Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $56 MCAD
Stock price at time of publication: $ 1.44 CAD
Target price: 11 CAD by Catalyst Research
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
Website: https://vicinitymotorcorp.com/
EGSFIRE comment:
We are very pleased to see in this announcement that Vicinity Motors is now starting to deliver their fully electric class 3 last mile delivery vehicle which is the first in Canada. We are also very pleased to learn that orders have by far exceeded managements expectations proving there is a significant demand for this new product from Vicinity Motors. What’s also very encouraging is that this new vehicle from Vicinity Motors is clearly qualified for Canada’s $550 million dollar subsidy program for medium-duty zero-emission vehicles.
The distribution of the new class 3 electric truck called “VMC 1200” is starting in October 2022 and the company expects that this vehicle will account for a significant portion of near-term sales.
Full press release available below:
Vicinity Motor Corp. Starts Delivering Canada’s First Class 3 Electric Truck
Uniquely versatile VMC 1200 is designed to help the commercial transportation industry reduce costs, eliminate carbon emissions, and run more efficient fleets
ALDERGROVE, B.C. – October 4, 2022 – With advance orders for the VMC 1200 far exceeding expectations, Vicinity Motor Corp. (TSXV:VMC and NAS:VEV), a North American supplier of commercial electric vehicles, is proud to officially launch and begin deliveries of the first Class 3 electric truck to roll off the assembly line in Canada.
“The VMC 1200 will help British Columbia and Canada become leaders in the EV sector, while supporting ambitious government targets for net-zero transportation, local job growth, and economic diversification,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “With the 1200 recently qualifying for Transport Canada’s $550-million subsidy program for medium-duty zero-emission vehicles, it has only become more appealing to commercial transportation operators seeking to reduce costs, eliminate carbon emissions, and run more efficient fleets.”
Designed to meet soaring demand for zero-emission medium-duty commercial vehicles, the VMC 1200 is ideal for applications ranging from construction and utility to deliveries. Highlights include:
Cutting-edge Li-Ion battery technology that provides up to 150 kWh of power
Full charging at Level 2 in five to seven hours, and at Level 3 in 2.5 hours, via a CCS1 Combo Plug
241 kilometers/150 miles of range on a single charge
Ultra-quiet operation ideal for urban environments
Applications ranging from delivery truck to dump truck to work truck
Payload of approximately 2,495 kg/5,500 lbs
Standard five-year warranty
Distribution of the VMC 1200, which is projected to account for a significant portion of near-term sales, is starting in October 2022.
“Until the launch of the VMC 1200, commercial transportation operators lacked a durable and reliable zero-emission Class 3 truck at a competitive price point. Now, with North American light- and medium-duty EV inventories projected to top one million by 2030 and six million by 2040, the VMC 1200 provides yet another example of VMC setting itself apart from other commercial vehicle manufacturers,” Trainer concluded.
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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