Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , US OTC SOON to be up listed at Nasdaq
Ticker: VMC.V (previously BUS ,) BUSXF at US OTC
Market cap at time of publication: $200 MCAD
Stock price at time of publication: $6,70 CAD ( reverse split price 2,23 CAD)
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 : Greenpower Motor , Market cap $500 MCAD
Website: https://www.grandewest.com/
Vicinity Motors , today released specifications for the new VMC 1200, a fully electric Class 3 medium-duty commercial truck.
Powered by a cutting edge 150 kWh Li-Ion battery and an electrical powertrain that provides up to 150 kWh of power and 800 Ft Lbs. of torque, the VMC 1200 has a 6,000-pound load capacity and an expected range up to 150 miles on a single charge. The medium duty electric truck leverages Vicinity’s proven EV experience in a popular cab-over design at an attractive price, making it well suited for urban environments and construction or delivery applications.
Standard features include driver conveniences including a high-back comfort seat, keyless entry, air conditioning, power windows and door locks, 3-person seating and the ability to use the battery for on-site power, eliminating the need to transport large, noisy generators. The vehicle is capable of fully charging from a level 3 EV fast charger in 2.5 hours and from a standard level 2 charger in as little as 5 hours. For a complete list of specifications, please visit the Company’s website at https://vicinitymotorcorp.com/images/VMC1200SpecificationsFlyer.pdf.
The all-new Vicinity 1200 Fully Electric Class 3 Truck
“With our final design specifications in place, the VMC 1200 can now be ordered by our robust network of existing dealerships throughout North America,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “Production of the vehicles is underway and commercial deliveries are scheduled to commence in the first quarter of 2022. Our sales team is already introducing the demonstration VMC 1200 model to our dealer network and are very pleased to see very strong interest in it.”
“Due to expected heavy order flow for the VMC 1200, we have planned production levels of up to 1,000 units in 2022. We look forward to building a strong source of supplemental growth through this zero-emission line of medium duty trucks to complement our full line of Vicinity Lightning™ and Classic buses.”
ESG comment:
Vicinity Motors keeps impressing us with their steady flow of news. This time its the product launch of a new fully electric class 3 vehicle . The product segment class 3 is high in demand as seen by the news that Electric last mile (ELMS) recently announced that they will be producing this type of vehicle from the second half of 2022. Another competitor Lightning eMotors are also active in the class 3 product segment.
As a fun comparison these SPAC competitor Lightning eMotors is valued at 600 MUSD with revenues expected to land between 50 – 60 MUSD for 2021 indicating an EV/sales multiple of 10 X.
Another SPAC competitor Electric last mile is valued at 1,4 BILLION USD with sales estimated at 122 MUSD for 2021 indicating an EV/sales multiple of 11,5.
Meanwhile Vicinity Motors is valued still at only 200 MCAD and we estimate that revenues for 2021 will be landing between 50-75 MCAD and for 2022 with this new product launch we estimate between 100-200 MCAD in revenues depending on production capacity.
These projections indicate an EV/Sales multiple between 2,5-4 for 2021 and 1-2 for 2022. It’s fair to say that Vicinity Motors , which are growing at triple digit speed is undervalued compared to other electric vehicle producers.
We own shares of this company personally.
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