operating results for the second quarter ended June 30 , 2021 . " The first half of 2021 was marked by transformational growth and several milestone achievements , most notably our successful transition into a public company , " said Taiga CEO Sam Bruneau . " Since going public we've seen an increase in awareness and demand from fleets and individuals alike . " In the second quarter , our team demonstrated an impressive agility to mitigate supply chain issues resulting from COVID - 19 and the global microprocessor shortage by designing around a new chip architecture allowing us to begin customer deliveries on both our product lines this year . We have also made additional investments in automation to increase production capacity in a new Montreal facility to better meet the rapidly growing demand for our watercraft and snowmobiles . " Looking ahead , we have the necessary resources to execute on our expanded production efforts and will continue to be capital efficient as we make investments in our new mass - production facility and scale up production over the coming months . As the only mass - production electric powersport vehicle manufacturer , we will continue to push technological boundaries to further accelerate off - road electrification . " Second Quarter Financial Results ( All amounts in Canadian dollars unless otherwise indicated ) Results compare 2021 second quarter ( June 30 , 2021 ) to 2020 second quarter ( June 30 , 2020 ) unless otherwise indicated . • Cash and cash equivalents of $ 125.5 million at June 30 , 2021 compared to $ 7.8 million at December 31 , 2020 . • Research & Development ( R & D ) expense increased to $ 1.5 million compared to negative 264,000 in the same period last year . • General & Administration ( G & A ) expense increased to $ 2.3 million from $ 114,000 in the same period last year . • Sales & Marketing ( S & M ) expense increased to $ 754,000 from $ 36,000 in the same period last year . • Net loss for the six - month period ended June 30 , 2021 was $ 55 million . Operational Update . Redesigned manufacturing processes and sourcing of new chip supply to address the global semiconductor shortage .