04:55 PM EDT, 04/02/2024 (MT Newswires) -- Vicinity Motor ( VEV ) , which manufactures commercial electric vehicles, was at last look up near 2% in after-hours Nasdaq trading after gaining near 7% in regular trade despite saying Tuesday that its loss in the fourth quarter of 2023 widened to US$9.1 million, or US$0.20 per share, as compared to a loss of US$3.8 million, or US$0.08, in the fourth quarter of 2022.

But revenue in the fourth quarter of 2023 increased to US$5.1 million, compared to US$2.0 million in the fourth quarter of 2022.

"Looking ahead, with a growing sales funnel and strong backlog -- which exceeded $125 million as of December 31, 2023 -- we are laying the foundation for future success. The increasing adoption of commercial EVs is being driven by government incentives, corporate sustainability goals and declining cost of ownership -- with our EV lineup and growing dealer network capitalizing on this transition to be the commercial EV supplier of choice for many," concluded Trainer.