Vicinity Motor Corp. (NASDAQ: VEV) stock gained by 3.94% at the last close, whereas the VEV stock price plunged by 6.64% in the after-hours trading session. Vicinity Motor Corp. is a North American electric vehicle manufacturer that caters to both public and private sector customers.
VEV stock’ Financial Results
Vicinity Motor announced its financial earnings for the third quarter of 2021. Given below are the highlights:
- In the third quarter of 2021, revenue fell by 67 percent to $2.9 million, relative to $8.9 million in the third quarter of 2020.
- For the third quarter of 2021, the company lost $4.8 million, or ($0.16) per share, relative to $1.3 million, or ($0.05) per share, in the third quarter of 2021.
William Trainer, Founder, and CEO of Vicinity Motor Corp. stated,
Their foundation building for 2022 began in the third quarter of 2021 when they acquired exciting new lines of business, including EV chassis sales alongside EAVX and low-floor electric shuttle bus sales through their new partner Optimal-EV. While revenue from their transit bus business is inconsistent at times, they are on track to generate more than $140 million in revenue next year. By any measure, this will be a tremendous year for Vicinity. Their debut into the high-demand market for electric trucks and shuttle buses is projected to fill in the gaps for future periods of fewer transit bus deliveries.