Vicinity Motor Corp. Secures US $100 Million + Purchase Order (TSXV: VMC NASDAQ: VEV)

Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced the receipt of a purchase order for 1,000 VMC 1200 Class 3 Electric Trucks (the "PO") from Pioneer Auto Group - Vicinity's exclusive dealer in the province of British Columbia, Canada.Show more

Vicinity Motor Corp. Secures US $100 Million + Purchase Order (TSXV: VMC NASDAQ: VEV) - October 17, 2022 - #vicinitymotorcorp #electricvehicles #richtvlive #stocks #business #news #finance #richtv #education #trading #stockmarket #vev #vmc

Per the terms of the PO, which exceeds US$100 million in revenue, Vicinity is to deliver a minimum of 1,000 VMC Class 3 Electric Trucks by the end of 2023. Deliveries under the PO are expected to commence this month.

"We are incredibly pleased to announce this transformational milestone in Vicinity's evolution as a leading commercial EV manufacturer," said William Trainer, Chief Executive Officer of Vicinity Motor Corp. "Today's PO validates the years of innovation and development we have invested in expanding our capabilities beyond transit buses and into the commercial truck market. We have increased our credit facilities to accommodate this order and I am confident in our ability to fulfill this PO on-schedule in 2023.

"We started manufacturing this vehicle in Canada and expect to shift to our new facility in Ferndale, Washington, which can accommodate both buses and trucks, by year-end. Given the simplified assembly of the VMC 1200 as compared to a transit bus, Ferndale truck capacity could reach 10,000 vehicles per year. Due to the fact we are not facing significant pressures in the VMC 1200 supply chain specifically, the VMC 1200 will prove to be a significant contributor to our 2023 revenue growth and profitability - enabling our goal of creating sustainable, long-term value creation for our shareholders," concluded Trainer.

Ray Van Empel of Pioneer Auto Group added: "We continue to see intense customer demand for class 3 commercial EVs, a segment that was largely unfilled prior to the arrival of the VMC 1200. This purchase order is a clear sign of our confidence not only in our sales capabilities at Pioneer Auto Group, but in the superiority of Vicinity's product. Given the wide array of federal and province level incentives for the adoption of electric vehicles, the VMC 1200 is truly a no brainer to buyers from a financial perspective. I look forward to taking delivery of our first VMC 1200 vehicles in the months ahead, assembled right here in British Columbia."

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