VEV - Vicinity Motor gains on securing a purchase order worth over $100M

• Vicinity Motor ( NASDAQ: VEV ) shares are surging premarket on securing a purchase order that exceeds $100M for 1,000 VMC 1200 Class 3 Electric Trucks from Pioneer Auto Group.

• Per the terms of the purchase order, the company is to deliver a electric trucks by the end of 2023.

• The deliveries are expected to commence this month.

• "We started manufacturing this vehicle in Canada and expect to shift to our new facility in Ferndale, Washington, which can accommodate both buses and trucks, by year-end. Given the simplified assembly of the VMC 1200 as compared to a transit bus, Ferndale truck capacity could reach 10,000 vehicles per year. Due to the fact we are not facing significant pressures in the VMC 1200 supply chain specifically, the VMC 1200 will prove to be a significant contributor to our 2023 revenue growth and profitability - enabling our goal of creating sustainable, long-term value creation for our shareholders," said William Trainer, Chief Executive Officer of Vicinity Motor Corp.

• Shares are trading up 38% premarket.

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