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) is set to showcase its VMC 1200 Class 3 Electric Truck at the Advanced Clean Transportation Expo in Anaheim, California, from May 2-4, 2023. The truck is upfitted by strategic partner EAVX and features a utility body from the Reading Truck Group. The ACT Expo is a key event for showcasing advanced transportation technologies and clean fuels, attracting over 8,500 transportation leaders. The VMC 1200’s versatility will be highlighted as part of Vicinity's ongoing commitment to innovation and its partnership with J.B. Poindexter & Co., Inc. This display offers a significant opportunity to engage potential customers and fleet operators.
Vicinity Motor Corp. (NASDAQ:VEV), a supplier of commercial electric vehicles, has announced the granting of Deferred Share Units (DSUs) to certain directors as part of their remuneration for 2023. A total of 180,378 DSUs were granted for the first quarter. The company specializes in electric, CNG, and clean-diesel buses and the VMC 1200 electric truck, utilizing a robust dealer network and partnerships for supply. The press release highlights that forward-looking statements involve risks, including market conditions and operational strategies.
Vicinity Motor Corp. (NASDAQ:VEV) reported its financial results for 2022, revealing a revenue decline to $18.5 million from $41.7 million in 2021. The fourth quarter generated $2.0 million in revenue, slightly down from $2.3 million in Q4 2021. The company incurred a net loss of $18.0 million for the full year, with a per-share loss of $(0.45). Despite this, the order backlog exceeds $150 million, primarily for electric vehicles. Vicinity is poised to commence assembly operations at its new manufacturing facility in Ferndale, Washington, while securing financing of US$30 million for its VMC 1200 EV Truck production.
Vicinity Motor Corp. (NASDAQ:VEV) has closed a non-brokered private placement of CAD$4 million in unsecured convertible debentures. The funds are aimed at accelerating the production and delivery of the company's US$150 million order backlog. The debentures, issued in CAD$1,000 denominations with a 15% annual interest rate, mature in 18 months. They are convertible into units at a price of CAD$1.45, each unit consisting of one common share and purchase warrants. Notably, insiders participated in this placement, exempting it from minority shareholder approval under specific guidelines.
Vicinity Motor Corp. (NASDAQ:VEV) will release its fourth-quarter and full-year 2022 financial results after market close on March 30, 2023. Management will host a conference call at 4:30 p.m. Eastern Time to discuss the results and provide a corporate update. The call will include a Q&A session for investors. Participants can dial in using the provided numbers or access a webcast through the company's website. A playback will be available until April 30, 2023. Vicinity specializes in commercial electric vehicles and has significant relationships with manufacturing partners to supply buses and trucks.
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