Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $143 MCAD
Stock price at time of publication: $4.05 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: Todays extended partnership includes order for 18 VMC Optimal S1 shuttle buses and 3 Vicinity Classic. The main key point of this extended partnership is that ABC will now actively market the new VMC Optimal shuttle bus. It’s no secret that we see a big upside in Vicinity Motors shares as the company despite the recent flow of great news is valued at about 1X sales for 2022 and with target prices of 15-32 CAD by external analysts! The company now has a sales backlog in excess of $100 million CAD!
Press release in full below:
VANCOUVER, BC – March 15, 2022 – Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (“Vicinity” or the “Company”), a North American supplier of commercial electric vehicles, today announced the expansion of its strategic U.S. distribution agreement with ABC Companies (“ABC”), a leading provider of motorcoach and transit equipment in North America.
The ABC distributorship supports Vicinity’s focus on U.S. expansion to market the Vicinity™ heavy duty mid-size bus, the Vicinity Lightning™ EV and the VMC Optimal EV S1 low floor shuttle bus to new and existing customers.
Under the expanded agreement, ABC will distribute Vicinity’s product portfolio to 18 states covering key population centers across the country important to VMC’s growth markets. The Vicinity line fills in key transit and private shuttle markets within the ABC portfolio of new vehicles for these locations, enhancing the offering to current customers while expanding to other sectors.
In conjunction with the new agreement, ABC has contracted to order 18 VMC Optimal S1 shuttle buses and 3 Vicinity™ Classic buses – in addition to the previously announced order for 10 Vicinity Lightning™ EV buses slated for delivery in 2022.
Roman Cornell, President and CCO of ABC Companies stated, “Our expanded partnership with VMC is important as ABC continues to be a market leader in adoption and deployment of electric vehicles. Vicinity’s innovative and environmentally friendly vehicle solutions support our focus on delivering excellence and performance.”
“Our partnership with ABC continues to evolve as we expand our already robust North American footprint and broad product portfolio,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “ABC’s proven track record of customer sales, service and support in the U.S. has enabled us to rapidly increase interest for both our traditional and EV product lines with key transit agencies and private companies alike.
“This new agreement will allow them to now market the VMC Optimal EV S1, a fully-electric low floor chassis built on the E450 frame that enables zero-emission operation for an extensive range of market segments including commercial trucks and buses, ambulances, recreational vehicles and fleet trucks. We look forward to continuing our sales momentum with ABC in the coming months as we strive to generate sustainable value for our shareholders,” concluded Trainer.
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.
We own shares of this company personally.
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