VANCOUVER - Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC), a North American supplier of commercial electric vehicles, announced today the appointment of Tina Stewart as its new Chief Financial Officer. Stewart, a seasoned finance executive with over two decades of experience, will take over the role from Dan Buckle (NYSE:BKE), who has resigned for personal reasons.
Stewart brings a wealth of experience from various sectors including mining, telecommunications, and renewable energy. Her previous position as VP of Finance, North America, at Drax Group (LON:DRX) saw her leading a sizable finance team, while her tenure at Global Container Terminals Inc. involved directing treasury and capital allocation.
As CFO, Stewart will be responsible for the financial guidance of Vicinity Motor Corp., aiding in the company's strategic planning, risk management, and corporate development. Her role will be critical in advancing the company's objective to enhance shareholder value and oversee financial operations to support Vicinity's growth and profitability.
Brent Phillips, President of Vicinity, expressed confidence in Stewart's ability to contribute to the company's success, citing her track record and expertise in sustainability and financial management of listed companies. Stewart herself expressed enthusiasm for her new role and the opportunity to support Vicinity's expansion and strategic financial goals.
Vicinity Motor Corp. specializes in electric vehicles for public and commercial use, including electric buses and the VMC 1200 electric truck. The company operates through a dealer network and partnerships with manufacturing entities.
This announcement is based on a press release statement and aims to provide investors with the latest corporate developments at Vicinity Motor Corp. The company's forward-looking statements involve risks and uncertainties, and actual results may differ from those projected.
In other recent news, Vicinity Motor Corp. has reported a remarkable 400% revenue surge in the first quarter of 2024, despite a net loss of $3.7 million. This significant increase is attributed to the delivery of 44 VMC 1200 electric trucks and 22 Vicinity Classic clean diesel buses.
The company also announced the recent appointment of Jeff Madura as Senior Director of Sales, a veteran with over 29 years of experience in the commercial vehicle industry. Madura's expertise is expected to strengthen Vicinity's sales efforts amidst growing demand for electric vehicles.
In another development, Vicinity's VMC 1200 electric truck has met all Federal Motor Vehicle Safety Standards, allowing it to be legally sold in the United States. The company also anticipates receiving certification from the California Air Resources Board, which would further enhance its market reach.
Meanwhile, Vicinity showcased its VMC 1200 Class 3 Electric Truck at the Advanced Clean Transportation Expo, marking its third consecutive year at the event. These are the latest developments for Vicinity Motor Corp., signaling significant strides in the commercial electric vehicle sector.
InvestingPro Insights
With the recent executive shuffle at Vicinity Motor Corp., investors may be keen to understand the financial health of the company. Tina Stewart steps into the CFO role at a time when Vicinity Motor Corp. is navigating a complex financial landscape, as indicated by real-time data and insights from InvestingPro.
The company's market capitalization stands at a modest 31.49 million USD, reflecting its position in the competitive electric vehicle industry. Notably, Vicinity Motor Corp. has been experiencing robust revenue growth, with an impressive 65.18% increase over the last twelve months as of Q1 2024. This surge is further highlighted by a quarterly revenue growth of nearly 400% in Q1 2024, signaling potential for the company's product lineup and market expansion strategies.
Still, these encouraging growth figures are juxtaposed with challenges. The company operates with a significant debt burden and analysts have raised concerns about its ability to make interest payments on its debt, as per InvestingPro Tips. Moreover, Vicinity Motor Corp. is grappling with weak gross profit margins of 11.97%, which may impact its ability to achieve profitability in the near term. The company's stock has also been subject to high price volatility, a factor that prospective investors should consider.
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