Vicinity Motor receives USD30m in government-backed loans to build electric trucks
By Bradley Osborne - 8th March 2023
Canada – Vicinity Motor Corp, a commercial vehicle manufacturer based in Aldergrove, British Columbia, has announced that it has successfully closed on a credit facility worth USD30m from the Royal Bank of Canada and Export Development Canada to fund production of its Class 3 electric trucks.
The credit is permitted for use in paying for 100% of eligible production costs on the ‘VMC 1200’ range, excluding labour and overheads on the assembly plants. The interest rate is prime plus 2% and is secured against the company’s existing assets. William Trainer, the company’s founder and CEO, said the money will provide Vicinity Motor with the “working capital necessary to monetize” the 1,100-strong order backlog.
