Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $114 MCAD
Stock price at time of publication: $ 2.89 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
Website: https://vicinitymotorcorp.com/
ESGFIRE comment: Our top pick in the electric vehicles sector today (13/4 2022) announces positive news in the form of a distribution agreement with one of Michigans largest auto dealers, Hoekstra transportation. The agreement will see Hoekstra to offer the sales of the Company’s Vicinity LightningTM, Vicinity Classic and VMC-Optimal vehicles. The agreement also includes an order of 8 vehicles. We continue to see an upside in Vicinity Motors shares as the company is now valued at less than 1X sales for 2022 and has target prices of 15-32 CAD by external analysts.
Press release in full below:
Vicinity Motor Corp. Secures U.S. Midwest Distribution Agreement with Hoekstra Transportation
New Distributor Adds New Sales and Service Coverage in Key Midwestern States of Michigan, Indiana and Ohio
VANCOUVER, BC – April 13, 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 new distribution agreement with Hoekstra Transportation, Inc. (“Hoekstra”), Michigan’s largest school bus, commercial bus, cargo and custom van dealer, to offer the Company’s Vicinity LightningTM, Vicinity Classic and VMC-Optimal vehicles, including an initial order for eight (8) vehicles.
Hoekstra Transportation Inc. has been family-owned and operated since 1928, and is part of the Hoekstra family of companies. Hoekstra Transportation is a dealership for school buses, commercial shuttle buses, and mobility vehicles with locations in Grand Rapids and Troy, Michigan.
Under the terms of the agreement, Hoekstra will distribute Vicinity vehicles throughout Michigan, Indiana and Ohio. The Vicinity line adds to Hoekstra’s portfolio of traditional and electric vehicles. The agreement includes a commitment to eight vehicles, including Vicinity Classic, Vicinity Lightning and VMC Optimal vehicles.
“We are excited that Hoekstra has chosen to represent Vicinity vehicles in Michigan, Indiana and Ohio – providing us with additional opportunities in this important transportation region,” said William Trainer, Founder and CEO of Vicinity Motor Corp, “And, with nearly 100 years’ experience in sales and support of mass passenger transportation, Hoekstra is truly an expert in the field. We believe our vehicles will perfectly compliment Hoekstra’s portfolio, especially with their increasing focus on electric vehicle solutions. We’re eager to work with the entire Hoekstra team to showcase our full range of electric bus solutions to their large base of satisfied customers.”
Mark Hoekstra, President and CEO of Hoekstra Transportation, added: “Our family’s automotive legacy has always focused on innovation and meeting the demands of our customers. VMC will help to expand our full range of vehicles with purpose-built, modern, cost-saving options including electrified buses and shuttles that complement our commitment to building a brighter, cleaner future for our customer’s communities. Having seriously considered the options available in the market, VMC was a clear partner for Hoekstra’s future.”
The Company also announces that Manuel Achadinha is no longer employed as an officer of the Company as of the date of this press release. Management wishes him the best in his future endeavors.
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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