"Our business is truly firing on all cylinders, with this significant momentum positioning us to transition to profitability in the second half of 2023, with additional visibility into strong initial traction in the second quarter. We continue to see strong demand for our Vicinity Classic transit bus line, proving out our established market leadership in the mid-size heavy duty transit bus space. "Our transit bus business has seen supply chains improve - and to that end, we have restarted delivery of transit buses to our customers as of Spring 2023. To support the immediate-term ramp up of Ferndale, we recently supplemented our $30M VMC 1200 specific credit facility with the Royal Bank of Canada and Export Development Canada (EDC) with a further $9M working capital credit facility with EDC, fully funding our near-term operations with non-dilutive debt financing.
Department of Commerce, reducing customs and duty-related fees. manufacturing campus in Ferndale, Washington is slated to initiate production in the next several weeks - as we have completed key hires and have recently secured Foreign-Trade Zone status with the U.S. "We are nearing completion of a batch of vehicles as well as several transit buses at our Canadian facility for delivery in the second quarter, seeding products into the market and generating further demand with North American automotive dealerships alongside our partners at DSMA. "The first quarter of 2023 was marked by significant momentum across all aspects of our business, with Ferndale set to begin initial assembly operations in the coming weeks, VMC 1200 deliveries from our Canadian facility underway and Transport Canada reaffirming that the VMC 1200 qualifies for a Federal Rebate nationwide of CAD$40,000," said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. Partnered with RBC and Export Development Canada (EDC) to secure US$30 million credit facility to finance VMC 1200 EV Truck production, as well as an additional US$9 million working capital credit facility with EDC, while maintaining funding for existing bus orders.Signed a dealer network development services agreement with Dealer Solutions Mergers and Acquisitions ("DSMA") to enhance North American automotive dealer market penetration for its industry-leading, Class all-electric truck.Completed key hires for the Ferndale facility.Foreign-Trade Zone certification for Ferndale Campus has been secured.
Company has received its Certificate of Occupancy for the facility.manufacturing campus in Ferndale, Washington in first half of 2023. Assembly operations set to commence at the newly constructed, state-of-the-art, 100,000 square foot U.S.Current order backlog exceeds $150 million, the vast majority of which are for electric vehicles.(NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today reported its financial and operational results for the first quarter ended March 31, 2023.įirst Quarter 2023 and Subsequent Operational Highlights
Manufacturing Campus in Ferndale, Washington Preparing for Initiation of Vehicle Assembly Operations in Coming Weeks
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