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) announced that its VMC 1200 Class 3 electric trucks have been approved for Canada's iMHZEV Program, offering point-of-sale incentives aimed at aiding organizations in purchasing or leasing zero-emission vehicles. Incentives range from CAD$10,000 to $200,000, equating to approximately 50% of the cost difference between traditional diesel and electric vehicles. This initiative aims to enhance electric vehicle competitiveness while supporting Canada's emission reduction goals.
Vicinity Motor Corp. (NASDAQ:VEV) has signed a distribution agreement with Schetky Bus and Van Sales to enhance its sales and service network across Washington, Oregon, Idaho, and Alaska. This partnership allows Schetky to distribute Vicinity's electric vehicle lineup, including the Vicinity Lightning, with an initial order of 18 vehicles. Schetky, celebrating 80 years in the industry, aims to leverage the region's low electric energy costs and booming demand for EVs. This move aligns with Vicinity's strategy to expand its footprint in the growing electric vehicle market.
Vicinity Motor Corp. (NASDAQ:VEV) announced the granting of 104,012 Deferred Share Units (DSUs) to certain directors as part of their remuneration for the calendar year 2022, specifically for Q2. The company, a North American supplier of commercial electric vehicles, continues to expand its offerings, including electric buses and delivery vehicles in partnership with J.B. Poindexter's EAVX unit. This move is part of their strategic focus on electric and clean-diesel vehicles.
Vicinity Motor Corp. (NASDAQ:VEV) has secured an order for six electric buses valued at over CAD$3 million. The buses will provide a cleaner shuttle service between the Billy Bishop Toronto City Airport and Union Station, supporting Nieuport Aviation's net-zero carbon emission goals. Delivery is expected in Q1 2023. This order aligns with a market shift towards electric transportation, offering benefits such as reduced air pollution and lower maintenance costs. CEO William Trainer emphasizes the bus's versatility and efficiency as pivotal in delivering sustainable transportation.
Vicinity Motor Corp. (NASDAQ:VEV) has successfully extended the maturity date of its 8% unsecured debenture worth CAD$10.3 million to October 4, 2023, enhancing liquidity for upcoming operational needs. In exchange, the company issued 1,000,000 new share purchase warrants with an exercise price of $2.25, while canceling previously issued warrants. CEO William Trainer highlighted ongoing strong business momentum and expressed optimism about fulfilling order backlogs. This extension is expected to facilitate continued operational success and shareholder value creation.
Vicinity Motor Corp. (NASDAQ:VEV) has announced an extension of the maturity date for its CAD$10.3 million unsecured debenture by one year to October 4, 2023. The company will issue 1 million new warrants to the lender as part of this agreement, with an exercise price of $2.25 per share. CEO William Trainer highlighted that this extension enhances capital structure flexibility, allowing the company to leverage an order backlog exceeding $90 million. The transaction is pending TSX Venture Exchange approval.
Vicinity Motor Corp. (NASDAQ:VEV) announced its participation in two upcoming investor conferences in June 2022. The first event is the Benzinga All-Access Show on June 10, starting at 11:00 a.m. Eastern time, followed by a presentation at the Diamond Equity Research Virtual Emerging Growth Invitational on June 23 at 1:00 p.m. Eastern time. Both sessions will include a Q&A segment. Live webcasts will be available for both events, providing insights into Vicinity's electric vehicle offerings. For more details, visit Vicinity's website.
Vicinity Motor Corp. (NASDAQ:VEV) reported a strong order backlog exceeding USD$90 million for 2022, with significant new distribution agreements in the U.S. and Canada. The company faced challenges with revenue, which decreased to $3.2 million from $21.5 million year-over-year, primarily due to supply chain issues affecting deliveries. The net loss was $2.9 million for Q1 2022 compared to a profit of $1.6 million in Q1 2021. Despite these setbacks, the company strengthened its balance sheet with $12 million financing and aims to ramp up production later in the year.
Vicinity Motor Corp. (NASDAQ:VEV) announced it will release its Q1 2022 financial results on May 16, 2022, after market close. The company will host an investor conference call at 4:30 PM ET on the same day to discuss results and provide corporate updates. Participants can join using a dedicated dial-in or via webcast. Vicinity specializes in electric vehicles and related technologies for commercial and public use, leveraging partnerships for vehicle production and sales.
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