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 successfully completed an underwritten public offering, selling 3,990,610 units at US$4.26 each, raising approximately US$17 million. Each unit includes one common share and one-half warrant for future share purchase at US$5.10. The funds will primarily be allocated towards a US$12 million license fee to Optimal-EV, alongside general corporate purposes like product development and production expansion. Spartan Capital served as the sole book-running manager for this offering.
Vicinity Motor Corp. (NASDAQ:VEV) will showcase its electric vehicles at the CALACT 2021 Autumn Conference from October 26-29 in Monterey, California. Authorized by the MBTA, California transit agencies can now purchase Buy America compliant Vicinity buses through distribution partner ABC Companies. The event highlights collaboration among transit agencies to improve community transportation. Vicinity aims to strengthen its presence in the California market, showcasing its innovative buses to potential buyers.
Vicinity Motor Corp. (NASDAQ:VEV) has announced an underwritten public offering of 3,990,610 units at US$4.26 per unit, aiming for gross proceeds of approximately US$17 million. Each unit consists of one common share and one-half of a warrant, with warrants exercisable at US$5.10 for three years. The proceeds will primarily fund a US$12 million license fee to Optimal-EV, alongside general corporate purposes including product development and production expansion. The offering is expected to close around October 25, 2021.
Vicinity Motor Corp. (NASDAQ:VEV) has announced a strategic supply agreement with Electrovaya (TSX:EFL) for Lithium-ion battery systems. This partnership aims to enhance the company’s Vicinity Lightning™ EV buses and fully electric VMC 1200 Class 3 trucks. The collaboration follows extensive engineering evaluations, ensuring reliable battery systems for Vicinity’s growing product line. With Electrovaya's advanced NMC ceramic lithium-ion battery technology, this agreement strengthens Vicinity's supply chain and boosts customer confidence in performance and safety.
Electrovaya Inc. has signed a strategic supply agreement with Vicinity Motor Corp. to provide lithium-ion battery systems for Vicinity's electric buses and trucks. This agreement focuses on Vicinity Lightning™ EV buses and VMC 1200 Class 3 trucks, utilizing Electrovaya's advanced NMC Ceramic battery technology. Vicinity expects to deliver over 95 Classic buses, 75 Lightning EV buses, and 200 VMC 1200 trucks, aiming for over $140 million in revenue by year-end 2022. This partnership strengthens Vicinity's supply chain and offers enhanced performance and safety to customers.
Vicinity Motor Corp. (NASDAQ:VEV) announced strong financial guidance for FY 2022, projecting revenues exceeding $140 million driven by robust sales in North America. The company plans to deliver over 95 Vicinity Classic buses, 75 Lightning EV buses, 200 VMC 1200 EV trucks, and 300 Optimal EVs this year. Adjusted EBITDA is expected to surpass $10 million. However, the company acknowledges temporary supply chain delays affecting bus deliveries. With an optimistic outlook, Vicinity Motor aims to enhance shareholder value through strategic partnerships and operational growth.
Vicinity Motor Corp. (NASDAQ:VEV) has entered into a strategic 10-year licensing and marketing agreement with Optimal Electric Vehicles to be the exclusive North American distributor of their all-electric shuttle bus product lines. The agreement includes a USD$20 million investment from Vicinity, with firm orders exceeding USD$30 million for 2022 and a potential sales pipeline of over USD$600 million. This partnership aims to leverage Vicinity's extensive dealer network and market leadership in electric vehicles, enhancing their product offerings and revenue opportunities in a growing market.
Vicinity Motor Corp. (NASDAQ:VEV) has successfully closed a non-brokered financing of unsecured debenture units amounting to CAD$10.3 million. The proceeds will support working capital and fulfill contract needs for recent bus orders. Each unit consists of an 8% unsecured debenture and 40 common share purchase warrants, with a repayment period of 12 months. Additionally, holders can convert their debentures into common shares under certain conditions. The offering received TSX Venture Exchange approval, and the resulting securities will have a resale restriction until February 5, 2022.
Vicinity Motor Corp (NASDAQ:VEV) announced a strategic collaboration with EAVX, a JB Poindexter business unit, on October 4, 2021. The partnership aims to integrate EAVX truck bodies with Vicinity's electric bus and truck chassis. This collaboration targets the development of next-generation class 3 EV trucks for municipal fleets and class 5/6 trucks for walk-in van applications, addressing the increasing demand for sustainable vehicles in the commercial sector. The move aligns with Vicinity's commitment to drive the transition to electric vehicles.
Vicinity Motor Corp. (NASDAQ:VEV) has partnered with Aereus Technologies to provide its CuVerro Shield™ antimicrobial treatment for its vehicles, enhancing safety for public transit users. This patented, copper-based application kills 99.9% of harmful bacteria, is effective for the vehicle's lifetime, and has received EPA and Health Canada approval. The feature will be offered on all Vicinity™ Classic and Lightning™ EV buses and can be retrofitted for current fleets. The initiative aims to boost confidence in public transport during health crises and enhance market competitiveness.
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