• Écocamionnage Program to Offer CAD$85,000 Rebate to VMC 1200 Buyers in Quebec

VANCOUVER, BC / ACCESSWIRE / December 4, 2023 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has been approved by the Quebec Ministry of Transport and Sustainable Mobility in Canada for the VMC 1200 to be included in its Écocamionnage Program to incentivize the electrification of the commercial freight and heavy vehicle transportation industry.

The Écocamionnage Program aims to reduce greenhouse gas emissions in the commercial freight and service vehicle sectors through measures to improve energy efficiency or through the use of alternative energy. Established in 2021, the program offers financial assistance for plug-in or electric hybrid vehicles based on the capacity of the batteries and the vehicle class. Before including a vehicle on the list of eligible vehicles, the Quebec Ministry of Transport reviews an application from the automaker to certify that the vehicle meets the program requirements.

"The Écocamionnage Program specifically targets vehicles like our VMC 1200 with financial incentives to encourage organizations and businesses to electrify their fleets, creating cleaner communities for Canadians everywhere," said William Trainer, Founder and CEO of Vicinity Motor Corp. "As we continue to expand our sales and service network across Canada through new dealership partnerships, this CAD$85,000 incentive represents an exciting opportunity to attract attention and lower costs for new buyers who are considering making the transition to EVs."

About Vicinity Motor Corp.

Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("VMC") is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and close relationships with world-class manufacturing partners to supply its flagship electric, CNG and clean-diesel Vicinity buses, as well as the VMC 1200 electric truck to the transit and industrial markets. For more information, please visit www.vicinitymotorcorp.com.

Company Contact:
John LaGourgue
VP Corporate Development
604-288-8043
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Investor Relations Contact:
Lucas Zimmerman
MZ Group - MZ North America
949-259-4987
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www.mzgroup.us

Neither the TSX-V nor its Regulation Service Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.

Important factors that could cause actual results to differ materially from Vicinity's expectations include uncertainties relating to the economic conditions in the markets in which Vicinity operates, vehicle sales volume, anticipated future sales growth, the success of Vicinity's operational strategies, the timing of the completion of the vehicle assembly facility in the State of Washington, the effect of the COVID-19 pandemic, related government-imposed restrictions on operations, the success of Vicinity's strategic partnerships; and other risk and uncertainties disclosed in Vicinity's reports and documents filed with applicable securities regulatory authorities from time to time. Vicinity's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Vicinity assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.