- Vicinity Motor Corp (NASDAQ:VEV) has signed a licensing and marketing agreement partnering with Optimal Electric Vehicles, LLC to serve as the exclusive North American distributor of the all-electric product line.
- Under the agreement, Vicinity will license and sell the Optimal S1 and E1 product lines for 10 years in exchange for an investment of $20 million.
- Optimal-EV will produce the vehicles and chassis for Vicinity Motor, while Vicinity Motor will market and sell the vehicles directly in Canada and through a dealer network in the U.S.
- Vehicles will be branded “VMC Optimal” and the two partners will share in revenue and profits.
- With the agreement, Vicinity will have access to over $30 million in firm orders for deliveries in 2022, LOI with existing Optimal-EV dealers for potential sales of $194 million in 2023, and a potential sales pipeline of over $600 million.
- Price Action: VEV shares are trading higher by 4.81% at $5.67 on the last check Wednesday.
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