Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $153 MCAD
Stock price at time of publication: $4.33 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: Vicinity Motors is delivering orders with an impressive speed. The projection of 140-150 MCAD in sales for 2022 seem very realistic to ESGFIRE judging by how 2022 has started in terms of orders. We see a big upside in Vicinity Motors shares as the company despite the recent action 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!
VANCOUVER, BC – March 7, 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 received orders from two additional paratransit bus manufacturers, Diamond Coach and Coach & Equipment, for the VMC Optimal E1 Electric Chassis.
Olathe Fleet Solutions (“Olathe”), a commercial truck dealership and fleet management company in Kansas, facilitated the orders for the five VMC Optimal E1 Electric Chassis.
The chassis will expand VMC Optimal’s reach in the paratransit bus market that serves elderly and disabled federal transit programs and other critical passenger transportation market segments. Diamond Coach is headquartered in Oswego, KS and since 1989 has built a reputation of offering rust-free, impact resistant, ADA accesible commercial buses. Since 1948 Coach and Equipment, based in Penn Yan, NY has provided specialized transportation solutions and provides paratransit buses to many major transit agencies in America. The dedicated electric vehicle chassis will begin to be delivered in the first quarter of 2022 and continue through the second quarter.
“The partnership with Olathe, a leading distributor of VMC Optimal-EV’s all-electric product line, continues to expand – adding two more world class bus body manufacturers to our growing list of Optimal EV body partners,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “The Optimal E1 design is superior from a safety, technology, and integration standpoint, which are all critical factors for body manufacturers to consider. The Optimal E1 features a between the frame rail battery installation configuration that provides maximum safety and protection of the Proterra Powered battery pack. The frame rails also protect high-voltage cables and battery cooling lines adding to reliability and resilience in the rigors of everyday bus operation. Additionally, the positioning of the drive motor behind the rear axle provides better weight distribution and traction while eliminating the complexity of competing designs.
“We continue to see increasing interest from customers seeking zero-emission EVs for paratransit, commercial trucks and buses, ambulances, recreational vehicles and fleet trucks as the VMC Optimal EVs flexible design can suit a wide variety of potential vehicle applications. We look forward to additional order announcements in the months ahead as we continue to ramp sales of our all-electric vehicle line,” 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.
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