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) and Proterra Inc. have announced a multi-year supply agreement for Proterra battery technology to power Vicinity's electric transit buses and work trucks. This partnership aims to support the production of a minimum of 600 commercial electric vehicles by 2024, including the Vicinity Lightning electric transit bus. Production is anticipated to commence in Q3 2022, with compliance to federal funding requirements for electric transit programs. This collaboration is expected to enhance zero-emission transportation solutions in North America.
Vicinity Motor Corp. (NASDAQ:VEV) announced a CAD $3.5 million order from First Transit for eight Vicinity Classic buses. These 35-foot Clean-Diesel buses are set to service Yellowknife, Canada, with delivery expected in 2022. CEO William Trainer highlighted the popularity of the Vicinity buses in the North American transit market and the company's commitment to enhance public transit quality while reducing operating costs. This order reflects ongoing demand amidst a transition to electric and clean diesel vehicles in the industry.
Vicinity Motor Corp. (NASDAQ:VEV) announced an order exceeding USD $19.0 million from Olathe Fleet Solutions for over 150 VMC Optimal E1 Electric Chassis. Scheduled for delivery throughout 2022, these units will serve various sectors, including school and commercial use. Olathe, a significant player in the fleet industry, chose Vicinity for its best-in-class EV solutions. The chassis, produced in Indiana, offers a range of up to 125 miles and is equipped with high-performance batteries from Proterra.
Vicinity Motor Corp. (NASDAQ:VEV) announced that selected directors opted for their 2021 remuneration to be compensated in Deferred Share Units (DSUs). A total of 40,713 DSUs were granted in relation to director remuneration for Q4. The company specializes in supplying commercial electric vehicles, including electric buses, trucks, and chassis for upfitting delivery vehicles. The company's growth is supported by strategic partnerships and a robust dealer network. The press release includes cautionary notes regarding forward-looking statements and associated risks.
Vicinity Motor Corp. (NASDAQ:VEV) will participate in two significant investor conferences. The Sequire Clean Tech & EV Conference is set for December 6, 2021, at 10:00 a.m. ET, while the SNN Network Canada Virtual Event will take place from December 7-9, 2021, starting with a presentation on December 8 at 11:30 a.m. ET. CEO William Trainer will engage in virtual one-on-one meetings during these events. For registration and additional details, visit the respective conference links provided.
Vicinity Motor Corp. (NASDAQ:VEV) announced strong prospects for FY2022, projecting revenues of at least $140 million and adjusted EBITDA of at least $10 million. Key operational highlights include partnerships with EAVX and Optimal-EV, with expected revenues from firm orders totaling $30 million in 2022 and potential sales of $194 million through 2023. However, Q3 2021 revenues fell 67% to $2.9 million, largely due to supply chain issues and pandemic impacts. The net loss for Q3 2021 was $4.8 million or ($0.16) per share.
Vicinity Motor Corp. has appointed Brent Phillips as the new Senior Director of Sales for North America. With over 20 years of experience in the commercial transportation sector, Phillips aims to enhance sales efforts across the U.S. and Canada. His previous roles include General Manager at Alliance Bus Group and VP of Sales at REV Group. CEO William Trainer believes his leadership will foster strategic market relationships and drive the company's next-generation electric vehicle initiatives, reinforcing Vicinity's commitment to sustainable transit solutions.
Vicinity Motor Corp. (NASDAQ:VEV) announced a letter of intent from Pioneer Auto Group for 100 VMC 1200 Class 3 Electric Trucks, valued at approximately CAD $14 million. The agreement could lead to delivery in 2022, pending a dealer agreement, with initial orders expected in Q1. Pioneer Auto Group, with 17 locations in British Columbia, aims to enhance its EV offerings, addressing growing demand for electric commercial vehicles. CEO William Trainer noted the strategic partnership's potential for market expansion and vehicle acceptance in urban environments.
Vicinity Motor Corp. (NASDAQ:VEV), a top supplier of commercial electric vehicles in North America, will announce its third quarter financial results for the period ending September 30, 2021, on November 12, 2021, after market close.
Management will hold an investor conference call at 4:30 p.m. Eastern time on the same day to discuss the results and provide corporate updates. Dial-in details are available, and a recording of the call will be accessible until December 12, 2021.
Vicinity Motor Corp (NASDAQ:VEV) will showcase its new electric vehicle lineup at the APTA's TRANSform Conference & EXPO in Orlando, Florida, from November 8-10, 2021. The company will present various models, including the Vicinity Lightning, a cost-effective 28-foot shuttle bus, and the VMC Optimal E1, designed for zero-emission operations. The VMC 1200 medium-duty electric truck and Vicinity Classic CNG bus will also be featured. CEO William Trainer emphasized the importance of transitioning to electrification in the transportation sector.
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