UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of: January 2024
Commission File Number: 001-40412
VICINITY
MOTOR CORP.
(Translation
of registrant’s name into English)
3168, 262nd Street
Aldergrove, British Columbia, Canada V4W
2Z6
Telephone: (604) 607-4000
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:
The information
contained in Exhibit 99.1 of this Form 6-K is
incorporated by reference into, or as additional exhibits to, as applicable, the registrant’s Registration Statement
on Form F-3 (File No. 333-272964).
DOCUMENTS INCLUDED AS PART OF THIS REPORT
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
| |
Vicinity Motor Corp.
(Registrant) |
| |
|
| Date: January 18, 2024 |
By: |
/s/ Danial Buckle |
| |
|
Name: |
Danial Buckle |
| |
|
Title: |
Chief Financial Officer |
EXHIBIT 99.1
Vicinity Motor Corp. Issues Shareholder
Letter and Provides Corporate Update
VANCOUVER, BC - January 18, 2024
- Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) (“Vicinity” or the “Company”), a North American supplier
of commercial electric vehicles, today issued a letter to shareholders from CEO and Founder William Trainer.
Dear Shareholders,
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.
Production is Underway at U.S. Manufacturing
Campus in Ferndale, Washington
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.
Building a North American Dealer
Network for the VMC 1200
The VMC 1200 pulls upon our growing
EV expertise to address the significant urban delivery and medium duty truck markets, providing a highly competitive all-electric
Class 3 vehicle. The VMC 1200 truck is appealing to commercial customers in urban delivery and other applications and is being
sold through our growing network of existing dealerships – allowing us to leverage their pre-existing fleet customer relationships
and expedite adoption continent-wide. We have already seen significant success in Canada and are laying the groundwork to enter
the U.S. market in the near-term as well.
Our dealer network development partnership
with Dealer Solutions Mergers and Acquisitions (DSMA) – the premier transaction originator and advisor in the North American
automotive and heavy equipment sectors – has given us an ability to reach most any dealer in Canada or the United States.
As part of these efforts, we’ve signed several exciting distribution agreements with leaders in their respective regions,
with many additional high-quality prospects on both sides of the border. Their efforts, when paired with the continued cadence
of sales execution by our very own Brent Phillips, have proven to be extremely impactful.
To that end, the Company is pleased
to announce the appointment of Brent Phillips to the title of Vice President of Sales.
In December 2023 we entered the Quebec
Market with a VMC 1200 distribution agreement with Quebec-based Complexe EV – a new EV-specific dealership by the owners
of the successful Lussier Chevrolet Buick GMC Ltée – including an initial purchase of 25 vehicles. We expect strong
sales in this region in particular, having recently been approved by the Quebec Ministry of Transport and Sustainable Mobility
for the VMC 1200 to be included in its Écocamionnage Program. The program incentivizes the electrification of the commercial
freight and heavy vehicle transportation industry with a robust CAD$85,000 per vehicle rebate to VMC 1200 buyers in Quebec.
As part of our efforts to showcase the
robust variety of use cases for our VMC 1200 vehicles, we entered into a strategic collaboration with Lafarge Canada – Canada’s
largest provider of sustainable and innovative building materials – to electrify Lafarge’s truck fleet and reduce their
carbon footprint with VMC 1200 trucks. Lafarge Canada initially deployed two all-electric VMC 1200 trucks in its British Columbia
Aggregates and Ready Mix Operations, signaling a paradigm shift towards sustainable transportation solutions. Following the strong
performance of the VMC 1200 in this role, Lafarge recently placed a larger follow on order for additional vehicles.
Automated EV Transit Bus Collaboration
with ADASTEC
As we shifted towards EVs in 2023, we
saw a significant increase in inbound interest from the industry. We booked initial orders for our all-electric transit bus –
the Vicinity Lightning™ EV – from tier-1 customers such as Calgary Transit, Honolulu International Airport and Billy
Bishop Toronto City Airport.
As part of our ongoing initiative to
find innovative new commercial partnerships where we can leverage the established technical expertise of third-party partners,
we announced a collaboration with automated transit bus software provider ADASTEC to create an SAE Level-4 automated Vicinity Lighting
EV. This landmark initiative is set to be the first of its kind in North America, bringing together our expertise in medium-duty,
accessible, fully electrified low-floor transit vehicles with ADASTEC’s SAE Level-4 automated driving software platform.
We have already entered into an agreement
to deploy Autonomous Lightning EVs at both the Buffalo Niagara Medical Campus and at Michigan State University in the second quarter
of 2024, showcasing our next-generation electric transit bus outfitted with ADASTEC’s cutting edge automation technology.
Together, we aim to find innovative new ways to revolutionize the mobility sector and make a lasting impact on communities and
their passengers.
Showcasing our Next-Generation EVs
at Tier-1 Industry Conferences Across North America
Throughout last year, we garnered continued
interest in our EV lineup at some of largest industry conferences and events in North America, introducing thousands of attendees
to the benefits of our new EV platforms. We showcased the VMC 1200, upfitted by our partner EAVX with a Reading truck utility
body, at the Advanced Clean Transportation Expo, the premier annual event showcasing the latest technologies, fuels, services,
and vehicles driving the transition to low- and zero-emission transportation.
We also exhibited the Vicinity Lightning™
at the American Public Transportation Association (APTA) TRANSform Conference & EXPO, the world’s most comprehensive
public transportation showcase of technology, products, and services. Finally, we brought both the VMC 1200 and Vicinity Lightning™
to the Fully Charged LIVE Canada event, a premier resource for electric vehicles with over 4 million viewers per month on its channel.
Efforts such as these are critical to building and maintaining thought leadership during our electrification journey, leveraging
our existing mindshare in the industry to showcase our next-generation offerings.
Strong Legacy of Market Leadership
with the Vicinity™ Classic Transit Bus
Our history of North American market
leadership in the mid-sized heavy-duty transit bus segment continued to provide a solid recurring customer base for our transit
bus business, with continued strong order momentum for the Vicinity™ Classic transit bus. Orders during 2023 for the Vicinity™
Classic included 42 from Transdev, four from Simcoe County in Ontario, Canada, and four from the Village of New Square, New York.
From large public transportation systems
to small communities, many of these transit authorities are evaluating EVs to supplement or replace their conventional diesel fleets
in service today. With our established relationships, we can continue to serve as comprehensive provider that fulfills immediate
needs as well as long-term sustainability targets for public transit operators everywhere.
Final Thoughts & 2024 Outlook
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.
I would like to sincerely thank all
of our shareholders, partners, and staff for your continued support as we strive to create sustainable, long-term value for you
and your communities.
Sincerely,
William Trainer
Founder and CEO
Vicinity Motor Corp.
About Vicinity Motor Corp.
Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC)
(“VMC”) is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company
leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG
and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets. For more information,
please visit www.vicinitymotorcorp.com.
Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
IR@vicinitymotor.com
Investor Relations Contact:
Lucas A. Zimmerman
MZ Group - MZ North America
949-259-4987
VMC@mzgroup.us
www.mzgroup.us
Neither the TSX-V nor its Regulation
Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain
“forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”)
within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are
forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”,
and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”,
or “should” occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be
no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from
those anticipated in such statements.
Important factors that could cause actual
results to differ materially from Vicinity’s expectations include uncertainties relating to the economic conditions in the
markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity’s operational
strategies, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity’s
strategic partnerships; and other risk and uncertainties disclosed in Vicinity’s reports and documents filed with applicable
securities regulatory authorities from time to time. Vicinity’s forward-looking statements reflect the beliefs, opinions
and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or
beliefs, opinions, projections, or other factors, should they change, except as required by law.
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