Vicinity Motor (NASDAQ: VEV) stock more than doubled during intraday trading Friday after securing CARB certification for VMC 1200 Class 3 Electric Truck.
Vicinity Motor Corp. has achieved a significant milestone with the California Air Resources Board (CARB) certifying its VMC 1200 class 3 electric truck as a zero-emission vehicle for the 2024 Model Year. This certification allows the company to sell the VMC 1200 in California and other US states that have adopted CARB standards.
States adopting CARB standards include Connecticut, Colorado, Delaware, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Vermont, Virginia, and Washington, thereby enabling nationwide sales of the VMC 1200.
In addition to facilitating nationwide sales, CARB certification enables Vicinity Motor to participate in California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), along with similar programs in other states. These programs provide monetary vouchers to reduce the purchase costs of commercial electric vehicles, enhancing the VMC 1200’s affordability for fleet operators.
Executive Statements
Brent Phillips, President of Vicinity Motor Corp., expressed enthusiasm about the certification, stating,
“We are thrilled to announce the receipt of CARB certification for the VMC 1200, which now allows this incredibly compelling vehicle to be sold in every state throughout the country. In addition, the VMC 1200 now qualifies for various incentive programs – such as the HVIP program in California – which provide monetary vouchers to reduce the total cost for the purchaser.”
Phillips further added,
“We can now begin to finalize U.S. dealer relationships and sell VMC 1200 vehicles throughout the entirety of the United States, leveraging our early mover advantage as many commercial EV competitors are still in the pre-production stage. I look forward to continued operational execution in the months ahead as we strive to deliver sustainable value for our shareholders over the long term.”
Vicinity Motor (NASDAQ: VEV) Stock Movement
VEV stock soared 122.15% on Friday, closing at $0.7131, marking an 82.38% increase for the week. The trading volume was 116,261,944 shares, significantly higher than the average daily volume of 1.91 million.
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