Welcome to our dedicated page for Vicinity Motor news (Ticker: VEV), a resource for investors and traders seeking the latest updates and insights on Vicinity Motor stock.
Vicinity Motor Corp. (NASDAQ:VEV) is a prominent North American manufacturer and supplier of electric and clean-diesel vehicles. The company specializes in the design, engineering, and production of mid-size buses tailored for transit authorities and commercial enterprises, primarily in Canada and the United States. Vicinity Motor Corp. leverages its established dealer network and partnerships with world-class manufacturing entities to offer a diverse range of high-quality vehicles, including the flagship Vicinity buses and the VMC 1200 electric truck.
Founded with a commitment to affordability, accessibility, and environmental responsibility, Vicinity Motor Corp. has consistently pushed the envelope in the transportation sector. The company's Vicinity buses, available in 27.5, 30, and 35-foot models, are powered by clean diesel or CNG and are designed to reduce harmful emissions while being cost-effective. These buses operate extensively across various provinces in Canada and have also made a significant entry into the U.S. market as a Buy America compliant manufacturer.
Recently, Vicinity Motor Corp. has embarked on several noteworthy initiatives and achievements:
- On April 18, 2024, the company announced a $2,000,000 unsecured loan agreement to support its growth and operational needs.
- Brent Phillips was appointed as President on April 18, 2024, to lead the company's sales, assembly, procurement, and engineering teams, marking a new phase of growth and strategic focus.
- The company extended its compliance period with Nasdaq to meet the minimum bid price requirement, ensuring continued listing and trading of its shares.
- Vicinity Motor Corp. signed a new distribution agreement with RJames Management Group Ltd to launch RJames Vicinity Truck, expanding its commercial truck business into the crucial last-mile class 3 electric truck segment in British Columbia, Canada.
- The company successfully deferred CAD$5.8 million in debenture repayments, reflecting flexibility in its financial strategies to support near-term liquidity goals.
- In the first quarter of 2024, Vicinity Motor Corp. achieved a remarkable 400% revenue growth, driven by the delivery of 44 VMC 1200 electric trucks and 22 Vicinity™ Classic transit buses.
- The VMC 1200 electric truck will be showcased at the Advanced Clean Transportation Expo in Las Vegas, highlighting its commitment to advancing clean transportation solutions.
- The VMC 1200 completed all applicable U.S. Federal Motor Vehicle Safety Standards (FMVSS) testing and EPA Vehicle Certification, paving the way for sales across the United States, with expected upcoming CARB approval to further enhance market opportunities.
Through its innovative products and strategic initiatives, Vicinity Motor Corp. continues to solidify its position as a leader in the commercial electric vehicle market, driving forward with a vision of sustainable and efficient transportation solutions.
Vicinity Motor Corp. (NASDAQ:VEV) plans to release its Q3 2022 financial results on November 15, 2022, after market close. An investor conference call will follow at 4:30 p.m. Eastern Time, where management will discuss the results and provide a corporate update. Interested parties can join via a U.S./Canada dial-in or an international dial-in. Playback will be available through December 15, 2022. Vicinity specializes in electric vehicles for commercial use, leveraging strategic partnerships for enhanced offerings, including electric buses and trucks.
Vicinity Motor Corp. (NASDAQ:VEV) has announced its participation in the LD Micro Main Event XV on October 25, 2022. The event will take place in Los Angeles, CA, with a formal presentation scheduled for 9:00 a.m. PT. Management will engage in one-on-one investor meetings and a Q&A session following the presentation. A live audio webcast will be available for those unable to attend. Vicinity, a supplier of commercial electric vehicles, continues to expand its operations and partnerships within the industry.
Vicinity Motor Corp. (NASDAQ:VEV) has announced a significant purchase order exceeding US$100 million for 1,000 VMC 1200 Class 3 Electric Trucks from Pioneer Auto Group, marking a crucial step in its expansion into the commercial truck market. Deliveries are set to commence this month and complete by year-end 2023. The demand for these trucks is high, attributed to federal incentives promoting electric vehicle adoption. Vicinity is also upgrading its manufacturing facility in Washington to handle increased production capacity, expected to reach 10,000 vehicles annually.
Vicinity Motor Corp. (NASDAQ:VEV) announced an order for four Vicinity Lightning™ electric buses from Sustainability Partners LLC for the Daniel K. Inouye International Airport in Honolulu, aimed at enhancing sustainability. These buses will support the airport's initiative to electrify its fleet as part of an Electric Vehicles as a Service™ (EVaaS) program, which will finance the conversion from traditional vehicles. The delivery is scheduled for 2023, emphasizing a growing trend in U.S. airports to adopt cleaner transportation solutions.
Vicinity Motor Corp. announced the launch of the VMC 1200, Canada's first Class 3 electric truck, with advance orders exceeding expectations. The truck qualifies for a $550-million subsidy program by Transport Canada, appealing to commercial operators aiming to reduce costs and emissions. Key features include up to 150 kWh battery capacity, a range of 241 kilometers, and payload capacity of approximately 2,495 kg. Distribution starts in October 2022, and the VMC 1200 is set to meet the rising demand for zero-emission vehicles in North America, amid projections of significant market growth by 2040.
Vicinity Motor Corp. (NASDAQ:VEV) announced the issuance of 141,089 Deferred Share Units (DSUs) to certain eligible directors as part of their remuneration for Q3 2022. This decision allows directors to receive their compensation in DSUs instead of cash. Vicinity specializes in electric vehicles for public and commercial use, including buses and delivery vehicles, emphasizing its partnership with J.B. Poindexter's EAVX for next-generation upfitting.
Vicinity Motor Corp. (NASDAQ:VEV) announced the engagement of SagePoint Capital Partners as a special advisor for strategic, corporate development, and capital markets initiatives. The deal includes issuing 1,000,000 common share purchase warrants priced at CAD$1.68 and quarterly cash compensation of $200,000. CEO William Trainer emphasizes the need for expertise in capital markets to close the gap between market acceptance and capital positioning, expanding their shareholder base with long-term investors.
Vicinity Motor Corp. (NASDAQ:VEV) announced a distribution agreement with TOK Group to sell its VMC 1200 Class 3 electric trucks in the York Region of the Greater Toronto Area. The deal includes an initial commitment for 10 vehicles, expanding TOK's electric vehicle portfolio. Vicinity's CEO highlighted the partnership as a step towards electrification for commercial fleets, following TOK's previous order for six Vicinity Lightning™ buses. The agreement aligns with TOK's focus on sustainable transportation solutions.
Vicinity Motor Corp. (NASDAQ:VEV) reported its Q2 2022 financial results, showing revenue of $11.7 million, down from $15.5 million in Q2 2021. The net loss was $3.8 million, or $(0.10) per share. The order backlog exceeded $90 million, primarily for electric vehicles, signaling strong demand. The company secured a significant order for six electric buses valued at over CAD$3 million and signed new distribution agreements across the U.S. However, supply chain disruptions have impacted vehicle deliveries, leading to a suspension of prior financial guidance.
Vicinity Motor Corp. (NASDAQ:VEV) will announce its Q2 2022 financial results on August 15, 2022, after market close. Management will discuss these results during a conference call at 4:30 PM ET on the same day. Participants can join via the U.S./Canada Dial-in or international lines provided. The company specializes in electric vehicles for public and commercial use, including buses and delivery vehicles, and collaborates with strategic manufacturing partners.
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