Company: Vicinity Motor Corp
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $161 MCAD
Stock price at time of publication: $4.58 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 Vicinity Motors delivers another big order this time for 100 units of the VMC 1200 electric vehicle. Vicinity motors alongside this order announces Paradigm as their exclusive dealer in the Hamilton and Niagara regions of Ontario. The VMC 1200 deliveries are expected to begin in the second quarter of 2022. As stated by Paradigm leaders there are few class 3 EV trucks available on the market with a good range today and we’re delighted to see that Vicinity Motors can deliver a great vehicle in this class!
We also see a big upside in Vicinity Motors shares as the company despite the recent action is valued at only 1,5 X sales of 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 can be read in full below:
VANCOUVER, BC – February 22, 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 sales and marketing agreement with Paradigm Automotive Corporation (“Paradigm”), an automotive sales, leasing and upfitting company in Ontario, Canada, including an initial CAD$12.0 million order for 100 VMC 1200 Class 3 electric trucks.
Paradigm has also been appointed to act as Vicinity’s exclusive dealer in the Hamilton and Niagara regions of Ontario. The VMC 1200 deliveries are expected to begin in the second quarter of 2022.
“This announcement further solidifies our footprint within the greater Ontario area and further validates our VMC 1200 – which has had an incredibly strong market reception to-date,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “Paradigm represents a fantastic partner in their respective markets in Hamilton and Niagara and we look forward to working closely with them in the months ahead to provide their wide base of customers with an exciting all-electric alternative to their current Class 3 fleets.”
Rob Burda, General Manager at Paradigm, added: “There are few class 3 EV trucks readily available on the market today and the ample range, straightforward operation and attractive price of the VMC 1200 – paired with Vicinity’s longstanding reputation for quality – makes it a solid contender for everyday use on jobsites. The VMC 1200 EV truck stands in a class of its own and I look forward to introducing this exciting new EV to our established base of customers.”
With strong sales momentum continuing, management is pleased to announce that sales backlog is in excess of $100 million CAD.
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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