Why Is Vicinity Motor (VEV) Stock Up 8% Today?

Advertisement

  • Vicinity Motor (VEV) stock is climbing on order news.
  • This covers more than $100 million worth of its electric vehicles (EVs).
  • The new order comes from Pioneer Auto Group.
VEV Stock. An image of an EV charging with other icons imposed over top; a lightning bolt, full battery, cogs

Source: Shutterstock

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

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More:Penny Stocks — How to Profit Without Getting Scammed

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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/10/why-is-vicinity-motor-vev-stock-up-8-today/.

©2024 InvestorPlace Media, LLC