Vicinity Motor revenues grow 113% to USD41.7m in 2021, but losses reported
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By Bradley Osborne - 29th April 2022
Canada – Vicinity Motor Corp, a commercial vehicle manufacturer based in Aldergrove, British Columbia, has announced its fourth quarter and full year results for 2021, showing that revenues grew by a massive 113% over the whole year from USD19.6m to USD41.7m.1 In the fourth quarter, however, revenues shrank from USD3.5m to USD2.3m.
Although its sales figures for the entire year are impressive, the Canadian manufacturer reported losses in its adjusted earnings before tax, interest, depreciation and amortisation (EBITDA) of USD2.7m. The losses were made primarily in the fourth quarter, which accounted for USD2.2m.
