Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $70 MCAD
Stock price at time of publication: $ 1.77 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: We are pleased to see Vicinity Motor securing new sales agreement with an increasingly thougher investment climate globally. The new agreement has an initial comittment for 18 vehicles. The VMC stock has taken a big beating this year . The valuation is becoming increasingly more compelling . Full press release available below.
Nation’s Longest-Established, Family-Owned Bus Dealership to Drive Vicinity’s New Sales and Service Coverage in Washington, Oregon, Idaho and Alaska
VANCOUVER, BC – July 19, 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 Schetky Bus and Van Sales (“Schetky”), a dealership and transportation solutions provider, to offer the Vicinity LightningTM, Vicinity Classic and VMC-Optimal vehicles, including an initial commitment for 18 vehicles.
Celebrating their 80-year anniversary in 2022, Schetky Bus and Van Sales is the nation’s longest-established, family-owned bus dealer, serving its customers’ transportation needs for over four generations. Schetky is headquartered in Portland, Oregon and has five full-service locations offering commercial buses, school buses, mobility vans, and passenger vans with customers ranging from assisted living communities, public transit agencies, school districts, casinos, churches, childcare facilities, medical transportation, and limousine companies.
Under the terms of the agreement, Schetky will distribute Vicinity vehicles throughout Washington, Oregon, Idaho and Alaska. The Vicinity line adds to Schetky’s portfolio of existing internal combustion and electric vehicles.
“Schetky’s long history of selling innovative and quality vehicles makes it an ideal partner to represent us in our U.S. home state of Washington,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “Known for offering some of the most innovative and highly awarded vehicles in the commercial and school bus industries, Schetky’s brings nearly 80 years of experience servicing customers across the Northwest.
“With some of the lowest electric energy prices in the U.S., excluding Alaska, the Northwest is a prime region to benefit from EVs and will provide us with additional opportunities in this exciting market. We believe our electric vehicles will be a strong addition to Schetky’s EV segment, while concurrently providing Vicinity with a team of sales experts to highlight the benefits of electrification to their loyal base of satisfied customers,” concluded Trainer.
David Schetky, Co-owner of Schetky Bus and Van Sales, added: “The vehicles we offer are the industry leaders in sales volume and rank the highest in safety by the Federal Transit Administration. Vicinity was a natural partner with its Washington State and Canadian headquarters nearby to help expand our growing range of electric vehicle options. We look forward to working with Vicinity to showcase their heavy-duty, light-duty and special purpose electric vehicles to our customers.”
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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