• Established Montreal-Area Passenger EV Dealership Moves into Commercial EV Market with Launch of VMC Laval

VANCOUVER, BC / ACCESSWIRE / January 23, 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 Groupe Taddeo Auto to open VMC Laval, a new VMC specific dealership, by the owners of successful Volvo and Polestar dealerships in the Montreal territory.

Groupe Taddeo Auto was founded in 2002, growing from a simple family dealership to a major automotive group in Quebec, bringing together Volvo Laval, Volvo West Island, Polestar Montreal and a certified center. These four strategic locations are supported by a team of over 120 dedicated, growth-oriented employees.

With the opening of VMC Laval, Groupe Taddeo Auto will expand into fleet solutions for businesses and government with its inventory of VMC 1200 vehicles. Per the terms of the agreement, VMC Laval will distribute Vicinity VMC 1200 trucks throughout Montreal-Laval.

"Groupe Taddeo Auto plays a major role in the automotive industry in Quebec with a reputation for excellence and extensive EV expertise," said William Trainer, Founder and CEO of Vicinity Motor Corp. "Leveraging their passenger EV expertise with Volvo and Polestar, including fleet and business options, the new VMC Laval brand will add another strong partner to our growing portfolio of VMC 1200 dealerships. The VMC 1200 provides an ideal entry into the commercial EV space for dealerships, especially in Quebec, with the VMC 1200's recent inclusion in the Quebec Ministry of Transport and Sustainable Mobility's Écocamionnage Program. This program incentivizes the electrification of the commercial freight and heavy vehicle transportation industry by offering VMC 1200 buyers in Quebec an CAD$85,000 incentive for each purchase. We look forward to a successful opening of the new location."

Anthony Taddeo, Founder of VMC Laval, added: "With strong sales of our EV passenger vehicles, we have seen in tandem a growing interest and demand for commercial EV trucks. As we looked to expand our EV lineup into commercial vehicles, Vicinity and its VMC 1200 class 3 all-electric truck stood out as an ideal choice for us. Beyond environmental and operational benefits, commercial EVs are rapidly reaching parity with internal combustion vehicles due to lower operational expenses, reduced maintenance, and significant government incentives like the Écocamionnage Program in Quebec. We look forward to the launch of our newest EV dealership, VMC Laval, and expanding our offering to commercial and fleet customers with the VMC 1200."

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.