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) has announced a private placement of unsecured convertible debentures, raising CAD$3.6 million, aimed at accelerating production and monetizing a US$150 million order backlog. The convertible debentures, bearing interest at 15% per annum, mature in 18 months and are convertible to units at a price of CAD$1.45. The funding is supported by strategic investors and aims to enhance production capabilities at their Ferndale facility. The company plans to share further details in their upcoming earnings call.
Vicinity Motor Corp. (NASDAQ:VEV) has received a Certificate of Occupancy for its 100,000 square foot manufacturing campus in Ferndale, Washington, allowing immediate commencement of operations. The facility will facilitate U.S. vehicle assembly, slated to begin in the first half of 2023, including assembly for the North American market. The campus aims to address a growing order backlog exceeding US$150 million. CEO William Trainer highlights the facility's role in fulfilling demand and creating long-term shareholder value.
Vicinity Motor Corp. (NASDAQ:VEV) received a notification letter from the NASDAQ on February 28, 2023, indicating non-compliance with the minimum bid price requirement due to a closing bid price below $1.00 per share for 30 consecutive days. The company has until August 28, 2023, to regain compliance by maintaining a closing bid price of at least $1.00 for 10 consecutive business days. While this notification does not affect the current trading of its shares, Vicinity Motor Corp. will monitor its stock price and take measures to comply with NASDAQ rules and maintain its listing.
Vicinity Motor Corp. (NASDAQ:VEV) has entered into a dealer network development agreement with Dealer Solutions Mergers and Acquisitions (DSMA) to bolster market penetration for its all-electric VMC 1200 trucks in North America. This partnership aims to rapidly secure dealership partnerships, enhancing sales and customer service. DSMA, a leader in automotive advisory, will assist Vicinity in establishing performance metrics and prioritizing dealer opportunities across key markets. Vicinity anticipates a strong demand for its electric vehicle, tapping into a market for approximately 500,000 new units annually, while leveraging existing dealer networks for success.
Vicinity Motor Corp. (NASDAQ:VEV) has secured a US$30 million credit facility from Royal Bank of Canada and Export Development Canada aimed at financing the production of the VMC 1200 electric truck in 2023. This facility will cover up to 100% of eligible production costs, excluding labor and overhead. The interest rate is set at prime plus 2%, secured by the company's existing assets. The financing will help address a backlog of 1,100 orders for the VMC 1200 while supporting ongoing bus orders. Additionally, Vicinity reported net proceeds of approximately US$5.27 million from its ATM Offering.
Vicinity Motor Corp. (NASDAQ:VEV) has secured US$30 million in credit commitments from Royal Bank of Canada and Export Development Canada to finance the production of its VMC 1200 electric truck. This funding will cover up to 100% of production costs, excluding labor and overhead. The company also maintains CAD 10 million in an asset-backed loan for existing bus orders. The new facility is expected to be operational by February 2023 and positions Vicinity to capitalize on a growing demand for electric vehicles, especially with new legislation for zero-emissions vehicle sales quotas in Canada.
Vicinity Motor Corp. (NASDAQ:VEV) has announced the granting of Deferred Share Units (DSUs) for certain directors as part of their remuneration for 2022. In total, 148,437 DSUs were issued for Q4 2022. Vicinity is a key player in the commercial electric vehicle market, specializing in electric buses and trucks. The company emphasizes its strong dealer network and partnerships for manufacturing. Forward-looking statements highlight potential risks including economic conditions and operational strategies.
Vicinity Motor Corp. (NASDAQ:VEV) has announced a partnership with Omega Liquid Waste Solutions to upfit the VMC 1200 Class 3 Electric Truck with a vacuum system for waste management applications. The modified truck will be showcased at the WWETT Show in February 2023, the largest trade show for wastewater professionals. Omega plans to purchase additional trucks for resale. This collaboration illustrates Vicinity's commitment to enhancing productivity and efficiency in urban waste collection, aided by Omega's patented technology.
Vicinity Motor Corp. (NASDAQ:VEV) reported Q3 2022 results with revenue of $1.5 million, down from $2.3 million in Q3 2021 due to supply chain disruptions. The company holds a current order backlog exceeding $190 million, primarily for electric vehicles, including a significant $100 million order for 1,000 VMC 1200 trucks. The net loss for Q3 2022 was $7.4 million, or $(0.19) per share, compared to a loss of $3.8 million in Q3 2021. Despite challenges, Vicinity remains optimistic for 2023, bolstered by its robust order backlog and production capabilities.
Vicinity Motor Corp. announces significant progress on its new manufacturing facility in Ferndale, Washington, with a power solution expected to be installed by year-end. This will allow the company to secure its certificate of occupancy and initiate production in Q1 2023. The facility, valued at over US$15 million, is designed for assembly of up to 1,000 buses or 10,000 trucks annually. Meanwhile, production at the Aldergrove facility will continue to meet demand, supported by a US$150 million backlog as of September 30, 2022.
FAQ
What is the current stock price of Vicinity Motor (VEV)?
What is the market cap of Vicinity Motor (VEV)?
What does Vicinity Motor Corp. specialize in?
Where does Vicinity Motor Corp. derive most of its revenue?
What types of vehicles does Vicinity Motor Corp. offer?
What recent financial agreement did Vicinity Motor Corp. enter into?
Who is the new President of Vicinity Motor Corp.?
What is significant about Vicinity Motor Corp.'s Nasdaq compliance?
What is the VMC 1200?
How did Vicinity Motor Corp. perform financially in Q1 2024?
What new partnership did Vicinity Motor Corp. announce?
Where can I find more information about Vicinity Motor Corp.?
