Today shares of Grande West Transportation (TSX-V: BUS) (OTCQX: BUSXF) saw it shares soar 31.5% as the company hit $2.63 during intraday trading from its opening price of $2.00. The week prior, on January 4th 2020, BUS provided an update to market in regards to its current operation and deliveries of its Vicinity bus. BUS stated that the company has received orders of over $40,000,000 and deliveries are set for the second half of 2021. Furthermore, BUS has already began the process of delivering 75% of its previous order of 90 buses, with the remaining 25% to be completed by the end of the first quarter of 2021!
CEO and President of Grande West, Mr. William Trainer stated "This is an exciting time to be a part of Grande West. We have created products built for communities with the impact on customers and the environment, first and foremost. Our Company is positioned well for the next stage in growth. We are refocusing our efforts in the U.S. by building a new manufacturing plant and increasing our market exposure, where possible, through new and existing networks. The prospects for Grande West have never been better." In addition to its press release on January 4th, BUS stated its very first electric bus called the Vicinity Lightning™ is expected to be completed and ready to be marketed to customers in early 2021, and deliveries aimed to take place before the second half of 2021.
In other related EV news, Northern Genesis Acquisition which trades on the NYSE under the ticker NGA, announced that the company is preparing to merge with Canadian based electric truck and bus company called Lion Electric. Lion Electric has recently signed a deal with Amazon.com to supply it with 10 trucks and a potential 500 trucks every year until 2026. These development with Canadian electric company Lion Electric gives validation to the growing interest in the electric vehicle market and is a testament to the demand of electric buses/trucks from other conglomerates such as Amazon. Lion Electric is expected to begin trading in March under the symbol LEV. Grande West is also planning to uplist its shares to either the NYSE or NASDAQ in 2021 as stated in its press release dated December 9th 2020, when the company engaged a capital markets advisory firm Digital Offering, LLC. On Christmas Eve, BUS announced that the company has successfully changed ticker symbol from GWTNF to BUSXF on the OTCQX exchange.
Shares of Grande West have consolidated very nicely with BUS basing in the $2.40 - $2.50 range and closed near the high of day at $2.55 with almost 6M in volume! With the current buying pressure, we would not be surprised to see BUS continue its accent towards $3.00 as the company continues to deliver on big developments in the near future and approaches its anticipated launch of its electric bus coming soon!
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