Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $82 MCAD
Stock price at time of publication: $ 2.05 CAD
Target price: 15-32 CAD by external analysts
Business: Leading supplier of electric, CNG, gas and clean-diesel buses for
both public and commercial enterprise use in the U.S and Canada
Comparable peer : Lion Electric Market cap 2 billion USD
ESGFIRE comment: VMC reports a new distribution agreement with a purchase commitment of 10 vehicles from TOK Group. VMCs class 3 vehicle is gaining more and more interest and we beleive this vehicle may be a big sales contributor for the company . The VMC stock has also seen a reversal lately which is promising !
Full press release available below.
Leading Canadian Transportation Solutions Provider to Act as Dealer for VMC in York Region of the Greater Toronto Area
VANCOUVER, BC – August 16, 2022 – Vicinity Motor Corp. (NASDAQ:VEV) (TSXV:VMC) (FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today announced that it has signed a distribution agreement with the TOK Group (“TOK”), a Canadian transportation solutions provider, to offer the Company’s VMC 1200 Class 3 electric trucks, including an initial commitment for 10 vehicles.
The TOK Group of Companies has been providing comprehensive, quality services to public and private organizations in the transit, urban mobility and charter tour industries for nearly 50 years. Serving the bus, truck and industrial equipment industries across Canada and internationally, the TOK Group provides professional services, smart technologies and turnkey transit operation and maintenance solutions that are integrated, scalable, flexible and cost-effective.
Under the new agreement, TOK will distribute Vicinity’s VMC 1200 Class 3 Electric Truck’s throughout the York Region of the Greater Toronto Area. The VMC 1200 adds to TOK’s portfolio expertise in electric vehicle sales. The agreement includes an initial commitment for 10 VMC 1200 vehicles.
“We continue to partner with larger, sustainability-minded North American dealers looking toward the future of electrification for their client’s commercial fleets,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “TOK has 50 years of experience providing comprehensive, quality services to public and private organizations in the urban mobility, transit and charter tour industries.
“After TOK’s recent order for six Vicinity Lightning™ buses for use at the Billy Bishop Toronto Airport, it was a natural evolution to becoming an exclusive distributor for the VMC 1200, our fully electric class 3 commercial vehicle, which travels up to 150 miles on a single charge. We look forward to helping the TOK sales team share the benefits of the VMC 1200 along with our full line of heavy-duty, light-duty and special purpose electric vehicles with their robust customer base,” concluded Trainer.
Raffi Tokmakjian, President at TOK Group, added: “TOK has continued to evolve with advances in innovation and we are increasingly focused on electric and alternative fuel systems to resolve fleet management issues and enhance performance. Vicinity’s full range of EV solutions complements our goals and is an ideal partner, alongside whom we will share the benefits of electrification with our customers.”
The TOK Group of Companies (“TOK”) has been providing comprehensive, quality services to public and private organizations in the transit, urban mobility and charter tour industries for nearly 50 years. Serving the bus, truck and industrial equipment industries across Canada and internationally, the TOK Group provides professional services, Smart technologies and customized turnkey transit operation and maintenance solutions that are integrated, scalable, flexible and cost-effective. The TOK Group is unique in its ability to provide complete transit and mobility solutions with single source accountability. For more information visit www.tokgroup.com.
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis alongside J.B. Poindexter business unit EAVX, the Company’s strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.
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