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, TSXV: VMC), a North American supplier of commercial electric vehicles, announced the grant of 50,000 incentive stock options to its directors, officers, consultants, and employees.
The stock options are part of the Company's Omnibus Equity Incentive Plan, exercisable over five years at C$0.85 per share. The options will vest in six equal tranches over three years, with the first tranche vesting six months after the grant date.
Vicinity Motor Corp. (NASDAQ:VEV) has received a purchase order from the Town of Orangeville, Ontario for two 32-foot Clean-Diesel Vicinity Classic buses. These buses will service the town's three active transit routes and are scheduled for delivery in 2025. Orangeville, a suburb with about 30,000 residents in the Greater Toronto Area, has chosen these buses due to their lower upfront and operating costs. Vicinity's President, Brent Phillips, emphasized the company's brand strength across Canada and the role of the Vicinity Classic line in their revenue strategy, noting over 1,000 units already in operation. He also hinted at potential future talks with communities about expanding fleets or considering electric alternatives like the Vicinity Lightning electric bus and VMC 1200 Class 3 electric truck.
Vicinity Motor Corp. (NASDAQ:VEV) has appointed Tina Stewart as Chief Financial Officer (CFO). Stewart succeeds Dan Buckle, who resigned for personal reasons. With over 20 years of experience in finance roles across multiple industries, Stewart brings expertise in strategic planning, public company reporting, and capital allocation. Her past roles include VP of Finance for Drax Group and Global Container Terminals Inc., and senior positions at Rogers Communications and Barrick Gold Vicinity's President Brent Phillips expressed confidence in Stewart's ability to enhance profitability and strategic growth. Stewart aims to contribute to Vicinity's long-term value creation and sustainability efforts.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, has appointed Jeff Madura as Senior Director of Sales. Jeff Madura brings over 29 years of experience in the transit bus industry, including leadership roles at Van Hool NV and Master's Transportation. His focus will be on sales development, brand positioning, marketing, and dealer initiatives across North America. The appointment comes as Vicinity aims to capitalize on increased demand for EVs and public transit due to regulatory developments and infrastructure investments. Madura's expertise is expected to bolster the company's market share in the region.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, announced the VMC 1200 electric truck has met all US Federal Motor Vehicle Safety Standards (FMVSS) and completed Environmental Protection Agency (EPA) testing, achieving 57 MPGe in urban duty cycle tests.
Vicinity also anticipates obtaining California Air Resources Board (CARB) certification, enabling sales across the US and participation in California's HVIP incentive program, which reduces the purchase cost of commercial electric vehicles.
Brent Phillips, President of Vicinity, highlighted that these certifications confirm the VMC 1200's compliance with safety and environmental standards, paving the way for US sales.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American commercial electric vehicle supplier, will present its VMC 1200 Class 3 Electric Truck at the Advanced Clean Transportation Expo (ACT Expo) from May 20-23, 2024, in Las Vegas. The ACT Expo is a major event for advanced transportation technologies, attracting over 8,500 industry leaders. Vicinity Motor Corp. aims to expand its U.S. market presence and further develop the Canadian market for the VMC 1200. The company will share a booth with Propulsion Québec, focusing on emission-free commercial transportation solutions.
Vicinity Motor Corp. (NASDAQ:VEV), a North American supplier of commercial electric vehicles, reported a 400% revenue growth to $13.3 million in Q1 2024, driven by deliveries of 44 VMC 1200 all-electric trucks and 22 Vicinity Classic transit buses. The company achieved positive cash flow from operations totaling $0.5 million, compared to cash used of $3.6 million in Q1 2023. The order backlog exceeded $125 million as of March 31, 2024.
Vicinity secured a follow-on order for 12 Vicinity Classic Clean Diesel Buses, and established five new distribution agreements for VMC 1200 dealerships across Canada.
Despite a net loss of $3.7 million, an improvement in adjusted EBITDA to $0.1 million was noted, and cash and equivalents increased to $4.3 million. Key strategic initiatives include onshoring production for the Lightning EV bus and launching the VMC 1200 in the U.S. market.
Vicinity Motor Corp. announced an amendment to its repayment schedule, deferring CAD$5.8 million in repayments from April and July of 2024 until the maturity date in October 2024. The amendment reflects the company's focus on near-term liquidity goals and operational efficiency. President Brent Phillips expressed gratitude to debtholders for their support, highlighting the company's commitment to financial discipline and operational excellence.
Vicinity Motor Corp., a North American supplier of commercial electric vehicles, will report its first quarter 2024 financial results on Tuesday, May 14, 2024. The management will host an investor conference call to discuss the results, provide a corporate update, and hold a Q&A session. Investors can participate in the call by dialing in or accessing the webcast.
Vicinity Motor Corp. has secured a distribution agreement with RJames Vicinity Truck in British Columbia, Canada. The agreement will allow RJames Vicinity Truck to distribute Vicinity VMC 1200 vehicles in the regions of Kamloops and Kelowna. This partnership aims to expand RJames Management's commercial truck business into the last-mile class 3 electric truck segment, providing a new opportunity for both companies to tap into the growing market for commercial electric vehicles. The collaboration highlights Vicinity's commitment to partnering with reputable dealers and expanding its presence in the electric truck industry.
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