Vicinity Motor stock soars after it announced it will deliver Canada's first Class 3 electric truck

Vicinity Motor Corp. VEV shares are trading higher Wednesday after the company announced it will deliver Canada's first Class 3 electric truck.

Vicinity designed the VMC 1200 electric truck to meet the rising demand for zero-emission medium-duty commercial vehicles. The vehicle is designed to be used in applications ranging from construction and utility to deliveries.

William Trainer, the founder and CEO of Vicinity Motor, said the VMC 1200 will help British Columbia and Canada become leaders in the EV sector, while supporting ambitious government targets for net-zero transportation, local job growth and economic diversification.

The VMC 1200 has started rolling off assembly lines in Canada. The distribution of the VMC 1200, which is projected to account for a significant portion of the near-term sales, will begin this month.

Vicinity Motor is a North American supplier of electric vehicles for both public and commercial use.

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VEV Price Action: Vicinity Motor has a 52 week high of $4.29 and a 52 week low of 96 cents.

The stock was up 7.01% at $1.15 at the time of publication, according to Benzinga Pro.