Latest Expansion in Charlotte Reinforces Lansing Region's Growing EV Manufacturing and Supply Chain Prowess 

CHARLOTTE, Mich. (Feb 7, 2023) — Today, the Shyft Group (NASDAQ: SHYF) announced plans to continue investing in and expanding the company's facilities in Charlotte, Mich. Shyft will invest approximately $16 million for expansion and improvements in facilities and new equipment related to the production of electric vehicles (EV). The latest expansion plans will enable the production of commercial electric vehicles for its Blue Arc™ EV Solutions brand, launched last year.

"We're extremely proud to invest in EV production here in our home state of Michigan, where our company has been headquartered for nearly 50 years," said President and CEO Daryl Adams. "We are thankful to be part of the Charlotte community and look forward to bringing the future of fleets to our operations there."

“The Shyft Group’s $16 million investment and 680 jobs will grow Michigan’s economy and help us continue leading the future of mobility and auto manufacturing,” said Governor Gretchen Whitmer (left). “Our future is bright, and thanks to companies like Shyft and our local partners, we can stay laser-focused on growing our economy and creating good jobs for Michigan residents.”

Shyft's latest investment in EV is an indicator of Michigan and the Lansing region's competitive position within the EV and related supply chain and industry space, including EV batteries and systems and potential semiconductor / chip-making and other high technology-related companies collectively positioning the Lansing Region as a premier location building the future of mobility.

"This is another critical addition to the growing EV Capital of America here in Lansing, Michigan region! From their family-owned roots in Charlotte, the Shyft Group's impressive growth into an innovative global heavyweight industry player has blossomed under CEO Daryl Adam's leadership and team," said Bob Trezise, president and CEO of the Lansing Economic Area Partnership (LEAP) (left). "The competition from other communities and states is intense for a growing company like Shyft and broadly for electric vehicle and adjacent industry projects. As usual, LEAP thanks our excellent partners MEDC and the city of Charlotte."

The Shyft Group's expansion is supported by co-investment and business incentives from the city of Charlotte, the Lansing Economic Area Partnership (LEAP), and the Michigan Economic Development Corporation (MEDC). LEAP helped secure local and state incentives for this project, which is connected to a January 2021 Shyft project LEAP also helped with.

“Congratulations to Shyft team on your continued growth and success. This investment underscores the strength of your business powered by our state’s talented workforce and leadership in mobility and advanced manufacturing,” said Quentin Messer, Jr., CEO of the MEDC and President and Chair of the Michigan Strategic Fund (left). “We are grateful to the Governor, bipartisan legislators, and local officials for their continued support of the Jobs Ready Michigan Program, which supports upskilling and training opportunities for our friends and neighbors across the state. We’re grateful to Shyft for this vote of confidence in Michigan and look forward to working together to grow, add jobs, and provide greater opportunity in Mid-Michigan.”

In addition to strengthening the region's competitiveness in the EV ecosystem, Shyft's expansion project will attract new people, families and economic activity to Charlotte and the surrounding Lansing region, including new students in K-12 schools, revenue for municipal services, shoppers to downtown retailers, new neighbors and homeowners and additional philanthropic giving to support community needs.

"That Charlotte will be home to this important commercial segment of the EV vehicle market is fantastic news. The Shyft Group has been a vital part of the city's business community for many, many years and we are proud to continue partnering with their growing company," said Charlotte Mayor Michael Armitage.

The Charlotte campus, with seven facilities, is currently home to multiple Shyft product lines, including walk-in delivery vans, motorhome chassis, and work truck chassis. The addition of Blue Arc™ EV production will help support the company's previous commitment towards employment levels on the Charlotte campus, bringing a wide range of engineering, manufacturing and technical jobs to Charlotte.

To learn more about Shyft Group and current job opportunities with the company, visit http://www.mymanpowerjob.com/ or http://www.theshyftgroup.com/jobs

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