Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $171MCAD
Stock price at time of publication: $5,53 CAD ( reverse split price 1,84 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 $389 MCAD
Vicinity Motor Corp a leading supplier of electric, CNG, gas and clean diesel vehicles, today (23/9 2021) announced the receipt of over $15.5 million in new purchase orders from three Québec, Canada transit operators for a total of 38 Vicinity™ Classic buses.
Pursuant to the terms of the supply agreements, Robert Paquette Autobus et Fils Inc. ordered 18, Transcobec (1987) Inc. ordered 11, and Autobus Yves Seguin et Fils Inc. ordered 9 Vicinity™ Classic buses, which will all be in service with Canadian public transit agency EXO. The Vicinity™ will be serving the cities of Oka, St-Joseph-du-Lac, Pointe-Calumet, Sainte-Marthe-sur-le-Lac, Doux-Montagnes, Saint-Eustache, Boisbriand, Sainte-Thérèse, Blainville, Rosemère, Bois-de-Fillions, Saint-Jérôme, and Sainte-Anne-des-Plaines. These orders are for delivery in 2022 and join the current operating fleet of 79 Vicinity™ buses in the Province of Quebec.
“Our Canadian market leadership in the mid-sized heavy duty segment continues to drive robust revenue and growth,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “Vicinity’s strong position in Canada is a testament to our flagship status and large base of satisfied, long-term customers. We look forward to servicing countless travelers throughout Quebec with these exciting new bus orders.”
“We are leveraging the strong sales of VicinityTM buses to position us for early leadership and growth for our electric vehicle offerings including the Vicinity LightningTM EV and VMC 1200 Class 3 Truck. Both of our EV product lines are showing accelerating momentum with firm orders of 29 Vicinity LightningTM EV buses currently in production, with many more that we believe will be ordered in the near-term. We believe our wide lineup of both traditional and electrified vehicles will allow us to further expand our market share throughout North America, addressing all opportunities and helping to create sustainable value for our shareholders over the long-term,” concluded Trainer.
Vicinity Motors continues to add impressive orders. The one announced in this press release likely won’t be delivered until 2022 however we still feel sure that the company will meet our expectations for revenues totalling 55-60 MCAD for fiscal year 2021!
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