Vicinity Motor doubles sales revenues in first three quarters of 2021 but still reports losses
By Bradley Osborne - 6th December 2021
Canada – Vicinity Motor Corp, a commercial vehicle manufacturer based in Aldergrove, British Columbia, has released its financial results for the third quarter of 2021, recording significant losses, though its year-to-date figures show a positive result overall.
Sales revenue for Q3 2021 amounted to CAD2.9m, a 67% decrease compared with the same period of the previous year, reflecting a much lower order intake (six buses as opposed to 20 in the previous year) and the impact of shipping delays and interruptions to the global supply chain. The company recorded a net loss of CAD4.8m (compared with CAD1.3m loss in Q3 2020) and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of CAD3.5m in the red.
