Pioneer Auto Group Represents First Major Retail Automotive LOI for Class 3 Electric Trucks
Company: Vicinity Motor Corp(formerly Grande West Transportation )
Listings :TSXV , NASDAQ
Ticker: VMC.V & VEV
Market cap at time of publication: $181 MCAD
Stock price at time of publication: $5.20 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 : Lion Electric Market cap $2500 MCAD
ESGFIRE comments: We are pleased to see that Vicinity Motors already has received massive interest and a letter of intent worth potentially 14 MCAD for their new Class 3 trucks. This model will surely give competing producers such as Bollinger and Electric Last Mile Solutions a run for the market share of Class 3 vehicles.
VANCOUVER, BC – November 1, 2021 – Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) (“Vicinity” or the “Company”), a leading North American supplier of commercial electric vehicles, today announced that it has received a letter of intent (“LOI”) from Pioneer Auto Group (“Pioneer”), a leading retail automotive dealer in British Columbia, for 100 VMC 1200 Class 3 Electric Trucks worth approximately CAD $14 million.
Pioneer is a well-respected Canadian dealership group with 17 locations located chiefly throughout British Columbia, Canada. The company has retails over 6,000 vehicles per year. Carries over 1,500 vehicles in its network including Mitsubishi, Honda, Chrysler, Dodge, Jeep and RAM models. The 100 VMC 1200 Class 3 Trucks specified in the LOI are expected to be delivered in 2022, subject to the execution of a dealer agreement, with first orders starting in Q1. The dollar value of the vehicle purchase is approximately CAD $14 million.
“Pioneer is a well-known and highly rated auto dealer with 17 locations across British Columbia, making them an excellent strategic partner to introduce our new Vicinity 1200 medium-duty electric truck throughout the province,” said William Trainer, Founder and CEO of Vicinity Motor Corp. “With a specialty focus on trucks and SUVs, Pioneer will be able to offer an EV alternative for customers interested in a commercial vehicle design for urban environments with a 6,000-pound load capacity, 150-mile estimated range and a popular cab-over design – all at an attractive price.”
“We are seeing strong indicative demand from our continent-wide dealer network and expect to see continued momentum in the months ahead. I look forward to providing further updates on this front to our valued shareholders as appropriate,” concluded Trainer.
Ray Van Empel, President and CEO of Pioneer Auto Group, added “This is a major milestone for our vehicle product line to offer the VMC 1200 popular cab over chassis design with an EV powertrain. VMC is a well-known name in the municipal transit space, and it’s exciting to see their crossover to industrial trucks. We look forward to selling these new VMC 1200 throughout our dealerships.”
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