Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $138 MCAD
Stock price at time of publication: $3.93 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 2,1 BCAD
Website: https://vicinitymotorcorp.com/
ESGFIRE comment: Vicinity continues to provide clarity that they seem well on their way to achieve their guidance of 140 MCAD sales for 2022. We are very impressed with the speed that they are delivering orders. There is a big valuation difference between new EV producers and more mature players like VicinityMotors, for example Lion Electric is valued at 6X sales for 2022 meanwhile Vicinity Motors is trading at less than 1X sales for 2022, this is too big of a difference in our opinion. Worth mentioning is also that Vicinity Motors has target price coverage by several external analysts between 15-32 CAD and we see a significant upside from current levels.
VANCOUVER, BC – February 1, 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 Skydome Auto and Truck Centre Inc. (“Skydome”), an automotive dealer and service center in the Greater Toronto Area of Ontario, Canada, including an initial order for 50 VMC 1200 Class 3 electric trucks. Skydome has also been appointed to act as Vicinity’s exclusive dealer in the City of Brampton, a part of the Greater Toronto region in Ontario, Canada.
The Skydome family of companies have over 25 years of professional auto and truck sales and service experience, currently operating from three locations in Brampton. Skydome’s Truck & Fleet and Truck & Coach Centers provide a variety of repair services for fleets, including transit, coaches, trucks, ambulances, school buses and commercial vehicles. The VMC 1200 deliveries are expected to begin with five in the second quarter of 2022.
“We are excited to begin offering the VMC 1200 in the Toronto market alongside our new sales partner, Skydome,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “Skydome has decades of experience serving and maintaining fleets in the region across a wide variety of vehicle types, and we believe the VMC 1200 as well as our expanding line of all-electric vehicles will be of strong interest to their large base of customers.”
“The VMC 1200 continues to attract early attention from dealers and customers seeking a fully electric class 3 truck for ultra-quiet operation in urban environments while aligning with clean fleet goals. In Toronto alone, the city is undertaking a major expansion of its EV charging infrastructure to enable and support accelerated transition of city fleets to electric vehicles, and to further spur adoption of EVs in the greater Toronto region. We believe our ongoing dealer agreement will position us to be the premier providers in this segment,” concluded Trainer.
Daljit Singh Gaidhu, President of Skydome Group, added: “As a trusted one-stop-shop in the Toronto region, we look forward to showcasing our first VMC 1200 vehicles to our customers later this year. We expect the VMC 1200 and the Vicinity brand’s well-known performance, versatility and affordability – combined with their growing EV reputation – will advance sales and success for the VMC 1200 line.”
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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