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) has formed a strategic distribution agreement with DATTCO, Inc. to distribute Vicinity vehicles in the Northeastern U.S. DATTCO, a well-established passenger transportation provider, will enhance Vicinity's reach and support its growing portfolio of electric and conventionally powered vehicles. DATTCO's initial order is valued at over $2 million for electric and conventional buses, solidifying their commitment to sustainable transportation solutions. This partnership aims to meet the evolving needs of DATTCO's diverse customer base, which includes over 1,800 clients.
Vicinity Motor Corp. (NASDAQ:VEV) announced an expanded partnership with ABC Companies to enhance its U.S. market presence. This agreement allows ABC to distribute Vicinity's electric and heavy-duty buses across 18 states, targeting key population areas. ABC has ordered 18 VMC Optimal S1 shuttle buses and 3 Vicinity Classic buses, building on a previous order of 10 Vicinity Lightning EV buses for 2022. The expanded distribution aims to strengthen Vicinity's growth and sales momentum, supporting the transition to electric vehicles in the commercial sector.
Vicinity Motor Corp. (NASDAQ:VEV) will announce its fourth quarter financial results for 2021 on March 30, 2022, prior to market opening. An investor call will follow at 8:30 a.m. Eastern time, allowing participants to discuss the results and ask questions. The company produces electric vehicles for commercial use, including electric buses and trucks. Forward-looking statements in the release highlight potential risks regarding vehicle sales volumes, operational strategies, and economic conditions.
Vicinity Motor Corp. (NASDAQ:VEV) has received orders for five VMC Optimal E1 Electric Chassis from Diamond Coach and Coach & Equipment, facilitated by Olathe Fleet Solutions. These chassis will serve paratransit markets, targeting elderly and disabled transit programs. Deliveries are scheduled from Q1 to Q2 2022. CEO William Trainer highlighted the Optimal E1's superior design, emphasizing safety and reliability. He noted a growing demand for zero-emission electric vehicles across various applications.
Vicinity Motor Corp. (NASDAQ:VEV) has partnered with Paradigm Automotive Corporation as the exclusive dealer for its VMC 1200 electric trucks in Hamilton and Niagara regions of Ontario. This collaboration includes a substantial initial order valued at CAD$12 million for 100 trucks, with deliveries expected in Q2 2022. The company reports a sales backlog exceeding CAD$100 million, highlighting strong market demand for its electric vehicles. CEO William Trainer emphasizes the positive market reception of the VMC 1200, positioning it as a strong contender in the Class 3 EV segment.
Vicinity Motor Corp. (NASDAQ:VEV) received a grant of C$2.57 million from Sustainable Development Technology Canada (SDTC) to develop its new Vicinity Lightning EV bus. This funding aims to enhance the company’s zero-emission transit solutions by creating a mid-sized, wheelchair-accessible bus. CEO William Trainer highlighted the grant's importance in mitigating energy and carbon costs amidst growing climate goals. The collaboration with SDTC positions Vicinity to play a crucial role in advancing sustainable public transit options, reinforcing its commitment to environmental solutions.
Vicinity Motor Corp. (NASDAQ:VEV) has secured a sales and marketing agreement with Skydome Auto and Truck Centre as its exclusive dealer in Brampton, Ontario. This partnership includes an initial order of 50 VMC 1200 Class 3 electric trucks, with deliveries starting in Q2 2022. Skydome brings 25 years of experience in vehicle sales and service, enhancing Vicinity's presence in the growing Toronto market. The city is expanding its EV charging infrastructure, aligning with strong demand for electric vehicles, further supporting Vicinity's market positioning.
Vicinity Motor Corp. (NASDAQ:VEV) has engaged MarketSmart Communications for Canadian investor relations services, aiming to enhance communication with investors as the company anticipates strong sales growth in commercial electric vehicles (EVs) in 2022. The partnership will last for a year, renewable and focused on sharing Vicinity's progress and expansion strategy. The company projects revenues of C$140 million in 2022. The agreement highlights Vicinity's position as a key player in the mid-sized heavy-duty bus market, capitalizing on increasing commercial EV adoption.
Vicinity Motor Corp. (NASDAQ:VEV) announced its participation in two upcoming investor conferences on February 8-9, 2022. CEO William Trainer and VP John LaGourgue will engage in one-on-one meetings and give presentations at these events. The Winter Wonderland Best Ideas Conference takes place on February 9 at 2:00 PM ET, while the Canaccord Genuity Carbon & Energy Transition Conference will have a panel discussion at 10:00 AM ET on the same day. These conferences are a platform for Vicinity to showcase its electric vehicle offerings, including buses and trucks.
Vicinity Motor Corp. has secured a CAD $14 million order from Pioneer Auto Group for 100 VMC 1200 Class 3 electric trucks, solidifying its status as a leading supplier of commercial electric vehicles in North America. Pioneer is now Vicinity's exclusive dealer in British Columbia and retails over 6,000 vehicles annually across 17 locations. The VMC 1200 trucks are expected to start arriving in the second quarter of 2022, with significant interest noted for additional units, positioning Vicinity for exciting sales growth in the upcoming year.
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