Canadian electric truck maker Vicinity Motor Corp. (VMC) narrowed losses in the third quarter and is sitting on $150 million in orders, the company reported in its Q3 earnings.
Its revenue in the quarter jumped to $6.5 million, and its net loss was $4.4 million, down from $7.4 million the same period a year ago. The company landed its first dealer in the quarter and says it will soon be announcing more, which are in the Letter of Intent stage.
(Photo: James Menzies)
It delivered 26 VMC 1200 electric trucks in the quarter.
“Currently, in addition to our recently announced new dealership in Quebec, we have several additional LOIs in place to formalize new EV-specific dealerships, expanding the VMC 1200 sales and service coverage in strategic markets across Canada,” William Trainer, founder and CEO said in an earnings release.
“Our new partners have strong fleet services know-how that supports local business and government customers – making them well suited to drive the future electrification of their client’s commercial fleets. Our new dealerships will target an underserved market with a compelling product at an extremely attractive price point, which is further reduced through Canadian federal and provincial rebates.”
Also in the third quarter, the company opened its Ferndale, Wash., manufacturing plant, where it is building VMC 1200 trucks.
“The facility is designed to meet our current and future production needs for both buses and Class 3 VMC 1200 electric trucks,” Trainer said.
