Vicinity Motor said 2022 was a transformational year for the electric vehicle supplier with the introduction of its highly-configurable VMC 1200 electric truck.
In a statement accompanying its fourth quarter and full year 2022 financial results, Vicinity CEO William Trainer said during 2022 the company expanded its capabilities beyond its strong legacy in transit buses into the significant class 3 vehicle market with the introduction of the VMC 1200 electric truck for which it began initial customer deliveries in the fourth quarter.
"The fourth quarter and subsequent period continued our rapid pace of evolution, marked by significant sales momentum for our VMC 1200 and Vicinity Lightning product lines, as well as continued progress towards starting assembly operations at our US manufacturing campus in Ferndale, Washington,” Trainer said.
“[A $30 million] financing, paired with the installation of our power solution and receipt of a certificate of occupancy for our Ferndale manufacturing campus, puts us in a position to significantly increase our production capabilities with the onset of US assembly operations in the first half of 2023.”
Trainer highlighted that Vicinity’s VMC 1200 supply chain was fairly insulated from global disruptions that have impacted its transit bus business. Since it kicked off deliveries in November 2022, Vicinity has delivered 18 vehicles with 100 in production, he noted.
“Naturally, we expect the pace of production to increase exponentially as we scale operations and bring our facility in Ferndale online, helping us to chip away at our order backlog, which now exceeds US$150 million,” Trainer said.
“These are exciting times for Vicinity, and I look forward to continuing to update our investors as we build the foundation for what I believe will be a record 2023.”
For the three months ended December 31, 2022, the company achieved revenue of $2 million, compared to $2.3 million in 4Q 2021.
Vicinity narrowed its 4Q loss year-over-year to $3.8 million, or a loss per share of $0.09, from a loss of $4.8 million, or a loss per share of $0.14, in the fourth quarter of 2021.
For 2022, revenue was $18.5 million, compared to $41.7 million in 2021. Its full-year loss was $18 million, or a loss per share of $0.45, compared to a loss of $7.3 million, or a loss per share of $0.24, in the previous year.
Vicinity Motor is a North American supplier of electric vehicles for both public and commercial enterprise use.
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