Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $52 MCAD
Stock price at time of publication: $1, 17 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 : Lion Electric Market
Vicinity motors have announced that their new US based facility Ferndale in Washington is now open for business. The company expects initial corporate activities to begin immediately with US vehicle assembly to commence during the first half of 2023.
Full press release below:
Vicinity Motor Corp. to Commence Operations in Ferndale, Washington
Final Electrical Components Have Been Installed and the Company has Received its Certificate of Occupancy from the City of Ferndale
Management Anticipates Initial Corporate Activities to Begin in Ferndale Immediately, with U.S. Vehicle Assembly to Commence in the First Half of 2023
VANCOUVER, BC / March 13, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today announced the receipt of a Certificate of Occupancy from the City of Ferndale for its newly constructed, state-of-the-art, 100,000 square foot U.S. Manufacturing Campus in Ferndale, Washington. The Certificate of Occupancy certifies that the facility is safe for operations and enables Vicinity to begin operations at site immediately. It is anticipated that vehicle assembly in Ferndale will begin in the first half of 2023.
As previously announced, the Ferndale Campus is located near the Company’s Headquarters in Aldergrove, British Columbia, with easy access to port, rail, and truck shipping and receiving facilities. Operations at the Ferndale Campus will include vehicle assembly and upfitting, “Buy America” compliant assembly, pre-delivery inspections, research and development, as well as general technical and servicing work. The Ferndale Campus was designed to meet the Company’s current and future production needs with annual capacities of up to 1,000 buses or 10,000 Class 3 VMC 1200 all-electric trucks.
“This Certificate of Occupancy represents the final governmental verification and approval to commence production at our new Ferndale Campus,” said William Trainer, Chief Executive Officer of Vicinity Motor Corp. “We have finished installation of an electrical solution on-site and are in the process of certifying our 4.2 acre Campus as a Free Trade Zone, allowing Vicinity to utilize this state-of-the-art campus to assemble and deliver vehicles for the entirety of the North American market.
“The startup of the Ferndale Campus will allow us to more aggressively tackle the fulfillment of our growing order backlog which, as of today, exceeds US$150 million. I look forward to the continued ramp of our U.S. operations as we strive to create sustainable, long-term value for my fellow shareholders,” concluded Trainer.
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) (“VMC”) 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, as well as the VMC 1200 electric truck to the transit and industrial markets. For more information, please visit www.vicinitymotorcorp.com.
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