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Vicinity bus stock8/27/2023 ![]() We feel our experience and legacy of excellence within the public transportation and commercial vehicle space gives us a large leg up over those looking to enter the market. What gives Vicinity an edge in the current market where almost every legacy automaker is investing in EVs? We recently disclosed that our backlog for 2022 deliveries grew to over US$90 million, the majority of which is for our all-electric vehicles, reflecting how quick the transition truly was for us, driven by the demands of our customers. We successfully built and sold over 800 internal combustion engine (ICE) buses and vehicles across the U.S and Canadian markets for over a decade before seeing an emerging trend towards electrification – which for us began with our Vicinity Lightning electric bus, later expanding to include the VMC 1200 Class 3 electric truck and our tie-up to sell EV shuttle buses with Optimal EV. (“VMC”) was founded in 2008 by our CEO William Trainer to improve, build, and provide midsize buses – what we view as an underserved segment – for transit and shuttle bus markets across North America. I look forward to taking delivery of our first VMC 1200 vehicles in the months ahead, assembled right here in British Columbia.Vicinity Motor Corp. Given the wide array of federal and province level incentives for the adoption of electric vehicles, the VMC 1200 is truly a no brainer to buyers from a financial perspective. This purchase order is a clear sign of our confidence not only in our sales capabilities at Pioneer Auto Group, but in the superiority of Vicinity’s product. “We continue to see intense customer demand for class 3 commercial EVs, a segment that was largely unfilled prior to the arrival of the VMC 1200. William Trainer, Chief Executive Officer of Vicinity Motor Due to the fact we are not facing significant pressures in the VMC 1200 supply chain specifically, the VMC 1200 will prove to be a significant contributor to our 2023 revenue growth and profitability – enabling our goal of creating sustainable, long-term value creation for our shareholders.” ![]() Given the simplified assembly of the VMC 1200 as compared to a transit bus, Ferndale truck capacity could reach 10,000 vehicles per year. “We started manufacturing this vehicle in Canada and expect to shift to our new facility in Ferndale, Washington, which can accommodate both buses and trucks, by year-end. We have increased our credit facilities to accommodate this order and I am confident in our ability to fulfill this PO on-schedule in 2023.” Today’s PO validates the years of innovation and development we have invested in expanding our capabilities beyond transit buses and into the commercial truck market. ![]() “We are incredibly pleased to announce this transformational milestone in Vicinity’s evolution as a leading commercial EV manufacturer. ![]() Deliveries under the PO are expected to commence this month. With the terms of the PO, which exceeds US$100 million in revenue, Vicinity is to deliver a minimum of 1,000 VMC Class 3 Electric Trucks by the end of 2023. Why: Vicinity Motor announced the receipt of a purchase order for 1,0 Class 3 Electric Trucks (the PO) from Pioneer Auto Group – Vicinity’s exclusive dealer in the province of British Columbia, Canada. The stock price of Vicinity Motor (VEV) increased by over 8% intraday today. Vicinity Motor (VEV) Stock: Why It Increased Over 8% Today ![]()
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