Why Is Vicinity Motor (VEV) Stock Down 27% Today?


  • Vicinity Motor (VEV) stock is dropping alongside its Q4 earnings report.
  • The company posted EPS of -20 cents and revenue of $5.1 million.
  • Wall Street was expecting EPS of -8 cents and revenue of $12.62 million.
VEV Stock - Why Is Vicinity Motor (VEV) Stock Down 27% Today?

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Vicinity Motor (NASDAQ:VEV) stock is falling on Wednesday following the release of the transit bus manufacturing company’s fourth quarter 2023 earnings report.

The bad news for VEV stockholders starts with the company’s earnings per share of -20 cents. This is worse than the -6 cents per share that Wall Street was expecting. It’s also worse than the -8 cents per share from the same period of the year prior.

Also not helping matters is the company’s revenue of $5.1 million. Yet again, this failed to reach analysts’ revenue estimate of $12.62 million. That’s despite revenue jumping from the $2 million reported in the fourth quarter of 2022.

Vicinity Motor founder and CEO William Trainer said the following in the earnings report:

“The increasing adoption of commercial EVs is being driven by government incentives, corporate sustainability goals and declining cost of ownership – with our EV lineup and growing dealer network capitalizing on this transition to be the commercial EV supplier of choice for many.”

VEV Stock Movement on Wednesday

The lackluster earnings report from Vicinity Motor is weighing on the company’s shares this morning. That has VEV stock down 26.8% as of this writing. This erases the 11.9% year-to-date gains it accumulated when markets closed yesterday.

Investors on the lookout for more of the most recent stock market stories are going to want to stick around!

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On the date of publication, William White did not have (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.

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