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 its participation in the LD Micro Main Event investor conference scheduled for October 12-14, 2021, at the Luxe Sunset Bel Air in Los Angeles. Management will present on October 12 at 1:30 p.m. Eastern time and will engage in one-on-one meetings. The Company, a supplier of electric and clean vehicles, emphasizes its innovative Vicinity Lightning™ EV bus, marking a commitment to sustainable transit vehicles. More details can be found on their website.
Vicinity Motor Corp. (NASDAQ:VEV) has announced a non-brokered financing of unsecured debenture units totaling CAD$10,000,000. The funds will be used for general working capital and to fulfill contract requirements for recent bus orders. Each unit consists of an 8% unsecured convertible debenture and 40 common share purchase warrants. The company’s core business is reportedly experiencing robust growth, and it is expanding production at its Buy-America compliant facility in Washington State.
Vicinity Motor Corp. (NASDAQ:VEV) announced over $15.5 million in new purchase orders for 38 Vicinity™ Classic buses from three transit operators in Quebec. This order includes 18 buses from Robert Paquette Autobus et Fils Inc., 11 from Transcobec, and 9 from Autobus Yves Seguin et Fils Inc. The buses will serve Canadian public transit agency EXO in various cities and are set for delivery in 2022. The company is also seeing strong demand for its Vicinity Lightning™ EV buses, with 29 currently in production, enhancing its market presence in North America.
Vicinity Motor Corp. (NASDAQ:VEV) will present at the H.C. Wainwright 23rd Annual Global Investment Conference, taking place virtually from September 13-15, 2021. CEO William Trainer will participate in one-on-one investor meetings and host a recorded presentation available on September 13 at 7:00 a.m. ET. The presentation will be accessible through a live audio webcast link. Vicinity Motor is a leading supplier of electric and clean vehicles, actively contributing to sustainable transit solutions.
Vicinity Motor Corp. (NASDAQ:VEV) announced an equity distribution agreement enabling the sale of up to US$50 million in common shares through an ATM Program. This initiative, announced on August 27, 2021, allows the sale of shares at the company's discretion for general corporate purposes, including product development and production expansion. The company is not obligated to sell any shares. The program is structured under existing U.S. and Canadian registration frameworks. Vicinity aims to strengthen its market position in electric and clean vehicles.
Vicinity Motor Corp. (NASDAQ:VEV) will host a virtual roadshow webinar on September 8, 2021, at 11:30 a.m. ET. CEO William Trainer will discuss the company's business model and growth initiatives. Interested participants can join via webcast or dial-in. The dial-in numbers are 1-877-300-8521 for U.S. and 1-412-317-6026 internationally. A telephone replay will be available until October 8, 2021. Vicinity is recognized for its electric, CNG, and clean diesel vehicles, significantly influencing sustainable transit solutions in North America.
Vicinity Motor Corp. (NASDAQ: VEV) reported a 119% revenue growth to $19.1 million for Q2 2021 compared to Q2 2020. The company delivered 46 buses in the quarter, significantly up from 23 buses a year ago. It raised $7.5 million from accelerated warrant exercises, enhancing its cash position to $10.2 million. Notable achievements include new purchasing contracts and a $300,000 grant from Washington State for facility construction. The net loss decreased to $0.4 million from $0.8 million year-over-year. Strong sales momentum continues, bolstered by strategic partnerships.
Vicinity Motor Corp. (NASDAQ:VEV) will present at the SNN Network Summer Virtual Event on August 18, 2021, at 3:30 PM EDT. CEO William Trainer is expected to participate in one-on-one investor meetings and host a virtual presentation. The company's focus is on providing electric, CNG, and clean diesel vehicles for public and commercial use. Vicinity Motor aims to lead the transition to sustainable transit with its Vicinity Lightning™ EV bus, supported by a partnership with BMW for battery technology. A live audio webcast will be available for attendees.
Vicinity Motor Corp. (NASDAQ:VEV) will release its Q2 2021 financial results on August 11, 2021, after market close. The company will host an investor conference call at 4:30 p.m. Eastern time on the same day, discussing the financial results, providing a corporate update, and facilitating a Q&A session. Interested participants should dial in at least 10 minutes early. A playback of the call will be available until September 11, 2021. For further information, visit vicinitymotorcorp.com.
Vicinity Motor Corp. (NASDAQ:VEV) reported the California Association for Coordinated Transportation (CALACT) has authorized the purchase of Vicinity buses via a statewide contract. This initiative allows CALACT members to procure Buy America compliant buses, potentially totaling 8,000 vehicles over 5 years. The vehicles will be produced at Vicinity's new assembly facility in Washington, which will manufacture environmentally friendly CNG and diesel vehicles, as well as the Vicinity Lightning electric bus. This contract positions Vicinity to significantly expand its market presence in California.
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