Vicinity Motor (NASDAQ:VEV) stock is taking off on Monday after the electric vehicle (EV) company announced a massive new order.
Pioneer Auto Group is behind this order, with a request for more than $100 million worth of the company’s VMC 1200 Class 3 Electric Trucks. It’s worth noting that Pioneer is the “exclusive dealer” for Vicinity in British Columbia, Canada.
Vicinity Motor notes that this purchase order covers a minimum of 1,000 of its EVs. The company has until the end of 2023 to complete the order and intends to start deliveries this month. Vicinity is also benefiting from its VMC supply-chain not facing restrictions right now.
Increasing Demand Explains the New Order
Pioneer Auto Group’s Ray Van Empel went into detail about the new deal in a statement:
“We continue to see intense customer demand for class 3 commercial EVs, a segment that was largely unfilled prior to the arrival of the VMC 1200. This purchase order is a clear sign of our confidence not only in our sales capabilities at Pioneer Auto Group, but in the superiority of Vicinity’s product.”
News of the order has VEV stock seeing heavy trading on Monday. As of this writing, more than 13 million shares of the stock have changed hands. That’s quite the jump from the daily average trading volume of about 455,000 shares.
VEV stock is up 7.9% as of Monday morning and saw larger gains in early morning trading.
Investors looking for more of the latest stock market news will want to stick around!
We’ve got all of the hottest stock news traders need to know about for Monday! A few examples include why shares of EV stocks, Archaea Energy (NYSE:LFG) stock and Digital World Acquisition (NASDAQ:DWAC) stock are on the move today. You can find all of this news at the following links!
More Monday Stock Market News
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- Why Is Digital World (DWAC) Stock Trending Today?
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.