Vicinity Motor Corp. Reports First Quarter 2021 Financial Results
VANCOUVER, BC, May 17, 2021 – Vicinity Motor Corp. (TSXV:VMC) (OTCQX:BUSXF) (FRA:6LG) ("Vicinity Motor" or the "Company") (formerly Grande West Transportation Group Inc.), a leading supplier of electric, CNG, gas and clean diesel buses, today reported its financial and operational results for the first quarter of 2021.
First Quarter 2021 and Subsequent Operational Highlights
- Revenue grew 588% to $27.3 million in the first quarter of 2021, as compared to $4.0 million in the same year-ago quarter.
- Delivered 67 buses for the three months ended March 31, 2021, as compared to 6 buses for the three months ended March 31, 2020.
- Received orders for another ten Vicinity LightningTM EV buses with expected delivery in 2021.
- Entered into a strategic U.S. distribution agreement with ABC Companies, a leading provider of motorcoach and transit equipment in North America, to distribute the manufacturer's VicinityTM heavy-duty vehicles throughout United States.
- The State of Washington and New Mexico selected Vicinity buses in a statewide purchasing contract that gives State transit agencies the right to purchase directly from the Company's diverse bus portfolio.
- Appointed respected industry veteran, prominent Canadian transit leader and former CEO of BC Transit, Manuel Achadinha, as Chief Operating Officer.
- Announced strategic partnership to explore deploying Exro Technologies’ enhanced powertrain system into Vicinity’s next-generation electric bus fleet, providing high-performance and extended range.
- Presented at leading investor events including the Q1 Virtual Investor Summit, B. Riley Securities Sustainable Energy & Technology Conference, The Microcap Rodeo Winter Wonderland Conference, SNN Network Canada Event and the SNN Planet MicroCap Showcase.
Management Commentary
“The first quarter of 2021 was a blockbuster quarter by any measure, having delivered 20% more buses in the first three months of 2021 than we did in all of 2020 combined,” said William Trainer, Founder and Chief Executive Officer of Vicinity Motor Corp. “We continue to see incredible traction in the marketplace, having most notably signed ABC Companies as a distributor of our products in the large U.S. market. The sales from that partnership, paired with the ongoing execution of our core business, positions us well for a strong 2021 – a true testament to the unrivaled value we bring to our customers.
“We are leveraging our strong momentum to accelerate the launch of next-generation electric vehicle (EV) products, including our breakthrough Vicinity LightningTM EV, as well as other exciting, to-be-announced EV opportunities we are pursuing in the background. The land-grab for EV market share is underway and we are well positioned to gain traction through our longstanding partnerships with North American transit agencies.
“I expect to see robust year-over-year growth throughout the remainder of 2021, empowering our drive to create a more sustainable public transportation system. I look forward to providing our shareholders with further updates in the near-term as we launch new products, announce new transit agency customers and successfully execute upon our business plan,” concluded Trainer.
First Quarter 2021 Results Conference Call
Management will host an investor conference call at 4:30 p.m. Eastern time today, May 17, 2021 to discuss Vicinity’s first quarter 2021 financial results, provide a corporate update, and conclude with Q&A from telephone participants. To participate, please use the following information:
Q1 2021 Conference Call and Webcast
Date: Monday, May 17, 2021
Time: 4:30 p.m. Eastern time
U.S./Canada Dial-in: 1-877-300-8521
International Dial-in: 1-412-317-6026
Conference ID: 10156413
Webcast: https://public.viavid.com/index.php?id=144923
Please dial in at least 10 minutes before the start of the call to ensure timely participation.
A playback of the call will be available through Thursday, June 17, 2021. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally. Please use the replay pin number 10156413. A webcast will also be available by clicking here: Vicinity Q1 2021 Webcast.