July 20, 2021

Taiga MotorsOn July 12, 2021, Taiga Motors Corporation ("Taiga") (TSX: TAIG), manufacturer of electric off-road vehicles announced the raise of a combined $50M in support of the Shawinigan, Quebec Mass-Production Assembly Facility.

The project and development represent an investment of approximately $125,17 million. Taiga will benefit from support by all levels of governments to a combined $50 million ($10 million in federal funding, $30 million in provincial funding, and $10 million in municipal funding.) With the development of the new facility, Taiga predicts that it will accelerate production of its off-road vehicle platforms and powertrains while simultaneously optimizing and automating the battery production. Given the company's approach of clean-sheet engineering of power units and vehicle platforms, this new manufacturing capability will have direct impact on off-road vehicle transportation and the environment.

The Minister of Innovation, Science and Industry, the Honorable François-Philippe Champagne, the Minister of Finance and Minister of Economy and Innovation, Mr. Eric Girard, the Minister of Labor, Employment, and Social Solidarity, Mr. Jean Boulet, and the City of Shawinigan Mayor, Mr. Michel Angers, made the announcement, accompanied by Mr. Samuel Bruneau, CEO and co-founder of Taiga.

A Milestone for Taiga and Off-Road Electrification

An industry first for electric powersports, the facility will employ a vertically integrated and modular approach, leveraging the proprietary software and hardware technology platform commonalities across vehicle builds for increased economies of scale and reduced development times for new vehicles.

Advancements in automated manufacturing have allowed Taiga to innovate in electric powertrain production processes that will drive down costs to accelerate electrification in the off-road sector. The highly advanced high-volume powersport production facility is expected to become operational in the second half of 2022 with manufacture of Taiga personal watercrafts and snowmobiles, alongside built-in flexibility for new off-road vehicles as they are brought to market. In parallel with vehicle production, the Shawinigan facility is capable of an annual production of three (3) gigawatt hours in battery modules and packs.

Shawinigan is a growing dynamic Canadian electrification hub and supports a robust supply chain network across Quebec. The projected is expected to create 370 high quality jobs and to develop a local supply chain of materials and components.

Quotes

"Our government is supporting the country's businesses as they become global leaders in the manufacture of green vehicles, creating dependable jobs. Taiga Motors' arrival in the Mauricie region is a key part of our efforts to enable the region to participate fully in the economic recovery by showcasing local talent. Our government will continue to support businesses so they can participate in efforts to build a clean-growth economy, including by investing in the manufacture of carbon neutral vehicles."

– The Honourable François-Philippe Champagne, Member of Parliament for Saint Maurice Champlain and Minister of Innovation, Science and Industry

"Innovation is at the core of our government's priorities, and we proudly support projects such as the one by Taiga Motors, which will contribute a cleaner environment. By driving a new 100% electric sector of activity in Quebec, the project is fully in line with our recovery plan for a sustainable, green, and innovative economy. Taiga Motors' values also align with our priorities around electrifying transportation, the fight against climate change and structural regional economic development. By leveraging this innovative project in Shawinigan, we are also investing in the well-being of future generations."

– The Honourable Mélanie Joly, Member of Parliament for Ahuntsic‒Cartierville, Minister of Economic Development and Official Languages and Minister responsible for CED

"Taiga has the potential to position itself advantageously in the growing market for electric vehicles. Its project is in line with our desire to invest in this manufacturing sector to ensure Quebec's transition to the electrification of transportation. This is how we will achieve our greenhouse gas reduction objectives and build a new, greener, more prosperous and sustainable economy."

– Eric Girard, Minister of Finance and Minister of Economy and Innovation

"The popularity of electric vehicles is growing rapidly worldwide. Taiga, which specializes in recreational vehicles, has everything it takes to position itself advantageously in the market. By building its new plant in the Mauricie region, the company will be able to benefit from our stimulating business environment and our qualified workforce to pursue its growth."
– Jean Boulet, Minister of Labour, Employment and Social Solidarity and Minister responsible for the Mauricie region

"Taiga has been a source of pride in the Mauricie region since its creation in 2015, at the Centre d'entrepreneuriat Alphonse-Desjardins in Shawinigan. This avant-garde company is now shifting into high gear with this ambitious project. The establishment of its new plant in Shawinigan will allow our region to further develop its expertise in the transportation electrification sector and will contribute to a strong boost to the Mauricie economy."

– Marie-Louise Tardif, Member for the Laviolette-Saint-Maurice and Parliamentary Assistant to the Minister of Forests, Wildlife and Parks (Forestry)

"This factory will allow Taiga to become the first Canadian EV manufacturer to integrate both automated powertrain assemblies and electric vehicle platforms under one roof for greatly increased efficiency. Thanks to the financing provided by the federal, provincial and municipal governments, we will be able to rapidly increase manufacturing capacity while continuing to drive innovation so that Quebec and Canada can remain leaders disrupting the global powersports market towards a more positive future of outdoor exploration without compromise."

– Samuel Bruneau, CEO and Co-Founder, Taiga

About Taiga

Taiga is a Canadian company, founded in 2015, that is reinventing the powersports landscape with breakthrough electric off-road vehicles. Through a clean-sheet engineering approach, Taiga has pushed the frontiers of electric technology to achieve extreme power-to-weight ratios and thermal specifications that outperform comparable high-performance combustion powersports vehicles. The first models released include a lineup of electric snowmobiles and personal watercraft to deliver on a rapidly growing recreational and commercial demand for those who are seeking better ways to explore the great outdoors without compromise. For more information, visit https://www.taigamotors.ca

SOURCE Taiga Motors Corporation

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