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TSX-V:VMC

Vicinity Motor Corp.

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Market:
TSX-V
Price
1.02 CAD
Day Change
-2.86%
Market Cap:
$46.58 m
52 weeks high
1.82
52 weeks low
0.91

In brief

Vicinity Motor Corp is a leading supplier of electric, compressed natural gas (CNG), gasoline, and clean-diesel buses for both public and commercial enterprise use in the US and Canada. 

The company was formerly known as Grande West Transportation Group Inc and changed its name to Vicinity Motor in March 2021.

The company’s line of Vicinity buses, which maintain a dominant market share in Canada (90%), are produced by the company’s world-class manufacturing partners whom the company says can ramp up production to 2,000 units per year. Currently, more than 500 of its buses, which carry an average sales price of $400,000, are in operation.

The company has three bus models -- heavy-duty (diesel and CNG), medium-duty (electric vehicle EV), and light-duty (gasoline, diesel, and CNG). A fourth heavy-duty EV bus is currently under development.

Its flagship Vicinity Lightning medium-duty EV bus, enabled through a tier-1 strategic supply agreement with BMW batteries and components, seeks to lead the global transition to more sustainable transit vehicles in the private and public markets.

Vicinity also has added EV trucks to its portfolio. It recently entered into the medium-duty truck market with the development of a fully electric Class 3 vehicle.

The US headquarters in Washington State that will be capable of producing 1,000 units annually across all sizes and power systems. 

The company has finalized the design specifications and is wrapping up the permitting for the facility, which is not too far from its Aldergrove, British Columbia location. Operations are expected to commence in 2021.

 

Snapshot

  • Vicinity Motor secures purchase order for buses from Transdev
  • Vicinity Motor forms distribution agreement with US bus dealer, appoints VP of Engineering

Insight Widest with the analysis, Proactive gives perspectives that others don't.

Vicinity Motors targets massive US market after conquering Canada with its mid-size buses

The Vancouver-based company has 90% of the mid-size bus market in Canada and hopes to repeat that success in America

on 26/7/21