Beijing, October 14, 2021 – Allison Transmission, a leading designer and manufacturer of conventional, electric hybrid and fully electric vehicle propulsion solutions, today announced that it will participate in the initial public offering (IPO) of Jing-Jin Electric (JJE), a leader in electric motor, inverter, and integrated electrified propulsion systems within the largest electric vehicle market in the world. As part of JJE’s upcoming IPO at The Science and Technology Innovation (STAR) Board on Shanghai Stock Exchange, Allison will make a strategic investment of ¥264 million CNY (approx. $42 million USD).

This investment follows the recently announced strategic partnership between the two companies, and an earlier debt financing commitment by Allison that will directly support JJE’s North America commercial electric product development, testing, and manufacturing efforts. These investments support the shared belief that combining Allison’s electrified products, brand, channel, technical expertise and product robustness with JJE’s broad portfolio of electric motors, inverters and integrated systems will enable the strategic partnership to offer a differentiated value proposition to our global customers and end users.

“This investment, in support of the Allison and JJE collaboration, is an exciting development that highlights Allison’s continued commitment to, and investments in, the commercial electric vehicle space.” said David Graziosi, Chairman and Chief Executive Officer of Allison Transmission. “In further support of the relationship, Allison is proud to participate in JJE’s initial public offering as a strategic investor.”

“We are grateful for the support of Allison during this critical stage in JJE’s evolution. The inclusion of Allison as a strategic investor in our IPO demonstrates our confidence in the combined capabilities of the strategic partnership to accelerate global electric vehicle development and offer innovative and reliable electrified propulsion solutions to commercial vehicle manufacturers around the world.” said Ping Yu, Chairman and Chief Executive Officer of Jing-Jin Electric.

About Jing-Jin Electric Technologies (JJE)

Established in 2008, JJE is an electrified propulsion leader in components, assemblies and systems for global automotive and commercial vehicle customers.  Headquartered in Beijing, China, JJE has technical centers and production facilities in the United States and China including Michigan, Shandong, and Shanghai.  Following the company’s initial public offering, JJE shares will begin trading on the Shanghai Stock Exchange (SSE) under the stock code of 688280. For more information, please visit www.jjecn.com.

About Allison Transmission

Allison Transmission (NYSE: ALSN) is a leading designer and manufacturer of vehicle propulsion solutions for commercial vehicles, the largest global manufacturer of medium- and heavy-duty fully automatic transmissions, and a leader in electrified propulsion systems that Improve the Way the World Works. Allison products are used in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (school, transit and coach), motorhomes, and off-highway vehicles and equipment (energy, mining and construction applications). Founded in 1915, the company is headquartered in Indianapolis, Indiana, USA. With a presence in more than 150 countries, Allison has regional headquarters in the Netherlands, China and Brazil, manufacturing facilities in the USA, Hungary and India, as well as global engineering resources, including electrification engineering centers in Indianapolis, Indiana, Auburn Hills, Michigan and London in the United Kingdom. Allison also has more than 1,400 independent distributor and dealer locations worldwide. For more information, visit allisontransmission.com.

Contacts

Jing-Jin Electric

William XIE

CFO and Board Secretary

wenjian.xie@jjecn.com

Allison Transmission

Raymond Posadas

Managing Director, Investor Relations

ir@allisontransmission.com

(317) 242-3078

Claire Gregory

Director. Global External Communications

Claire.Gregory@allisontransmission.com

(317) 694-2065