LAS VEGAS - Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, is presenting its VMC 1200 Class 3 Electric Truck at the Advanced Clean Transportation Expo (ACT Expo). The event, which is taking place at the Las Vegas Convention Center, started today and will run through Thursday.
The ACT Expo is renowned for being the largest conference and trade show that focuses on advanced transportation technologies and clean fuels. It attracts over 8,500 industry leaders annually, offering a platform for major product debuts and announcements from top original equipment manufacturers (OEMs) and suppliers.
At booth 1501, Vicinity will display the VMC 1200, marking the company's third consecutive year at the expo. Brent Phillips, President of Vicinity Motor Corp., expressed enthusiasm about the vehicle's role in expanding the company's presence in the U.S. market and mentioned ongoing efforts to develop the Canadian market for the VMC 1200. He also highlighted the company's partnership with Propulsion Québec in advancing emissions-free transportation solutions.
Vicinity Motor Corp. is recognized for supplying a range of electric vehicles, including buses and trucks, for public and commercial use. The company relies on a dealer network and partnerships with manufacturing entities to serve the transit and industrial markets with its electric, compressed natural gas (CNG), and clean-diesel vehicles.
The information presented in this article is based on a press release statement from Vicinity Motor Corp. The forward-looking statements within the press release involve risks and uncertainties, and there can be no assurance that they will prove accurate. Actual results and future events could differ from those anticipated.
Factors that could cause actual results to differ include market conditions, vehicle sales volume, parts and materials availability, operational strategies, the impact of COVID-19, and other macroeconomic factors affecting supply chain recovery.
InvestingPro Insights
Vicinity Motor Corp. (NASDAQ:VEV) has been making waves in the electric vehicle industry, and its presence at the Advanced Clean Transportation Expo is set to further showcase its commitment to clean transportation solutions. As investors consider the company's prospects, some key metrics and insights from InvestingPro provide a clearer picture of its financial health and stock performance.
InvestingPro Data reveals a market capitalization of $36.9 million for Vicinity Motor Corp., which reflects the company's current valuation in the market. Despite a significant year-over-year revenue growth of 65.18% for the last twelve months as of Q1 2024, the company's gross profit margin stands at a relatively low 11.97%. This suggests that while Vicinity is increasing its sales, it is doing so with weaker profitability per dollar of revenue.
Investors should note the company's P/E ratio, which is currently negative at -1.95, indicating that the company is not profitable at this time. This aligns with one of the InvestingPro Tips, which suggests that analysts do not anticipate Vicinity Motor Corp. will be profitable this year. Additionally, the company's stock has experienced high price volatility, which could be a consideration for investors with a lower risk tolerance.
For those interested in a deeper dive into Vicinity Motor Corp.'s financials and stock performance, InvestingPro offers additional insights. There are 11 more InvestingPro Tips available, providing a comprehensive analysis for potential investors. To access these tips and enhance your investment strategy, visit InvestingPro and use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The insights and data provided by InvestingPro are essential for investors looking to make informed decisions about Vicinity Motor Corp., especially in light of the company's ambitious growth plans and the challenges it faces in a competitive and rapidly evolving industry.
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