Ladies and gentlemen, I am Isabelle Adjahi. I'm Vice President with relationship with shareholders with Lion Electric. Welcome to the 2024 annual meeting. The meeting will be in French, but you can listen in English by selecting the interpretation on the right side of your screen. The questions can be submitted in either French or English. This year's meeting will be held as a virtual meeting via the live webcast to make it more accessible to all shareholders, regardless of their geographic location, and to maximize their participation. Lion Electric believes that holding the meeting entirely virtually avoids the costs and complexities associated with holding meetings in a hybrid format while preserving a format that promotes shareholder inclusion and participation. The Proxy Circular and Notice of Annual Meeting of Shareholders, the company's audited annual consolidated financial statements for the year, ended December 31st, 2023. The Independent Auditor's Report thereon and the related Management's Discussion and Analysis, as well as the 2023 Annual Information Form, are available on Lion's website in the Investors section. These documents have also been filed on SEDAR+ at www.sedarplus.ca and on EDGAR at www.sec.gov. You can also access the meeting documents by clicking on the documents icon below the webcast. I would also like to draw your attention to the text on the current slide and advise you all that some of the comments you will hear today are forward-looking statements within the meaning of applicable securities laws that involve assumptions, risks, and uncertainties that could cause the company's actual results or activities to differ materially from those expressed or implied by such statements. The forward-looking statements made today speak only as of the date hereof, and we undertake no obligation to update or revise such statements. We also refer you to our notices regarding forward-looking statements in our management discussion and analysis for the year ended December 31st, 2023, available on SEDAR+ EDGAR and on our website, as well as other files with the Canadian Securities Administrators and the U.S. Securities and Exchange Commission. Finally, all dollars used in this presentation are U.S. dollars. Now Pierre Larochelle, Chairman of the Board of Directors. Mr. Larochelle, thank you, Isabelle. Hello, ladies and gentlemen, dear shareholders. I'm Pierre Larochelle, Chairman of the Board of Directors at Lion Electric. Welcome to the 2023 annual meeting of shareholders. Let me now introduce the people who are joining me today: Marc Bédard, CEO/Founder of Lion Electric and Board Member; Nicolas Brunet, President of Lion Electric; Richard Coulombe, Chief Financial Officer; and Dominique Perron, Chief Legal Officer and Corporate Secretary. She will be the Secretary of the meeting and make sure that the proceedings are properly followed and documented. We also salute the members of Lion Electric's Board of Directors who are on the line with us today. Before we begin the formal portion of the meeting, on behalf of the Board of Directors, I would like to express my sincere appreciation to Lion's management, its employees, for the unwavering efforts over the past year. Despite a difficult environment for the electric vehicle sector, the team was able to make significant progress for Lion Electric. In particular, the company saw a significant increase in deliveries and revenues, which led to an increase in over 80% of the revenues across the last year. The existing infrastructure at Lion Electric allows the production of up to 2,500 vehicles in Saint-Jérôme and 2,500 buses in Joliet for a total annual production capacity of 5,000 vehicles, as well as the battery plant in Mirabel that can produce almost 1.7 gigawatt-hours. Over the last year, Lion Electric also obtained the certification for our MD battery pack, which today powers Lion5 trucks and will soon be integrated to LionC school buses. This is an important step in the execution of the company's vertical integration strategy. Finally, the team began commercial production of new vehicle models, including the LionD school bus and the Lion5 truck, and continued its progress toward the start of commercial production of the Lion8 tractor scheduled for the second half of 2024. We'll start the formal part of the meeting now and deal with the items on the agenda. Marc will then give a brief presentation followed by a question period. I encourage you to wait until the question period for any questions or comments on topics other than those on the agenda. In the event of technical problems and if we find ourselves unable to continue with the meeting, please be advised that the Notice of Annual Meeting of Shareholders has been duly sent, that the quorum is present, and that all votes have been cast to the meeting, and the meeting will be adjourned. Four items are on today's agenda. First of all, receipt of Lion Electric's audited consolidated financial statements for the year ended December 31st, 2023, and the attendant auditor's report thereon. Secondly, the election of each of the directors named in the circular who will still serve until the end of the next annual meeting of shareholders or until their successors are appointed. Third, the appointment of Lion Electric's independent auditor for the coming year and the authorization of the directors to set their remuneration and the approval of an ordinary resolution to renew the company's general incentive plan, including options, rights, or other privileges not granted thereunder in the plan, more fully described in the Proxy Circular. As this meeting is being held virtually with a live webcast, we'd like to go over a few points to ensure the smooth running of the meeting. Only persons registered as at the close of business on April 4th, 2024, or their duly appointed proxies who have registered with our transfer agent and obtained a control number are entitled to attend, ask questions, and vote at the meeting. All other proxies are entitled to attend the meeting as guests. Registered shareholders and duly appointed proxies who have registered with our transfer agents and obtained a control number will be able to vote on each item throughout the formal part of the meeting by registering their vote by clicking on the icon provided on their screen. Once we have completed the formal business to be transacted at the meeting, we will close the polls. Registered shareholders and duly appointed proxies who have already voted are not required to vote again unless they wish to change their vote. Only registered shareholders and duly appointed proxies who have registered with our transfer agent and obtained a control number may submit questions at any time by clicking on the icon provided for this on their screen. Questions relating to agenda items will be read aloud at the end of this formal part. Any other general questions will be dealt with during the question period. If we receive similar questions via the portal, we will group them together into a single question, and any question already answered will not be answered again. Finally, we will not respond to questions or comments that contain inappropriate language or otherwise disrupt the orderly conduct of the meeting for all shareholders. We will now proceed to the formal business of the meeting, during which I will act as Chairman. Dominique Perron will act as Secretary. For your information, Ms. Francine Beausejour and Ms. Isabelle Vachon, representatives of the TSX Trust Company, Lion Electric's transfer agent and registrar, will act as scrutineers for the purpose of this meeting. Their role is to count the proxies and votes cast at this meeting. I will now ask Dominique Perron, Secretary of the meeting, to confirm that all required procedures have been followed to declare this meeting duly constituted to transact all businesses for which it was convened. Thank you, Mr. Larochelle. I received confirmation from scrutineers that the shareholders entitled to receive a copy of the Notice of Annual Meeting of Shareholders of Lion Electric and the availability of proxy materials and form of proxy dated April 4th, 2024, the record date have received them. The audited consolidated financial statements of Lion Electric for the year ended December 31st, 2023, have been sent to the beneficial owners of common shares who have specifically requested them and have been made available to all shareholders on SEDAR+ and EDGAR and our website. I wish to point out that this annual meeting of shareholders has been convened to transact the business specified in the Notice of Meeting. The Notice of Meeting contains all information on how to get online the Proxy Circular, the meeting materials, documents, as well as to request a printed copy in accordance with the Notice of Access Procedure permitted by the Canadian Securities Administrators. You can access the Notice of Meeting and Proxy Circular by clicking on the appropriate tab on your screen. In addition, a copy of these documents, as well as the affidavit confirming the mailing to shareholders, will be kept in Lion Electric's records. Before starting the meeting, the tellers inform the scrutineers that the number of registrations of shareholders and proxies received are on the basis, so I confirm that there is quorum. The scrutineer's report will also be included in the minutes. Accordingly, I declare that this meeting has been duly convened and is duly constituted to transact all business for which it has been convened. Thank you, Ms. Perron. I will now file Lion Electric's audited consolidated annual financial statements for the year ended December 31st, 2023. These financial statements are accompanied by the independent auditor's report. As these documents have been sent to registered holders who have requested them and have been made available to other shareholders in accordance with the notifications and access procedures permitted by the Canadian Securities Administrators, I dispense Ms. Perron to read them. I would ask the Secretary to attach to the minutes of this meeting the company's audited annual consolidated financial statements for the year ended December 31st, 2023, the independent auditor's report thereon, and the related management discussion and analysis. Let's move on now to the questions requiring a vote. Before proceeding to the adoption of resolutions, I would like to comment briefly on the voting procedure. All of Lion Electric's shares give the shareholders one voice. The outcome of the matters to be voted on will be determined by a majority of the votes cast at the meeting by proxy or at the meeting by the shareholders. As indicated in the Notice of Meeting, the deadline for submitting proxies was May 13th, 2024, at 11:00 A.M. The scrutineers have informed me that based on the proxies received prior to the meeting, approximately 66% of the shares entitled to vote at the meeting will be voted today. The majority will be in favor of each of the items put to vote. To simplify and accelerate proceedings at the meeting, we have asked two shareholders participating in our webcast to present and second each of the proposals. Let's now move on to the election of directors. The board has set the number of directors to be elected at the meeting at 10. So that's the amount of directors to be elected. All current board members previously nominated are standing for reelection. The background of each nominee is described in greater detail in the Proxy Circular, which contains a list of the candidates, nominees for election as directors. The candidates are Latasha Akoma, Sheila Bair, Marc Bédard, Dane Parker, Ann Payne, Pierre-Olivier Perras, Michel Ringuet, Lorenzo Roccia, Pierre Wilkie, and myself, Pierre Larochelle. I confirm that each of the persons nominated has confirmed their willingness to serve on the board of directors and that each is eligible to serve as director under the provisions of the Quebec Business Corporations Act. Vince Spadafora, a shareholder of the company, is willing to nominate these individuals for election as directors of the company. My name is Vince Spadafora, and I am shareholder of the company. I hereby nominate Latasha Akoma, Sheila Bair, Marc Bédard, Pierre Larochelle, Dane Parker, Ann Payne, Pierre-Olivier Perras, Michel Ringuet, Lorenzo Roccia, and Pierre Wilkie as directors of the company. Thank you. Maxime Gauvain, a company shareholder, is prepared to support the proposal. I'm Maxime Gauvain, shareholder of the company. I support the proposal. Thank you. I now declare the nomination period closed. The motion having been duly made and seconded, we invite you to vote via the virtual platform. Voting is open until the end of the formal part of the meeting on the left-hand side of your screen. We will close the polls once we have completed the formal business questions to be dealt with during the meeting. I remind you that if you have already submitted your vote, you do not need to resubmit it unless you wish to change it. The next item on the agenda is the appointment of the independent auditor. So the next item on the agenda is the appointment of the independent auditor for the current fiscal year and the authorization of Lion Electric's board of directors to set the auditor's remuneration. Lion Electric's management and board of directors recommends the accounting firm Raymond Chabot Grant Thornton be appointed as Lion Electric's independent auditor until the next annual meeting. Vince Spadafora is prepared to make the necessary proposal regarding the appointment of Raymond Chabot Grant Thornton. So I hereby move that Raymond Chabot Grant Thornton be appointed as Lion Electric's independent auditor until the next annual meeting and that Lion Electric's board of directors be authorized to establish their remuneration. Maxime Gauvain is willing to support the proposal. I support or second the proposal. Thank you. The proposal having duly made and seconded, we invite you to vote via the virtual platform. So renewal of the company's general incentive plan. The next item on the agenda is the approval of an ordinary resolution to renew Lion Electric's general incentive plan, including any options, rights, or other privileges not granted thereunder in the plan as more fully described in the Proxy Circular. Vince Spadafora is ready to make the necessary proposal for the renewal of the plan. I hereby move that the company's Omnibus Incentive Plan, including any options, rights, or other privileges not granted thereunder at the end of the plan, be renewed and that the ordinary resolution relating thereto, as proposed in the Proxy Circular, be approved. Maxime Gauvain is willing to support or second the proposal. I second the proposal. Thank you. The motion having been duly made and seconded, we will now proceed to a vote. Thank you for voting. As we come to the end of the meeting, we will close the polls and take a few moments before we tell you the results of the votes. So based on the preliminary votes, I declare each of the proposals carried, to know that each director is duly elected and shall hold office until the next annual meeting of shareholders or until the election or appointment of their successor, that the accounting firm Raymond Chabot Grant Thornton is duly appointed as Lion Electric's independent auditor until the next annual meeting, and that Lion Electric's board of directors is authorized to establish their remuneration, that the resolution relating to Lion Electric's general incentive plan, as set out in the Proxy Circular, be approved. Is approved. Please note that the final voting results will be posted on SEDAR+ and EDGAR within the next 24 hours. So the points on the agenda are finished. Before closing the formal portion of the meeting, I would ask Isabelle to confirm whether questions relating to the meeting have been duly submitted on the web platform. Mr. Larochelle, I confirm that no questions relating to the meeting have been submitted on the platform. Thank you, Isabelle. Vince Spadafora is prepared to move that the formal portion of the meeting be adjourned. If you have a question about company business, we ask you to wait until after the management's presentation. So I hereby move that the formal portion of the meeting be adjourned. Thank you. Maxime Gauvain is willing to second the proposal. I second the proposal. Thank you. The motion to adjourn the formal portion of the meeting having been duly made and seconded, I declare the motion carried and the formal portion of the 2024 meeting of the shareholders of Lion Electric adjourned. Before continuing, I would like to thank our shareholders for placing their trust in us and reelecting us as your board of directors for another year. We will spare no effort to meet your expectations. I now have the pleasure of asking Marc Bédard to address the assembly. Marc? Thanks, Pierre. Hello, everyone. Hello to all our shareholders. So I've been here. Lion Electric has been a public company for three years in New York and Toronto's stock market. We were confronted with a lot of challenges over the last year. So I'd like to thank Monsieur Larochelle and all the colleagues present. Before talking about Lion's performance, I have to mention that the stock market was very volatile this year. It has been difficult for markets in general, but even more for companies in our sector. Lion is no exception to this role. For those who have expressed their dissatisfaction, we assure you that your concerns have been heard. Your interests and ours remain perfectly aligned, and we continue to work hard every day to realize our plan and achieve profitability. Throughout 2023, despite a challenging environment for the electric vehicle sector, we made significant progress for Lion. 2023 was marked by record vehicle deliveries and revenues resulting in positive adjusted gross margins. We delivered 852 vehicles and generated revenues of $253.5 million, up 81% on the previous year. Revenues in Canada, however, continue to be affected by delays and challenges associated with processing and granting subsidies under the federal ZETF program. Although we are pleased with the first 50 deliveries under the program in the first quarter of 2024, with the ZETF program, it only represents a fraction of the program's potential. Revenues in the United States, meanwhile, were largely influenced by the timing of orders and deliveries related to the EPA program. We are in a transition phase between two rounds of funding for this $5 billion program, which is key to accelerating electrification in this market. In addition to this, as of May 7, 2024, our order backlog stood at 2,004 vehicles, including 211 trucks and 1,793 buses. I would like to thank our customers for their confidence. To make sure they get the support they need to integrate 100% electric vehicles into their fleet with the Lion ecosystem, there's support from A to Z with granting and ongoing training subsidy applications. In 2023, Lion reached an important milestone in its history. First, we officially inaugurated our battery plant in Mirabel in Quebec. Our production line can currently reach a battery production capacity of 1.7 gigawatt-hours, enough to power 5,000 of our vehicles. We also obtained final certification for the Lion MD battery pack for medium-heavy vehicles, which today powers our Lion5 trucks and is integrated into our LionC school buses. This is an important step in the execution of our vertical integration strategy. It's with great pride that we completed the construction of our production plant in Joliet in Illinois. This plant is the largest in the U.S. dedicated to the production of an all-electric medium and heavy-duty commercial vehicles. We are now stepping up our strength in the U.S. market. Lion in March was named Manufacturer of the Year by mHUB in Chicago at the Fourth Revolution 2024 Awards ceremony. To encourage electrification, the United States has put its foot on the gas pedal by deploying various rounds of funding under the Clean School Bus Program of the U.S. Environmental Protection Agency, the EPA. Three weeks ago, the EPA announced the Clean Heavy-Duty Program, which will provide nearly $1 billion in subsidies for zero-emission vehicles, 70% of which will be devoted specifically to school buses. We have also made great strides in commercial production. First, we began deliveries of our electric truck, the Lion5, a vehicle of choice for last-mile deliveries and the first to be equipped with Lion batteries. We also began commercial production of electric school bus, the LionD, one of the largest vehicles in the school bus segment, with a range of up to 250 km on a single charge. The first deliveries to LionD customers began last January. Finally, we continued our progress towards the start of commercial production of the Lion8 tractor, which is scheduled for mid-2024 and will be officially launched next week in Las Vegas at the ACT Expo. By 2024, capital expenditure linked to our growth is behind us, indeed. Given the significant manufacturing infrastructure we have put in place in recent years to allow us to meet current demand, we do not expect to make any major capital expenditure in the foreseeable future. We are now working proactively to maximize the customer experience with our vehicles and significantly increase orders and deliveries while diligently controlling costs and keeping a tight rein on our liquidity. We expect the volatile environment affecting all categories of electric vehicles to continue over the coming months. Despite this uncertain environment, we remain determined to capitalize on all the investments we have made over the past 15 years with the ultimate aim of achieving profitability. We will continue to take all the necessary decisions to achieve this. It's our responsibility as managers to preserve Lion's liquidity and financial health with the ultimate goal of achieving profitability. With over 2,000 vehicles on the road, having covered more than 40 million kilometers or 25 million miles in Canada and the United States under real operating conditions, and given everything we've accomplished to date, we're in a very good position to continue our success. As a leader and pioneer in the zero-emission vehicle sector, we also remain focused on the needs of our customers and wish to continue delivering quality products while promoting the transition to safe electric school buses and trucks. We also remain focused on our environmental, social, and governance mission, ESG mission. As of today, we unveil our third annual ESG report, which not only provides an overview of our actions but also a roadmap to inspire us to go further. In closing, I'd like to thank all the Lion employees who work with passion and dedication and who share our optimism for the future of transport electrification. Thanks also to our dedicated board of directors and to you, our shareholders, for your confidence. Thank you. Thanks, Marc. We will now open the line for questions. Feel free to ask your questions in English or French. You can submit your questions by clicking on the tab provided on the screen. Ladies and gentlemen, it seems there are no more questions. So I'd like to conclude by thanking you for coming this morning. Thank you so much, and have a great day.
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