Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $228 MCAD
Stock price at time of publication: $7.40 CAD ( reverse split price 2,46 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 $403 MCAD
VANCOUVER, BC – October 4, 2021 – Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LG) (“Vicinity Motor,” “VMC” or the “Company”), a North American electric vehicle (EV) manufacturer focused on providing sustainable and cost-efficient EVs to the transportation industry, today announced that it has entered into a strategic collaboration agreement with the JB Poindexter business unit, EAVX, whose mission is to envision and develop next generation alternative fueled commercial work truck bodies. This collaboration will integrate EAVX bodies with the existing Vicinity bus and truck motor chassis.
Vicinity Motor seeks to lead the global transition to more sustainable vehicles by expanding existing product lines and creating solutions for new customer segments.
“We have been looking forward to this partnership with EAVX, a new JB Poindexter business unit who is on the forefront of technology innovation,” said William Trainer, Chief Executive Officer of Vicinity Motor Corp. “Vicinity has strong engineering and manufacturing expertise, and we believe that it is a natural transition to modify our proven electric bus chassis to accommodate walk-in van applications. Additionally, we believe there is significant demand through our existing municipal customer base for work truck solutions leveraging our new VMC 1200 Class 3 truck.”
The proposed objectives of the collaboration include:
1) Development of a next generation class 3 EV truck for municipal fleet applications.
2) Development of a next generation class 5/6 truck for walk-in van applications.
“We have a long history of creating the best work truck and commercial vehicle bodies and accessories, and we plan to continue to expand our capabilities by providing alternative energy vehicles through this partnership with VMC,” said John Poindexter, CEO and Chairman, JB Poindexter & Co.
“As our municipal and commercial customers evaluate the decision to convert fleets from internal combustion engines to alternative fuel, such as EVs, the total cost of ownership is a primary factor,” said EAVX Chief Operating Officer and General Manager, Mark Hope. “Working with Vicinity Motor will enable us to offer vehicle solutions that help lower the cost of fuel and maintenance and expedite the adoption of EVs in the municipal and commercial vehicle markets.”
The latest deal signed by Vicinity Motors with JB pointdexter could very well be the catalyst that gives the VMC stock a projectile movement. The deal enables Vicinity to increase and expand production capabilities for their new Class 3/5 and 6 trucks. Vicinity Motors is our top pick in the electric vehicles sector for good reasons. They have growing sales, an increasing product offering, innovative partnerships that constantly increases their competitive edge and finally but not least a very low evaluation. Their new partner JB pointdexter is the largest chassi builder of small and medium size trucks in the United States with a yearly turnover of over 2 billion USD. JB pointdexter is a trade partner for all the big delivery services which will have an exponential effect for Vicinity Motor sales. The partnership today could possibly put Vicinity Motors in a position where they are able to sign customers such as UPS, Fedex and American post! We would not be surprised to see a big rally in VMC shares this week due to this news release since it will likely attract eyes from both institutional investors and retail investors!
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