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Vicinity Motor (VEV) Stock Rallied 68.3% on Initial Truck Deliveries

Simon Mugo trader
Updated 5 Oct 2022

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Key points:

  • Vicinity Motor (VEV) stock price rallied 68.3% as it started deliveries.
  • The firm has started delivering its VMX 1200 electric truck to clients.
  • As a result, VEV stock looks attractive at current levels.

The Vicinity Motor Corp (NASDAQ: VEV) stock price rallied 68.3% after the company started delivering its VMC 1200 electric truck. Investors cheered the significant milestone that the company hailed as a crucial step in supporting the Canadian government’s zero-emissions goal.

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The VMC 1200 is designed to meet soaring demand for zero-emission medium-duty commercial vehicles ideal for use in the construction industry and deliveries. The truck has a payload capacity of 2,495 kg/5,500 lbs and can travel for 241 kilometres/150 miles on a single charge.

Also read: The Best Electric Car Stocks To Buy.

The trucks utilise advanced lithium-ion batteries that can generate up to 150 kWh of power and reach full charge in five to seven hours from a level 2 charger, with the charging time shortening to 2.5 hours via a CCS1 Combo Plug at a level 3 charging station.

William Trainer, Vicinity Motor Corp.’s Founder and CEO, said: “The VMC 1200 will help British Columbia and Canada become leaders in the EV sector while supporting ambitious government targets for net-zero transportation, local job growth, and economic diversification. With the 1200 recently qualifying for Transport Canada’s $550-million subsidy program for medium-duty zero-emission vehicles, it has only become more appealing to commercial transportation operators seeking to reduce costs, eliminate carbon emissions, and run more efficient fleets.”

Trainer concluded:

“Until the launch of the VMC 1200, commercial transportation operators lacked a durable and reliable zero-emission Class 3 truck at a competitive price point. Now, with North American light- and medium-duty EV inventories projected to top one million by 2030 and six million by 2040, the VMC 1200 provides yet another example of VMC setting itself apart from other commercial vehicle manufacturers,”

So, would I buy VEV stock? The short answer is yes. VEV shares are trading above a crucial long-term support zone that could fuel a rally higher.

*This is not investment advice.

Vicinity Motor stock price.

Vicinity Motor stock price 05-10-2022
Source: Tradingview

The Vicinity Motor stock price rallied 68.27% premarket to trade at $1.75, rising from Tuesday’s closing price of $1.07.

Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading