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. (VEV) has signed a new distribution agreement with automotive industry executive Kelly Jennings to launch Peninsula VMC Truck Centre, a new VMC specific dealership in the southern Toronto, Canada region. The agreement will distribute Vicinity VMC 1200 trucks throughout the cities of Hamilton, Burlington, Brantford, and Niagara. This move aims to support fleet operators in their electrification journey, offering purpose-built, custom-upfit all-electric VMC 1200 to a new generation of customers, delivering immediate cost savings while reducing carbon emissions for commercial fleet operators.
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Vicinity Motor Corp. (VEV) expands into the commercial EV market by establishing Vicinity Trucks West Toronto through a new distribution agreement with Shift EV Trucks. The dealership will distribute Vicinity VMC 1200 trucks throughout Western Toronto, targeting the commercial and fleet EV space. The agreement aims to capitalize on the growing market opportunity for commercial EVs, driven by declining total cost of ownership, regulatory developments, infrastructure investments, and government incentives.
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Vicinity Motor Corp. (VEV) Announces Granting of Deferred Share Units to Eligible Directors
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Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) announced a new distribution agreement with Jack Carter Commercial Vehicles to launch Jack Carter VMC Trucks, a new VMC specific dealership, by the owners of Jack Carter Chevrolet Buick GMC Corvette Dealer for the Alberta South territory. The agreement includes an initial order for 19 VMC 1200 vehicles to be distributed throughout Southern Alberta. The partnership aims to address the significant commercial EV opportunity in the region, with Vicinity Motor Corp. expressing excitement about adding the Jack Carter brand to their dealership list.
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Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) announced a new purchase order for eight Vicinity™ Classic buses from Autobus La Québécoise for the City of Joliette, Quebec. The order supports the company's strategy to transition to EV buses and trucks, showcasing its leadership in the passenger transportation industry.
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Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) has been approved by the Quebec Ministry of Transport and Sustainable Mobility in Canada for the VMC 1200 to be included in its Écocamionnage Program, offering a CAD$85,000 rebate to buyers. The program aims to reduce greenhouse gas emissions in the commercial freight and service vehicle sectors through measures to improve energy efficiency or through the use of alternative energy. This incentive represents an exciting opportunity to attract attention and lower costs for new buyers who are considering making the transition to EVs.
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Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) Announces Grant of 402,000 Incentive Stock Options
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Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) reported its Q3 2023 financial and operational results, highlighting a $150 million order backlog, $6.5 million revenue, and expansion of the VMC 1200 distribution network across North America. The company also partnered with ADASTEC to create an SAE Level-4 automated Vicinity Lighting EV transit bus and secured new orders for Vicinity Classic Clean Diesel Buses. The third quarter saw the opening of a new U.S. manufacturing campus in Ferndale, Washington, and a significant improvement in gross profit.
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Exro Technologies Inc. (TSX: EXRO) (OTCQB: EXROF) announced its Q3 2023 financial results, generating $2,032,669 and $4,800,730 in revenue for the three and nine months ended September 30, 2023, respectively. The company also achieved certification of its Cell Driver™ battery modules to the UL 1973 standard and was granted a patent for its Cell Driver™ technology. Exro saw an increase in operating costs for the nine months ended September 30, 2023, driven by higher payroll and research and development costs compared to the same period in 2022.
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Vicinity Motor Corp. will release its financial results for the third quarter ended September 30, 2023, after the market close on Monday, November 13, 2023. The company will host an investor conference call to discuss the results, provide a corporate update, and conduct a Q&A session.
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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
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VEV Stock Data
1.01M
45.83M
9.21%
0.34%
1.56%
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