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.
Exro Technologies has entered into a multiyear agreement with Vicinity Motor Corp. to supply high-voltage Coil Drive Systems, initiating with a purchase order of 100 units. The total delivery could reach 2,500 units over the next 36 months. This partnership aims to enhance the sustainability and efficiency of Vicinity's electric buses, which are vital for public transit. Exro will also offer design and engineering services, further increasing its revenue stream. This deal underscores Exro's commitment to advancing electrification in the mobility sector.
Vicinity Motor Corp. (NASDAQ:VEV) announced a non-exclusive distribution agreement with Soderholm Sales & Leasing to distribute Vicinity vehicles in Hawaii. The agreement includes four demo and stock buses, enhancing SSL's electric vehicle portfolio. With Hawaii's commitment to 100% clean energy by 2045, Vicinity aims to leverage local renewable energy sources. This partnership is expected to support Hawaii's sustainability goals, offering accessible transit options across the Pacific region.
Vicinity Motor Corp. (NASDAQ:VEV) announced a joint exhibit with EAVX at the Advanced Clean Transportation Expo from May 9-12, 2022, in Long Beach, California. They will showcase the VMC 1200 Class 3 electric truck, featuring next-generation technology like a 360-degree camera system and advanced driver assistance systems. The expo is North America's largest clean fleet event, attracting significant industry representatives. CEO William Trainer emphasized the chance to connect with potential customers and stakeholders, promoting their broader electric vehicle portfolio during this key industry event.
Vicinity Motor Corp. (NASDAQ:VEV) announced its participation in two key investor conferences: the Planet MicroCap Showcase 2022 in Las Vegas on May 4, and the Stifel 2022 Cross Sector Insight Conference in Boston from June 7-9. CEO William Trainer and VP John LaGourgue will hold one-on-one meetings at both events. The Las Vegas presentation is scheduled for 1:00 PM ET, and a live webcast will be available. Vicinity, a supplier of commercial electric vehicles, aims to enhance investor engagement through these initiatives.
Vicinity Motor Corp. (NASDAQ:VEV) has signed a distribution agreement with Hoekstra Transportation, enhancing sales and service coverage across Michigan, Indiana, and Ohio. This partnership will distribute Vicinity's electric vehicles, including the Vicinity Lightning and VMC-Optimal, starting with an initial order of eight vehicles. The collaboration targets the growing demand for electric solutions in passenger transportation. However, the company also announces the departure of Manuel Achadinha from its management team.
Vicinity Motor Corp. (NASDAQ:VEV) has entered a distribution agreement with Central States Bus Sales, enhancing its presence in the U.S. bus market. Central States, a prominent dealer in school and commercial buses, will offer Vicinity's full product line, starting with an initial order of 18 demo and stock buses. This collaboration spans seven states, improving Vicinity's reach in a vital market segment. The partnership aims to provide sustainable, all-electric transportation solutions, addressing customer needs while promoting growth opportunities for both companies.
Vicinity Motor Corp. (NASDAQ:VEV) has appointed Dennis Gore as Vice President of Engineering, bringing over 35 years of automotive experience. Previously, he held leadership roles at Gillig Bus and Zero Motorcycles. His expertise in electric vehicle development is expected to enhance Vicinity's engineering capabilities and support their new U.S. Assembly Facility in Washington.
The company also announced the issuance of 59,375 Deferred Share Units and 40,000 stock options as part of director remuneration, which could align interests with shareholders moving forward.
Vicinity Motor Corp. (NASDAQ: VEV) reported a 113% revenue increase in 2021 totaling $41.7 million, but faced a Q4 revenue decline to $2.3 million, down from $3.5 million YoY. The net loss for the year rose to $7.3 million or $(0.24) per share. Key developments include a secured order backlog exceeding CAD$100 million, a 10-year licensing agreement with Optimal-EV, and a partnership with EAVX. The company strengthened its balance sheet through $10.3 million in debt financing and a $17 million public offering. The construction of a U.S. assembly facility is on track for mid-2022 shipments.
Vicinity Motor Corp. (NASDAQ:VEV) has successfully closed a US$12 million financing round, issuing 4,444,445 common shares and warrants in a registered direct offering. Each unit, priced at US$2.70, includes one common share and a warrant exercisable at US$3.36 for up to six months. The funds will support the completion of the company's manufacturing facility in Ferndale, Washington. The offering was facilitated by A.G.P./Alliance Global Partners, which received a 7% commission on proceeds.
Vicinity Motor Corp. (NASDAQ:VEV) has entered agreements for a registered direct offering of 4,444,445 common shares and accompanying warrants, raising approximately US$12 million at a price of US$2.70 per Unit. The warrants allow purchase at US$3.36 per share, exercisable six months post-closing. Proceeds will be allocated to the completion of the Ferndale, Washington manufacturing facility. The offering's closing is anticipated around March 28, 2022.
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