Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $151 MCAD
Stock price at time of publication: $4.33CAD ( reverse split price 1,44 CAD)
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 : Greenpower Motor , Market cap $236 MCAD
Website: https://vicinitymotorcorp.com/
ESGFIRE comment:
Vicinity Motor Corp starts off 2022 in the best possible way by announcing an order of 19 million USD for their Optimal E1 Electric chassis. This order is the first sign of the progress from the relatively new cooperation with Optimal EV. The entire order is for electric vehicles and considering the praise that this client is giving VMC we are expecting many more orders for the same vehicle type this year. Vicinity Motor corp is projecting 140 million in sales for 2022 and with this order announced they are well on their way ! The company is trading at just 1 X sales for 2022 and considering the target price that foresee an upside of 300-700 % Vicinity Motor should have a great year ahead!
VANCOUVER, BC – January 5, 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 a significant order from Olathe Fleet Solutions (“Olathe”), a commercial truck dealership and fleet management company in Kansas, for over 150 VMC Optimal E1 Electric Chassis valued in excess of USD $19.0 million.
Olathe, based in Olathe, Kansas is one of the nation’s largest dealers in the commercial fleet industry – up-fitting and delivering of over 20,000 trucks nationwide yearly. The VMC Optimal E1 orders are scheduled for delivery throughout 2022 for operation in school, commercial, shuttle, ambulance, last-mile and other key market segments.
“Olathe is well-respected and highly rated in the commercial fleet market. This order is the culmination of effort and development which began many months ago with the Olathe team and key end-user involvement,” said William Trainer, Founder and CEO of Vicinity “As an authorized Ford ship-thru up-fitter, Olathe will be able to offer best-in-class EV solutions for customers across the Class 4 commercial vehicle spectrum.”
“We are seeing strong interest for the VMC Optimal EV vehicles as fleets seek to electrify and mitigate exposure to energy and carbon costs. We believe the market conditions are ideal for incredible vehicles such as ours – providing extensive range, highway speeds and significant gradeability at maximum load. Our VMC Optimal E1 also utilizes high-performance battery systems from Proterra®, which have industry-leading energy density, a flexible design to fit within a wide variety of vehicles, and rigorous pack level validation designed for safe and durable vehicle operation. Taken as a whole, our vehicles are truly best-in-class,” concluded Trainer.
Marc McEver of Olathe added, “After careful evaluation of market options, Olathe decided to partner with VMC Optimal to offer solutions that will deliver safe and reliable results for our fleets. Olathe has worked carefully over the decades to build confidence with our clients, it’s critical that we partnered with the best solution provider.”
The chassis will be produced at the new VMC Optimal manufacturing plant in Elkhart, Indiana and offer up to 125 mile range with the battery pack completely protected inside the chassis rails. Units will begin delivering in the first quarter of 2022.
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