Corporate Update and 2022 Financial Guidance Company Expects FY 2022 Revenues of over $140 Million Driven by Strong North American Sales Momentum
VANCOUVER, BC / ACCESSWIRE / October 12, 2021 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) ("Vicinity Motor" or the "Company"), a leading North American supplier of commercial electric vehicles, today provided a corporate update and financial guidance for 2022.
Through the year ending December 31, 2022, Vicinity Motor expects to complete deliveries of over 95 Vicinity™ Classic buses, 75 Vicinity Lightning™ EV buses and chassis, 200 VMC 1200 EV trucks, and 300 Vicinity Optimal EVs to drive year end revenues of over $140 million. FY 2022 Adjusted EBITDA is expected to be over $10 million with significant potential upside.
The Company expects to deliver over 130 Vicinity™ Classic buses during 2021. Consistent with other manufacturing and transportation companies, Vicinity Motor continues to experience temporary delays from some suppliers and shipping companies which has delayed over 20 buses now expected to be delivered in 2022 rather than 2021.
"Ongoing sales activities across our vehicle lines have positioned us for a strong 2022," said William Trainer, Chief Executive Officer of Vicinity Motor Corp. "Based on our existing backlog and large pipeline, we expect a strong cadence of sales growth into 2022 with additional near-term customer orders. To support this significant demand, our Washington State assembly facility is expected to begin operations by mid-2022 - beginning the ramp of U.S.-made vehicles.
"Our recent exclusive reseller agreement with Optimal EV, and collaboration agreement with the JB Poindexter business unit, EAVX, will also begin to drive revenue growth in the new year. We look forward to continuing to deliver record-breaking financial results and sales of both our classic and new lines of breakthrough electric buses and trucks. I have never been more confident about the future and potential for long-term shareholder value creation at Vicinity Motor Corp.," concluded Mr. Trainer.
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)(FRA:6LGA) is a leading North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a continent-wide dealer network and close relationships with world-class manufacturing partners to supply its market-leading flagship electric, CNG and clean-diesel Vicinity™ buses, the VMC 1200 electric truck and a Vicinity Optimal-EV shuttle bus. In addition, the Company sells its proprietary electric chassis to J.B. Poindexter subsidiary EAVX, the Company's strategic partner, for upfitting into next-generation delivery vehicles. For more information, please visit www.vicinitymotorcorp.com.
https://www.accesswire.com/667663/Vicinity-Motor-Corp-Provides-Corporate-Update-and-2022-Financial-Guidance