Vicinity Motor Corp. (TSX-V:VMC) has provided an update on the construction of its new manufacturing facility in Ferndale, Washington, saying it anticipates production will begin in the first quarter of 2023.
The North American supplier of commercial electric vehicles said the property, which is located near the company's Aldergrove, British Columbia headquarters, was built to accommodate both buses and trucks, with a capacity of up to 1,000 buses per year or up to 10,000 trucks at the projected maximum production rate.
“We are pleased to report the expected procurement and installation of a power solution for our Ferndale facility by year-end - enabling us to secure our certificate of occupancy," Vicinity Motor CEO William Trainer said in a statement.
READ: Vicinity Motor Corp wins order worth more than $100M for the supply of VMC 1200 electric trucks
"As a reminder to our investors, the Ferndale facility is a significant asset to the company, representing an unencumbered asset valued at over US$15 million, plus equipment and additional leasehold improvements - which was paid for from VMC's treasury and owned outright,” Trainer added.
Vicinity noted that operations at the facility will include vehicle assembly and upfitting, ‘Buy America’ compliant assembly, pre-delivery inspections, research and development, as well as general technical work and servicing.
The company added that when its brings Ferndale production online in early 2023, it will be well-positioned to capture market share and harvest Vicinity Motor’s US$150 million backlog as of September 30, 2022.
Vicinity Motor is a North American supplier of electric vehicles for both public and commercial enterprise use. It leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, the VMC 1200 electric truck and a VMC Optimal-EV shuttle bus.
In addition, the company sells its proprietary electric chassis, alongside strategic partner J.B. Poindexter’s business unit EAVX, for upfitting into next-generation delivery vehicles.
Contact Sean at sean@proactiveinvestors.com