“The new facility in Washington is really key to our US growth strategy and we're going to use that as a catalyst to really push this forward,” Trainer said.

The facility is scheduled to begin operation in the first half of 2022, starting with a workforce of 30-40 that is expected to swell to the hundreds over time. Vicinity said operations at the facility, its first plant in the US, will include assembly, pre-delivery inspections, and research and development, as well as general technical work and servicing. The company has earmarked up to $25 million to get the plant up and running. In early July the company broke ground on its new manufacturing facility and US headquarters in Ferndale, Washington State, about a 30-minute drive across the border from Vicinity’s mothership in Vancouver, with easy access to port, rail, truck shipping, and receiving facilities. And we truly expect to dominate the market in that midsize category,” said Trainer, whose company changed its name to Vicinity from Grande West Transportation Group in March 2021. “We're just kicking into high gear with our marketing efforts right now. Now founder and CEO Will Trainer wants to repeat that success in the massive US market. Hundreds of its buses are currently on the roads. The recent Q3 2021 financial results were the reason behind its loss in the after-hours on Friday.Vicinity Motors Corp., a manufacturer of electric, CNG, gas, and clean-diesel buses for both public and commercial enterprise use, has 90% of the mid-size bus market in Canada. (VEV) participated and showcased its vehicles at the APTA’s TRANSform Conference & EXPO which took place on November 8-10 in Orlando, Florida at the Orange County Convention Center. VEV participation at APTA’s TRANSform Conference & EXPO The Founder and CEO of Vicinity Motor Corp, William Trainer, said that 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.

(VEV) received a letter of intent from Pioneer Auto Group for 1 Class 3 Electric Trucks worth approximately CAD 14 million. On November 1, 2021, Vicinity Motor Corp. and Canada.īrent has over 20 years of experience in the commercial transportation field, with a specific focus on commercial buses and trucks and previous leadership roles at the distribution and manufacturing level, including sales, marketing, and operations. (VEV) appointed respected commercial transportation veteran Brent Phillips as Senior Director of Sales, North America, to lead the Company’s sales activities throughout the U.S. On November 2, 2021, Vicinity Motor Corp.

Vicinity Motor expects revenue of $140 million and an adjusted EBITDA of at least $10 million for FY 2022. As of September 30, 2021, the company had cash, and cash equivalents totaling $5.0 million.

Adjusted EBITDA was negative $3.5 million in Q3 2021 compared to an adjusted EBITDA loss of $0.7 million in Q3 2020.It suffered a net loss of $4.8 million, or $0.16 per share, compared to a net loss of $1.3 million, or $0.05 per share in Q3 2020.In Q3 2021, gross profit was negative $0.7 million compared to a gross profit of $0.6 million in the same year-ago quarter.VEV reported total revenue of $2.9 million in Q3 2021 compared to $8.9 million in Q3 2020.(VEV) announced its financial and operational results for the third quarter of 2021. VEV participation at APTA’s TRANSform Conference & EXPO.VEV 1 truck LOI from Pioneer Auto Group.

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