Vicinity Motor [NASDAQ: VEV] Shares Corporate Update and 2022 Financial Guidance

Vicinity Motor Corp. [NASDAQ: VEV] has shared the corporate update and financial guidance for 2022. Vicinity Motor disclosed that it anticipates executing deliveries of over 95 Vicinity Classic buses through the year ending December 31, 2022. The firm also anticipating the FY 2022 Adjusted EBITDA is more than $10 million with substantial potential upside.

Vicinity Motor Corp projected that it would finalize the shipment of 75 Vicinity Lightning EV buses and chassis, 200 VMC 1200 EV trucks, and 300 Vicinity Optimal EVs to increase year-end revenues by over $140 million. The strong performance of the firm in 2021 and ongoing sale activities of the firm’s vehicle lines provide it the confidence to share the strong financial guidance for 2022.

Furthermore, Vicinity Motor anticipates shipping more than 130 Vicinity Classic buses during 2021. Vicinity Motor continues to experience interim postponements from some suppliers and shipping companies which has postponed over 20 buses now likely to be supplied in 2022 rather than 2021.

In addition, Vicinity Motor anticipates that based on its current reserve and large pipeline, it assumes a strong pace of sales growth into 2022 with additional near-term customer orders. VEV also disclosed that its Washington State assembly facility is likely to commence operations by mid-2022 to fulfill the increasing demands.