Press Release Details

Winnipeg, Manitoba, CANADA – April 21, 2023: (TSX: NFI, OTC: NFYEF, TSX: NFI.DB) NFI Group Inc. (“NFI” or “the Company”), a leading independent bus and coach manufacturer and a leader in electric mass mobility solutions is pleased to celebrate Earth Day, today, tomorrow, and every day^.

The theme for Earth Day 2023 is Invest In Our Planet. For decades, NFI has been leading the evolution to zero-emission transportation, the ZEvolution^TM, investing in the future of sustainable mobility solutions for our customers, our shareholders, our employees, and all our stakeholders.

NFI’s EVs have collectively travelled over 115 million zero-emission miles, and the Company’s Infrastructure Solutions^TM business has installed over 340 EV chargers since inception. In 2022, NFI delivered 693 zero-emission bus (“ZEB”) equivalent units (“EUs”), avoiding 2.3 billion lbs. of CO₂ emissions over the expected 12-year lifespan of those buses. Since 2015, NFI has delivered 2,725 ZEB EUs to its customers around the globe.

"NFI exists to move people. We weave environmental, social and governance, or ESG, into the fabric of our business, and our Sustainability Pledge—to create a Better Product, Better Workplace and Better World—continues, to guide our day-to-day operations, our investment decisions, and our long-term planning,” said Paul Soubry, President and Chief Executive Officer, NFI. “We’ve been innovators for decades, and our products and services have helped lower emissions, improve social and economic outcomes, and provide better transportation for our customers and their customers. We are excited to continue this journey as demand for our ZEBs increasing in pace and size across all areas of our business.”

• In 2022, zero-emission electric vehicles represented 23% of NFI’s total deliveries (up from 17% in 2021) and were a record 29% of the Company’s backlog.
• In 2022 Q4, NFI received orders for 1,118 EUs of battery-electric ZEBs, a 780% increase from the 127 EUs in orders received in 2022 Q3.
• NFI expects that ZEB (electric) as a percentage of manufacturing sales will reach:
  • 25% to 30% in 2023;
  • 30% to 35% in 2024; and
  • 35% to 40% in 2025.

“In 2022, NFI completed its first ESG materiality assessment to inform the ESG issues most relevant to NFI and all our stakeholders, and we initiated a sustainability roadmap to action the results of our materiality assessment and overall sustainability strategy," said Janice Harper, Executive Vice President, People & Culture. "We also completed our first annual disclosure to the S&P Global Corporate Sustainability Assessment and our second annual disclosure to the CDP Climate Change questionnaire. As our business recovers from the challenges of the past few years, we remain focused on our long-term vision and strategy to meet the needs of today and tomorrow with our innovative products and solutions."

NFI is a leader in low- and zero-emission mobility, with vehicles operating in 13 countries, moving millions of people every day. NFI offers the widest range of vehicles including clean diesel, compressed natural gas, diesel electric hybrids, and zero-emission battery- and fuel cell-electric buses and coaches.

NFI also operates the Vehicle Innovation Center (“VIC”), the first and only innovation lab of its kind dedicated to advancing bus and coach technology and providing workforce development. Since opening late 2017, the VIC has hosted over 350 interactive events, welcoming over 7,000 industry professionals for EV and infrastructure training.

NFI's Environmental Social Governance Report for 2022 will be released on the Company's website later in May 2023.

About NFI 

Leveraging 450 years of combined experience, NFI is leading the electrification of mass mobility around the world. With zero-emission buses and coaches, infrastructure, and technology, NFI meets today’s urban demands for scalable smart mobility solutions. Together, NFI is enabling more livable cities through connected, clean, and sustainable transportation. 

With 7,700 team members in nine countries, NFI is a leading global bus manufacturer of mass mobility solutions under the brands New Flyer^® (heavy-duty transit buses), MCI^® (motor coaches), Alexander Dennis Limited (single and double-deck buses), Plaxton (motor coaches), ARBOC^® (low-floor cutaway and medium-duty buses), and NFI Parts™. NFI currently offers the widest range of sustainable drive systems available, including zero-emission electric (trolley, battery, and fuel cell), natural gas, electric hybrid, and clean diesel. In total, NFI supports its installed base of over 105,000 buses and coaches around the world. NFI’s common shares are traded on the Toronto Stock Exchange under the symbol NFI and NFI’s convertible unsecured debentures trade on the Toronto Stock Exchange under the symbol NFI.DB. News and information is available at www.nfigroup.com, www.newflyer.com, www.mcicoach.com, www.nfi.parts, www.alexander-dennis.com, www.arbocsv.com, and www.carfaircomposites.com. 

For investor inquiries, please contact:
Stephen King
P: 204.792.1300
Stephen.King@nfigroup.com