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Vicinity Motor sales fell and losses deepened in 2022

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By Bradley Osborne - 14th April 2023

Canada – Vicinity Motor Corp, a commercial vehicle manufacturer based in Aldergrove, British Columbia, released its results for 2022, which showed that revenues dropped by over 55% from USD41.7m in 2021 to USD18.5m.

The company’s profit margin also fell considerably, from 10% off of USD4.2m to 2% off of USD0.4m. Its net loss totalled USD18m, compared to minus USD7.3m in 2021. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) was minus USD7.4m (minus USD2.7m in 2021).

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