Vicinity Motor Corp. (VEV) shares plunged 6.64% in after-hours on Friday, November 12, 2021, and closed the weekly trading at $3.94. However, in the regular trading session of Friday, VEV’s stock gained 3.94%. VEV shares have risen 68.77% over the last 12 months, and they have moved up by 1.69%. Over the past three months, the stock has lost 22.57%, while over the past six months, it has declined 19.92%.
Let’s have a brief look at its recent news.
VEV latest development
On November 12, 2021, Vicinity Motor Corp. (VEV) announced its financial and operational results for the third quarter of 2021.
Q3 2021 financial highlights
- VEV reported total revenue of $2.9 million in Q3 2021 compared to $8.9 million in Q3 2020.
- In Q3 2021, gross profit was negative $0.7 million compared to a gross profit of $0.6 million in the same year-ago quarter.
- It suffered a net loss of $4.8 million, or $0.16 per share, compared to a net loss of $1.3 million, or $0.05 per share in Q3 2020.
- Adjusted EBITDA was negative $3.5 million in Q3 2021 compared to an adjusted EBITDA loss of $0.7 million in Q3 2020.
- As of September 30, 2021, the company had cash, and cash equivalents totaling $5.0 million.
FY 2022 financial outlook
Vicinity Motor expects revenue of $140 million and an adjusted EBITDA of at least $10 million for FY 2022.
VEV new appointment
On November 2, 2021, Vicinity Motor Corp. (VEV) appointed respected commercial transportation veteran Brent Phillips as Senior Director of Sales, North America, to lead the Company’s sales activities throughout the U.S. and Canada.
Brent has over 20 years of experience in the commercial transportation field, with a specific focus on commercial buses and trucks and previous leadership roles at the distribution and manufacturing level, including sales, marketing, and operations.
VEV 100 VMC 1200 truck LOI from Pioneer Auto Group
On November 1, 2021, Vicinity Motor Corp. (VEV) received a letter of intent from Pioneer Auto Group for 100 VMC 1200 Class 3 Electric Trucks worth approximately CAD 14 million.
The Founder and CEO of Vicinity Motor Corp, William Trainer, said that Pioneer is a well-known and highly rated auto dealer with 17 locations across British Columbia, making them an excellent strategic partner to introduce our new Vicinity 1200 medium-duty electric truck throughout the province.
VEV participation at APTA’s TRANSform Conference & EXPO
Vicinity Motor Corp. (VEV) participated and showcased its vehicles at the APTA’s TRANSform Conference & EXPO which took place on November 8-10 in Orlando, Florida at the Orange County Convention Center.
Conclusion
The recent Q3 2021 financial results were the reason behind its loss in the after-hours on Friday. Let’s see how it commences trading on Monday?