Vicinity Motor says order backlog exceeded $150M as of Sept. 30

Vicinity Motor issued a letter to shareholders from CEO and Founder William Trainer, which read in part, ” 2023 was a year of diversification and expansion for Vicinity, underscored by the success of the VMC 1200 product line and ongoing growth in the electric vehicle (EV) market, bolstered by a growing cadence of sales momentum across all of our product lines. In 2008, we set out with a vision to set us apart from other bus manufacturers in North America by focusing on the “mid-size” bus range with our Vicinity bus product line. Today, we have evolved to capture a leading position in the EV market with an expanding portfolio of electric buses and trucks to lead fleets across North America into a more sustainable future. Late last year we commenced operations at our newly constructed, state-of-the-art, 100,000 square foot U.S. Manufacturing Campus in Ferndale, Washington. Operations at the Ferndale Campus will include vehicle assembly and upfitting, “Buy America” compliant assembly, pre-delivery inspections, research and development, as well as general technical and servicing work. Less than 20 miles south of VMC’s headquarters in Aldergrove, B.C., the campus also improves access to nearby port, rail and truck shipping and receiving infrastructure. The Ferndale Campus was designed to meet our current and future production needs with an annual assembly capacity of up to 6,250 VMC 1200 all-electric trucks. At our grand opening ceremony, Washington State Governor Jay Inslee was in attendance and applauded Vicinity for supporting fleet operators’ decarbonization initiatives alongside economic diversification and job growth for the region’s skilled workforce…Taken together, we have assembled one of the most comprehensive commercial EV product portfolios in existence today. Our efforts have set the stage for a strong 2024 with ongoing sales initiatives across our vehicle lines and a strong cadence of new dealership growth in North America. Order backlog as of September 30, 2023 exceeded $150 million – the vast majority of which are for electric vehicles. We are currently laser focused on operational execution as we ramp up production in Ferndale to address the significant demand we see in the marketplace today. Looking ahead – with improving margins, a growing sales funnel and record backlog – we are positioning Vicinity for an exceptional 2024. Market fundamentals and strong macro-economic tailwinds continue to support commercial EV adoption and our underlying business strategy. Government incentives, corporate sustainability goals and declining cost of ownership are translating into surging EV adoption rates as fleet customers in North America continue to accelerate their electrification efforts. Vicinity is well positioned to be the commercial EV supplier of choice for many.”