Vicinity Motor Corp. (NASDAQ: VEV) (TSXV: VMC), a leading North American supplier of commercial electric vehicles, has announced a significant milestone with the California Air Resources Board (CARB) certification for its VMC 1200 class 3 electric truck. This certification marks the VMC 1200 as a zero-emission vehicle for the 2024 Model Year, allowing its sale not only in California but also in other states adhering to CARB standards.
Expanding Horizons
The VMC 1200 is now eligible for sale across the United States, including states like Connecticut, Colorado, Delaware, and many others. This widespread approval could revolutionize the accessibility of commercial electric vehicles across the nation, making Vicinity’s offering a potent option for businesses aiming to reduce their carbon footprint.
Financial Incentives and Market Expansion
Moreover, the CARB certification paves the way for Vicinity Motor Corp. to partake in California’s HVIP incentive program, alongside similar programs in other states. These programs provide substantial incentives, reducing the purchase cost of commercial electric vehicles, which could significantly lower the barrier to entry for potential customers and boost sales.
Brent Phillips, President of Vicinity Motor Corp., expressed his enthusiasm: “The CARB certification for the VMC 1200 not only broadens our market but also enhances our competitive edge. As many of our rivals are still gearing up for production, Vicinity is ready to deliver this advanced, environmentally friendly vehicle nationwide.”
Strengthening Dealer Relationships
With the certification in hand, Vicinity is now set to finalize U.S. dealer relationships and commence the sale of the VMC 1200 across the entire United States. This expansion is expected to leverage the company’s early mover advantage in the commercial EV space.
A Look at Vicinity Motor Corp.
Vicinity Motor Corp., known for its comprehensive range of electric, CNG, and clean-diesel buses, as well as the VMC 1200 electric truck, continues to strengthen its position in the transit and industrial markets through a robust dealer network and partnerships with top-tier manufacturing entities.
Stock Performance
On a related note, Vicinity’s stock saw a substantial rise, closing at $0.7131, which is a significant increase of 110.98%. This surge reflects the market’s positive reception to the company’s strategic advancements and its potential for future growth.
