Vicinity Motor Corp. Reports Significant Growth in Q4 and Full Year 2023

Vicinity Motor Corp., a leading North American supplier of commercial electric vehicles, has announced its financial and operational results for the fourth quarter and full year ended December 31, 2023. The company reported a significant revenue increase to $5.1 million in Q4 2023, driven by the delivery of 11 Vicinity™ Classic transit buses. This performance contributes to the full year's revenue of $19.1 million, showing a steady growth compared to $18.5 million in the previous year.

The company also highlighted a robust order backlog exceeding $125 million by the year's end, with electric vehicles representing over 75% of this figure. In addition to securing new orders for 20 Vicinity™ Classic Clean Diesel Buses and partnering with ADASTEC for the development of an SAE Level-4 automated Vicinity Lightning EV transit bus, Vicinity Motor Corp. has also extended its dealer network by establishing four new VMC 1200 distribution agreements across Canada.

Despite these operational successes, the fourth quarter saw a net loss of $9.1 million, or $(0.20) per basic and diluted share, although this marked an improvement over the year with a slightly reduced annual net loss compared to 2022. The company remains optimistic about the future, citing a growing sales funnel, strong backlog, and the increasing adoption of commercial EVs supported by government incentives and corporate sustainability goals.