Why Vicinity Motor Stock Is Trading Higher

Vicinity Motor Corp VEV shares are trading higher Wednesday after the company announced it will begin delivering Canada's first Class 3 electric truck.

Vicinity said it designed the VMC 1200 electric truck to meet soaring demand for zero-emission medium-duty commercial vehicles. The vehicle is designed to be used in applications ranging from construction and utility to deliveries.

"The VMC 1200 will help British Columbia and Canada become leaders in the EV sector, while supporting ambitious government targets for net-zero transportation, local job growth, and economic diversification," said William Trainer, founder and CEO of Vicinity Motor.

The VMC 1200 has started rolling off assembly lines in Canada. Distribution of the VMC 1200, which is projected to account for a significant portion of near-term sales, will begin this month.

Vicinity Motor is a North American supplier of electric vehicles for both public and commercial enterprise use.

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VEV Price Action: Vicinity Motor has a 52-week high of $4.29 and a 52-week low of 96 cents.

The stock was up 7.01% at $1.15 at time of publication, according to Benzinga Pro.

Photo: Markus Distelrath from Pixabay.