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.
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Vicinity Motor Corp. has been granted an additional 180-day extension by Nasdaq to regain compliance with the minimum bid price rule. The company must maintain a closing bid price of at least US$1.00 per share for 10 consecutive business days by October 21, 2024, to meet the requirement.
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Brent Phillips has been appointed as President of Vicinity Motor Corp. to lead the next phase of growth, focusing on streamlining production and increasing vehicle sales. Phillips will work on onshoring production for the Lightning bus, expanding the VMC 1200 electric truck dealer network in Canada, and launching the VMC 1200 in the U.S. market. With over 30 years of experience in the commercial transportation field, Phillips aims to drive profitable revenue growth and optimize product availability for the company.
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Vicinity Motor Corp. secures a CAD$2 million loan from two arms' length parties, with a 12% interest rate and the ability to prepay without penalty. The Company also issues 800,000 bonus warrants as part of the agreement.
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Vicinity Motor Corp. reported $5.1M revenue from 11 Vicinity Classic Transit Buses in Q4 2023. The company secured new distribution agreements, expanded its dealer network, and partnered with ADASTEC for an automated Vicinity Lighting EV transit bus. Revenue increased to $19.1M for the full year 2023, with a gross profit of $2.1M. However, the net loss for Q4 2023 was $9.1M, with an adjusted EBITDA loss of $3.2M.
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Vicinity Motor Corp. (NASDAQ:VEV) grants 187,745 Deferred Share Units to Eligible Directors for the first quarter of 2024.
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Vicinity Motor Corp. to Release Fourth Quarter and Full Year 2023 Financial Results on April 2, 2024
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Vicinity Motor Corp. (NASDAQ:VEV) to Report Q4 and Full Year 2023 Financial Results on March 28, 2024
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Vicinity Motor Corp. receives a follow-on purchase order for twelve Vicinity Classic buses from Autobus La Québécoise, affirming its market leadership in the Canadian mid-sized heavy-duty segment. The order complements the previous eight-bus order and underscores Vicinity's commitment to providing cost-effective transportation solutions.
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Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) announced a new distribution agreement with Groupe Taddeo Auto to open VMC Laval, a new VMC specific dealership, by the owners of successful Volvo and Polestar dealerships in the Montreal territory. The agreement will allow VMC Laval to distribute Vicinity VMC 1200 trucks throughout Montreal-Laval, leveraging Groupe Taddeo Auto's expertise in the EV market. The VMC 1200's recent inclusion in the Quebec Ministry of Transport and Sustainable Mobility's Écocamionnage Program provides an CAD$85,000 incentive for each purchase in Quebec. The expansion into the commercial EV market is a strategic move for Vicinity Motor Corp, with potential for growth and success in the region.
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Vicinity Motor Corp. issued a letter to shareholders highlighting their success in the electric vehicle (EV) market, expansion, and diversification in 2023. The company commenced operations at a new U.S. Manufacturing Campus in Ferndale, Washington, with an annual assembly capacity of up to 6,250 VMC 1200 all-electric trucks. They have also developed a North American dealer network for the VMC 1200 and entered the Quebec Market with a distribution agreement with Quebec-based Complexe EV. Vicinity Motor Corp. also announced a collaboration with ADASTEC to create an SAE Level-4 automated Vicinity Lighting EV, and showcased their next-generation EVs at Tier-1 industry conferences across North America. The company also emphasized their strong legacy of market leadership with the Vicinity Classic Transit Bus and expressed a positive outlook for 2024.
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FAQ
What is the current stock price of Vicinity Motor (VEV)?
The current stock price of Vicinity Motor (VEV) is $0.0201 as of October 31, 2024.
What is the market cap of Vicinity Motor (VEV)?
The market cap of Vicinity Motor (VEV) is approximately 1.0M.
What does Vicinity Motor Corp. specialize in?
Vicinity Motor Corp. specializes in the design, engineering, and manufacturing of mid-size buses and electric vehicles for transit authorities and commercial enterprises.
Where does Vicinity Motor Corp. derive most of its revenue?
The company derives the majority of its revenue from Canada, although it also has a growing presence in the United States.
What types of vehicles does Vicinity Motor Corp. offer?
Vicinity Motor Corp. offers electric, CNG, and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck.
What recent financial agreement did Vicinity Motor Corp. enter into?
On April 18, 2024, the company entered into an unsecured loan agreement to borrow $2,000,000 to support its operational needs.
Who is the new President of Vicinity Motor Corp.?
Brent Phillips was appointed as President on April 18, 2024.
What is significant about Vicinity Motor Corp.'s Nasdaq compliance?
The company received an extension to meet the minimum bid price requirement to ensure continued listing and trading of its shares on Nasdaq.
What is the VMC 1200?
The VMC 1200 is an electric truck that meets all U.S. Federal Motor Vehicle Safety Standards (FMVSS) and EPA emissions standards, with expected upcoming CARB approval.
How did Vicinity Motor Corp. perform financially in Q1 2024?
The company reported a 400% increase in revenue, achieving $13.2 million, driven by the delivery of 44 trucks and 22 buses.
What new partnership did Vicinity Motor Corp. announce?
Vicinity Motor Corp. signed a new distribution agreement with RJames Management Group Ltd to launch RJames Vicinity Truck in British Columbia.
Where can I find more information about Vicinity Motor Corp.?
For more information, visit the company’s official website at www.vicinitymotorcorp.com.
Vicinity Motor Corp.
Nasdaq:VEV
VEV Rankings
VEV Stock Data
1.01M
45.83M
9.21%
0.34%
1.56%
Auto Manufacturers
Consumer Cyclical
United States of America
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