Lightning eMotors produces 104 vehicles and powertrains in Q3 2022


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LOVELAND, Colo.–(BUSINESS WIRE)–Lightning eMotors, Inc. (NYSE:ZEV), a leading provider of zero-emission medium-duty commercial vehicles and electric vehicle technology for fleets, today announced having produced 104 vehicles and powertrains in the third quarter of 2022, compared to 74 in the second quarter of 2022. Going forward, Lightning plans to disclose unit production levels after the end of each quarter.

“I am delighted that we continue to demonstrate our ability to increase our production capacity. Over the past year, we have invested in people, equipment and processes to improve production, efficiency and quality. The third quarter represents the highest production level in our history of nearly 39%, and more than doubles the production level of the third quarter of 2021,” said Tim Reeser, CEO and co-founder. “Given the accelerated growth in commercial electric vehicle financing, we are confident that demand for our products will increase in 2023 to meet our continued production ramp.”

In addition to the Federal Transportation Administration’s ongoing funding for low- and zero-emission public transportation at $1 billion per year, the U.S. Environmental Protection Agency recently doubled funding for electric school buses by $500 million. to $1 billion per year. From 2023, the new Inflation Reduction Act provides a tax credit of $40,000 for electric commercial vehicles over 14,000 pounds, funding that can be stacked with other federal funding sources and state. Lightning is one of the few OEMs eligible for all of these subsidies today.

Lightning eMotors will release full financial details for its third quarter, including the number of vehicles sold during the third quarter, when we announce our results on November 7, 2022.

About Lightning eMotors

Lightning eMotors (NYSE:ZEV) has been providing specialized and sustainable fleet solutions since 2009, deploying complete zero-emission vehicle (ZEV) solutions for commercial fleets since 2018 – including Class 3 and passenger vans, ambulances , classes 4 and 5 freight. vans and shuttles, Class 4 Type A school buses, Class 6 work trucks, Class 7 city buses and coaches. The Lightning eMotors team designs, engineers, customizes and manufactures zero-emission vehicles to meet the wide range of fleet customer needs with a full suite of control software, telematics, analytics and charging solutions to simplify buying and ownership experience and maximizing availability. and energy efficiency. To learn more, visit our website at https://lightningemotors.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of the United States federal securities laws. All statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. The forward-looking statements contained in this press release are based on certain assumptions and analyzes made by the management of Lightning eMotors in light of their respective experience and perception of historical trends, current conditions and expected future developments and their potential effects. on Lightning eMotors and such other factors as they deem appropriate in the circumstances. There can be no assurance that future developments affecting Lightning eMotors will be as anticipated. These forward-looking statements in this press release are subject to known and unknown risks, uncertainties, assumptions and other factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings. with the U.S. Securities and Exchange Commission, which may cause actual results or results to differ materially from any future results or results expressed or implied by the forward-looking statements. You should not place undue reliance on forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be precise indications of the times at which or by which such performance or results will be achieved, if at all. Should one or more of these risks or uncertainties materialize, or should any of the assumptions made prove incorrect, actual results may differ materially from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Brian Smith

[email protected]

Source: Lightning eMotors, Inc.

Robert M. Larson