Vicinity Motor intends to become top provider of EV buses for public and commercial enterprises in North America

Formerly known as Grande West Transportation Group Supplies electric, compressed natural gas, gasoline, and clean-diesel buses Started 2021 with a $50 million backlog What Vicinity Motors does:  Vicinity Motor Corp (CVE:VMC) (OTCQX:BUSXF) (FRA:6LG) is a leading supplier of electric, compressed natural gas (CNG), gasoline, and clean-diesel buses for both public and commercial enterprise use in the US and Canada.  The company was formerly known as Grande West Transportation Group Inc and changed its name to Vicinity Motor in March 2021. The company’s line of Vicinity buses, which maintain a dominant market share in Canada (90%), are produced by the company’s world-class manufacturing partners whom the company says can ramp up production to 2,000 units per year. Currently, more than 500 of its buses, which carry an average sales price of $400,000, are in operation. The company has three bus models -- heavy-duty (diesel and CNG), medium-duty (electric vehicle EV), and light-duty (gasoline, diesel, and CNG). A fourth heavy-duty EV bus is currently under development. Its flagship Vicinity Lightning medium-duty EV bus, enabled through a tier-1 strategic supply agreement with BMW batteries and components, seeks to lead the global transition to more sustainable transit vehicles in the private and public markets. The first deliveries are expected in the second half of 2021.  To meet demand, Vicinity is currently developing a Buy America Act-compliant assembly facility and US headquarters in Washington State that will be capable of producing 1,000 units annually across all sizes and power systems.  The company has finalized the design specifications and is wrapping up the permitting for the facility, which is not too far from its Aldergrove, British Columbia location. Operations are expected to commence in 2021. How is it doing:  Vicinity Motor has seen its sales activity accelerate in 2021. In June, the company said it has received a new purchase order from Québec private transit operator Le Groupe Transbus for its Vicinity Classic buses.  Le Groupe Transbus has ordered three of Vicinity Motor's 30-foot Clean-Diesel Vicinity Classic buses. The Vicinity buses are in service with Canadian public transit agency EXO, serving the city of Varennes, a suburb of Montreal.  Transbus currently owns and operates nine Vicinity Classic buses, and with this order, takes the total to 12 in its fleet.  Earlier in the month, the company announced it had partnered with Danfoss Editron to utilize its drivetrain systems in the medium-duty, fully electric Vicinity Lightning EV bus. Danfoss Editron specializes in hybrid and electric drivetrain systems for the marine, off-highway, and on-highway markets.  Vicinity said the systems feature a Buy America Compliant 220 kilowatt (kW) motor with an Eaton multi-speed transmission. They are also fitted with a digital AVIONICS controller and inverter to enable the intelligent management of all the vehicle's operations.  Also in June, Vicinity Motor reported it had received an initial order from Calgary Transit, the city of Calgary's transit authority, for 14 Vicinity Lightning EV buses valued at more than C$6.0 million. The initial 14 EV bus order is for delivery in 2022, with Calgary Transit having the option to purchase supplemental vehicles at a set price over a five-year period. Previously that month, the company said it is entering into the medium duty truck market with the development of a fully electric Class 3 vehicle. Vehicles will be sold via a robust network of existing dealerships throughout North America, with full production and commercial deliveries scheduled to begin in the fourth quarter of 2021. Meanwhile in April, Vicinity Motor announced it received a purchase agreement worth more than $1.6 million from Simcoe County in Ontario for four of its buses, with delivery expected in 1H 2022. In the same month, the company struck a new purchase order with a leading Canadian provincial public transportation provider for 15 buses valued at more than $6 million. Delivery for that deal is also expected in 1H 2022. On the financial front, the company reported a 588% year-over-year increase in its first-quarter 2021 revenue to C$27.3 million, as it delivered 67 buses during the period, about 10 times more than a year ago. Vicinity also swung to a quarterly profit of $2 million, or $0.07 per share, from a net loss of $1.7 million, or $0.07 per share, in the same quarter a year earlier.   The company also ended the quarter with $20.8 million in working capital as of March 31, up from $16.7 million at the end of December. As well, Vicinity is laying the groundwork to uplist to the tech-heavy Nasdaq exchange. It recently appointed a highly respected industry veteran, prominent Canadian transit leader, and former CEO of BC Transit, Manuel Achadinha, as chief operating officer. He is tasked with driving innovation and efficiency to maximize operations and the engineering teams, position the Washington State manufacturing facility to support optimal output and scale, and increase overall productivity in the organization. And, in March, the company launched a share consolidation on the basis of one new post-consolidation share for every three pre-consolidation shares -- in addition to officially changing its name to Vicinity Motors. Inflection points: Commence operations at Washington State facility in 2021 Uplist to Nasdaq Obtain dealer licensed coverage in every state Transition with EVs to sustainable public transit system deliveries in 2H 2021 What the boss says: Commenting on the company’s purchase order from transit operator Le Groupe Transbus, Vicinity Motor CEO William Trainer said in a statement: "Our Vicinity Classic buses continue to prove their market leadership and flagship status with Canadian transit authorities as we attract recurring orders from our large base of satisfied, long-term customers."  Trainer added: "We look forward to growing alongside our North American transit partners as they deploy an increasingly large fleet of our buses and eventually transition to an EV-oriented fleet." Contact Sean at sean@proactiveinvestors.com