Rocket lab wIP
Statewide contracts in the US
In July 2021, The California Association for Coordinated Transportation (CALACT) announced a Statewide contract for up to 8000 vehicles in 5 years.
In April 2021, the State of Washington has selected Vicinity buses in a statewide purchasing contract that gives State transit agencies the right to purchase from the Company's diverse bus portfolio.
In February 2021, the State of New Mexico has selected Vicinity motors in a statewide purchasing contract that gives State transit agencies the right to purchase directly from the Company's diverse bus portfolio.
Uplisted from the OTCs to the Nasdaq on July 7 2021, from ticker $BUSXF to $VEV
On-going construction of a new facility for the EV lines in Ferndale, Washington State. It's been designed with flexibility and expansion in mind to deliver up to 1000 vehicles a year. The facility is expected to begin operation in the first half of 2022.
Announced multiples contracts in the US while maintaining their leader position in the light and medium-duty bus segment.
More about the vicinity Lightning EV bus .
"With our production ramp up, we now have 25 (now 29) Vicinity Lightning™ EV buses in the production phase and are gearing up for significant growth. We look forward to expanding our reach and sales in the U.S. through our partnership with ABC, driving forward a more sustainable public transit system."
More about the vicinity Class 3 EV truck.
"Powered by cutting edge Li-Ion battery technology that provides up to 150 kWh of power, the VMC 1200 cant ravel up to 150 miles on a single charge. Perfectly suited for ultra-quiet operation in urban environments."
Guiding 2021 deliveries to be a minimum of 150 buses for revenues of at least $50 million.
Guiding 2022 deliveries expected to complete be of over
95x Vicinity™ Classic buses, 75x Lightning™ EV buses and chassis, 200x VMC 1200 EV trucks, and 300x Vicinity Optimal EVs to drive year end revenues of over
$140 million. FY 2022 Adjusted EBITDA is expected to be over $10 million with significant potential upside.
CEO's vision of 1b$ in revenues in 5 years.
- BMW: Battery packs
- Danfoss: Editron Drivetrain
- Eaton: Multi-speed transmission
- Exro: Coil drive systems technologie suite
- EAVX: Bodies
- JB Poindexter & Co: Development of class 3
and class 5/6 Ev trucks
- Aereus: CuVerro Shield, antimicrobial coating
Distribution and sales:
- ABC companies: Distribution and Sales deal in
- Optimal-Ev: Vicinity Motor has entered into the
licensing and marketing agreement to license
and sell the Optimal S1 and E1 product lines.
Burlap's 2 minutes DDs
Delivered 46 buses for the three months ended June 30, 2021, as compared to 23 buses for the three months ended June 30, 2020.
Commenced trading of the Company's common shares on the Nasdaq Capital Market under the symbol "VEV".
Start of construction of a new Buy America compliant vehicle assembly facility in Ferndale, Washington attended by Washington State Governor Jay Inslee.
Entered into the medium duty truck market with the development of a fully electric Class 3 vehicle, initial deliveries expected to begin in the first quarter of 2022.
Strong governmental supports, as the world races to carbon neutrality public transit agency are slowly shifting toward electrification. Canadian government invest $2.8B into zero-emission transit, US government invested $174B to win the EV market.
They haven’t manufactured an Ev line yet, this could be harder than anticipated if they want to achieve volume and economy of scale.
Their current assembly plant is in Fujian, China. Geopolitical risks must be assessed.
Possible supply chain issues due to high reliance on partnerships for parts, have to consider the current worldwide shortage of semiconductors, chips and battery metals.
Gross margins might end up being low (5-20%), They are mainly in the designing stage for EVs, which means they will be heavily relying on diverse partnerships for the parts. Public transit sector's margins are usually around 5%.
Taking into accounts the investments needed to develop a new EV line and enter the US market, we could see the company trying to finance themselves by diluting their current share float.
If compared to last release DAte we should expect Q3 earnings to drop by the end of november
The Catalyst list
Where to DD?
Vicinity's investor relationship:
Q2 financials August 2021
Q2 presentation August 2021
Q2 MD&A August 2021