Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $144 MCAD
Stock price at time of publication: $4.08 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 1.9 billion USD
ESGFIRE comment: Vicinity Motors today announce yet another supply agreement this time with DATTCO INC. this is a large company that has over 2000 employees and they have also placed an initial order of $ 2 Million CAD for Vicinity Buses, most likely for showroom capabilities. We continue to see a big upside in Vicinity Motors shares as the company despite all their progress is only valued at 1X sales for 2022 and has target prices of 15-32 CAD by external analysts!
VANCOUVER, BC – March 17, 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 entered into a strategic U.S. distribution agreement with DATTCO, Inc. a U.S. full-service passenger transportation company, to distribute Vicinity vehicles within the Northeastern United States.
Headquartered in New Britain, Connecticut, DATTCO operates facilities throughout New England and employs over 2,000 people in Massachusetts, New Hampshire, Maine, Rhode Island and Vermont. The distributorship supports Vicinity’s focus on U.S. distribution expansion for its growing portfolio of electric vehicles and conventionally powered buses. In addition to operating a fleet of over 1,200 buses, DATTCO provides sales, parts, warranty and service support for transportation providers in the region.
Under the new agreement, DATTCO will distribute Vicinity vehicles throughout New England. The Vicinity line fills in key transit, EV and shuttle opportunities within the DATTCO portfolio of vehicles, further enhancing its offering to current customers while expanding to new sectors. In conjunction with the agreement, DATTCO has placed an initial order valued at over $2 million for Vicinity Lightning™ EV and Classic transit buses and Optimal-EV S1 paratransit electric low-floor shuttle busses.
“Our distribution partnership with DATTCO will add to our reach in the Northeastern United States with a well-established company that has served the area since 1924,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “DATTCO’s large customer base – with over 1,800 customers including corporations, schools, tour operators and local organizations – are increasingly looking for sustainable solutions for their transportation needs. We are excited to provide their first EV options for customers and believe they will be quickly impressed with our range of heavy-duty, light-duty and special purpose electric vehicles. We look forward to working closely with the DATTCO team going forward.”
“As one of the region’s largest operators of buses, we are deeply committed to expanding our product portfolio to better serve our customers with a focus on dependability, quality service, comfort and safety,” said Don DeVivo, President & CEO of DATTCO. “Our customers’ priorities continue to evolve, and we’re convinced Vicinity’s product line has the best range of options covering traditional vehicles, as well as a widely-respected position in the expanding EV market. Both the innovative Vicinity Lightning™ EV and the VMC Optimal-EVs will be exciting new options that we believe will be an excellent choice for operators seeking electrified vehicles, designed from the ground up to be flexible, cost-effective and user friendly.”
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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