• Established Toronto-Area EV Dealership Establishes Vicinity Trucks West Toronto, Expanding into the Commercial EV Market

VANCOUVER, BC / ACCESSWIRE / January 8, 2024 / Vicinity Motor Corp. (NASDAQ:VEV)(TSXV:VMC) ("Vicinity" or the "Company"), a North American supplier of commercial electric vehicles, today announced that it has signed a new distribution agreement with Shift EV Trucks to open Vicinity Trucks West Toronto, a new VMC specific dealership, by the owners of the successful Shift Electric Vehicles for the West Toronto territory.

Shift Electric Vehicles has been offering a wide selection of premium electric vehicles online or in its showroom since 2013 in Oakville, Ontario - between Toronto and Hamilton. The dealership offers a complete range of EV cars, trucks and motorcycles across a variety of brands and is equipped with a Service department for electric vehicles of all makes and models. Owner Paul Repar has a robust automotive and transportation career spanning over 30 years, previously holding positions with Ford, Volvo, Mercedes-Benz and BMW Canada. With the opening of Vicinity Trucks West, Shift EV Trucks will provide fleet solutions for businesses and government with its inventory of Vicinity vehicles.

Per the terms of the agreement, Vicinity Trucks West Toronto will distribute Vicinity VMC 1200 trucks throughout Western Toronto. This agreement will further supplement Shift's portfolio of electric vehicles with a dedicated commercial EV.

"We continue to partner with successful EV dealers across Canada and North America - enabling them to most effectively diversify their portfolio and address the significant commercial EV opportunity," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Shift Electric is a highly regarded dealer known for offering the best selection, quality, and support across a wide range of passenger electric vehicles and brands. While market penetration of passenger EVs has become mainstream, commercial EV trucks represent a large unaddressed market opportunity driven by the declining total cost of ownership of EVs as compared to internal combustion vehicles, supportive regulatory developments, infrastructure investments and government incentives. We look forward to helping the new Vicinity Trucks West Toronto location expand into the exciting commercial and fleet EV space, starting with our incredible VMC 1200 line," concluded Trainer.

Paul Repar, Founder of Vicinity Trucks West Toronto, added: "Vicinity's compelling positioning in the commercial EV marketplace - taken together with the versatility of the VMC 1200 class 3 all-electric truck - were decisive in our choice to partner with them for the next phase of our evolution. We look forward to expanding our vision to becoming a leading provider of electric vehicles in the area by offering the VMC 1200 to commercial and fleet customers."

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.