Vicinity Motor (VEV) 6-K 14 Aug 23 Current report (foreign) Financial data

Cover

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-40412
Entity Registrant Name	VICINITY MOTOR CORP.
Entity Central Index Key	0001834975
Entity Address, Address Line One	3168
Entity Address, Address Line Two	262nd Street
Entity Address, City or Town	Aldergrove
Entity Address, State or Province	BC
Entity Address, Country	CA
Entity Address, Postal Zip Code	V4W 2Z6

Interim Condensed Consolidated

Interim Condensed Consolidated Statements of Financial Position (Unaudited) $ in Thousands, $ in Thousands	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Current Assets
Cash and cash equivalents	$ 7,264	$ 1,622
Trade and other receivables	3,954	2,655
Inventory	10,953	10,068
Prepaids and deposits	8,687	3,801
Current assets	30,858	18,146
Long-term Assets
Intangible assets	14,675	14,273
Property, plant, and equipment	22,794	22,613
Assets	68,327	55,032
Current Liabilities
Accounts payable and accrued liabilities	5,040	4,942
Credit facility	6,841	628
Current portion of deferred revenue	3,865	2,382
Current portion of provision for warranty cost	506	1,585
Current debt facilities	7,387	6,587
Current portion of other long-term liabilities	444	449
Current liabilities	24,083	16,573
Long-term Liabilities
Convertible debt	2,816
Other long-term liabilities	7,194	1,503
Provision for warranty cost	84	124
Liabilities	34,177	18,200
Shareholders’ Equity
Share capital	76,806	75,983
Contributed surplus	7,477	7,088
Accumulated other comprehensive (loss) income	645	1,403
Deficit	(50,778)	(47,642)
Shareholders’ Equity	34,150	36,832
Liabilities and shareholders’ equity	$ 68,327	$ 55,032

Interim Condensed Consolidate_2

Interim Condensed Consolidated Statements of Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue
Revenue	$ 4,816	$ 11,742	$ 7,466	$ 14,925
Cost of sales	(3,223)	(10,718)	(5,399)	(13,691)
Gross profit	1,593	1,024	2,067	1,234
Expenses
Sales and administration	2,043	2,371	3,955	4,751
Stock-based compensation	191	166	389	463
Amortization	205	699	418	1,319
Interest and finance costs	957	599	1,640	1,186
Change in fair value of embedded derivatives	(63)		(154)
Gain on modification of debt		(803)		(803)
Foreign exchange (gain) loss	(1,048)	1,572	(1,054)	784
Expenses	2,285	4,604	5,194	7,700
Loss before taxes	(692)	(3,580)	(3,127)	(6,466)
Current income tax expense	9	209	9	209
Net loss	$ (701)	$ (3,789)	$ (3,136)	$ (6,675)
Loss per share
Basic	$ (0.02)	$ (0.10)	$ (0.07)	$ (0.18)
Diluted	$ (0.02)	$ (0.10)	$ (0.07)	$ (0.18)
Weighted average number of common shares outstanding
Basic and diluted	45,541,736	37,569,536	45,541,736	37,569,536
Vehicle Sales [Member]
Revenue
Revenue	$ 3,500	$ 10,117	$ 4,967	$ 11,819
Other [Member]
Revenue
Revenue	$ 1,316	$ 1,625	$ 2,499	$ 3,106

Interim Condensed Consolidate_3

Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Profit or loss [abstract]
Net loss	$ (701)	$ (3,789)	$ (3,136)	$ (6,675)
Other comprehensive loss items that may be reclassified subsequently to net (loss) income
Exchange differences on translation of foreign operations	(738)	598	(758)	330
Total other comprehensive (loss) income	(738)	598	(758)	330
Total comprehensive loss	$ (1,439)	$ (3,191)	$ (3,894)	$ (6,345)

Interim Condensed Consolidate_4

Interim Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Issued capital [member]	Contributed Surplus [Member]	Accumulated other comprehensive income [member]	Retained earnings [member]	Total
Beginning balance, value at Dec. 31, 2021	$ 58,055	$ 6,035	$ (151)	$ (29,694)	$ 34,245
Balance, beginning of year (in shares) at Dec. 31, 2021	34,946,379
IfrsStatementLineItems [Line Items]
Issuance of shares – private placement	$ 12,988				12,988
Issuance of shares - private placement, Shares	4,747,000
Issuance of shares – options exercised	$ 98	(23)			75
Issuance of shares - options exercised, Shares	66,661
Share issuance costs	$ (1,131)				(1,131)
Share issuance costs – agent warrants	(152)	152
Warrants		444			444
Stock-based compensation		463			463
Other comprehensive loss			330		330
Net loss				(6,675)	(6,675)
Ending balance, value at Jun. 30, 2022	$ 69,858	7,071	179	(36,369)	40,739
Balance, end of year (in shares) at Jun. 30, 2022	39,760,040
Beginning balance, value at Dec. 31, 2022	$ 75,983	7,088	1,403	(47,642)	36,832
Balance, beginning of year (in shares) at Dec. 31, 2022	44,742,039
IfrsStatementLineItems [Line Items]
Issuance of shares – private placement	$ 867				867
Issuance of shares - private placement, Shares	925,667
Share issuance costs	$ (44)				(44)
Stock-based compensation		389			389
Other comprehensive loss			(758)		(758)
Net loss				(3,136)	(3,136)
Ending balance, value at Jun. 30, 2023	$ 76,806	$ 7,477	$ 645	$ (50,778)	$ 34,150
Balance, end of year (in shares) at Jun. 30, 2023	45,667,706

Interim Condensed Consolidate_5

Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net loss for the year	$ (3,136)	$ (6,675)
Items not involving cash:
Loss on disposal of property and equipment		18
Gain on modification of debt		(803)
Amortization	562	1,482
Foreign exchange (gain) loss	(1,293)	(78)
Interest and finance costs	1,640	1,186
Change in fair value of embedded derivatives	(154)
Stock-based compensation	389	463
Changes in non-cash items:
Trade and other receivables	(1,223)	660
Inventory	(858)	1,036
Prepaids and deposits	(4,700)	(298)
Accounts payable and accrued liabilities	136	4,607
Deferred consideration		(76)
Deferred revenue	1,419	(1,054)
Warranty provision	(1,126)	255
Taxes paid	(9)	(209)
Interest paid	(783)	(339)
Cash (used) provided in operating activities	(9,136)	175
INVESTING ACTIVITIES
Purchase of intangible assets	(272)	(328)
Proceeds from government subsidy		817
Purchase of property and equipment	(303)	(8,225)
Proceeds on disposal of property and equipment		247
Cash used in investing activities	(575)	(7,489)
FINANCING ACTIVITIES
Proceeds from issuance of common shares	867	13,063
Share issuance costs	(44)	(1,131)
Proceeds of credit facility	6,038	659
Proceeds from convertible debt	2,939
Convertible debt financing fees	(159)
Proceeds from long-term loans	5,869
Repayment of long-term loans	(262)	(186)
Cash provided in financing activities	15,248	12,405
Effect of foreign exchange rate on cash	105	(136)
Increase in cash and cash equivalents	5,642	4,955
Cash and cash equivalents, beginning	1,622	4,402
Cash and cash equivalents, ending	$ 7,264	$ 9,357

NATURE OF OPERATIONS

NATURE OF OPERATIONS	6 Months Ended
	Jun. 30, 2023
Nature Of Operations
NATURE OF OPERATIONS	1. NATURE OF OPERATIONS Vicinity Motor Corp. (“Vicinity”, “VMC” or the “Company”) is a Canadian company that is a North American supplier of electric vehicles for both public and commercial enterprise use. The Company leverages a dealer network and relationships with manufacturing partners to supply its flagship electric, compressed natural gas (“CNG”) and clean-diesel Vicinity buses and the VMC 1200 class 3 electric truck. VMC (formerly Grande West Transportation Group) was incorporated on December 4, 2012 under the laws of British Columbia. The Company conducts its active operations in Canada through its wholly owned operating subsidiary, Vicinity Motor (Bus) Corp. which was incorporated on September 2, 2008 under the laws of British Columbia. The Company also conducts its active operations in the U.S. through a wholly owned subsidiary, Vicinity Motor (Bus) USA Corp., incorporated on April 8, 2014 under the laws of the State of Delaware. The Company’s head office is located at 3168 262 nd

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
BASIS OF PRESENTATION	2. BASIS OF PRESENTATION The following companies are consolidated with Vicinity Motor Corp. as at June 30, 2023: Schedule of subsidiary Company Name Registered Holding Functional Currency Vicinity Motor Corp. British Columbia Parent Company United States Dollar Vicinity Motor (Bus) Corp. British Columbia 100% Canadian Dollar Vicinity Motor (Bus) USA Corp. United States 100% United States Dollar Intercompany balances and transactions, and any unrealized gains arising from intercompany transactions, were eliminated in preparing the consolidated financial statements. a) Statement of compliance These unaudited interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board, have been omitted or condensed. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022. The interim condensed consolidated financial statements were authorized for issue by the Board of Directors on August 14, 2023. b) Basis of measurement The interim condensed consolidated financial statements have been prepared on the historical cost basis except for certain financial instruments carried at fair value. c) Use of estimates and judgments The preparation of the consolidated financial statements in conformity with IFRS requires the use of judgments and/or estimates that affect the amounts reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the consolidated financial statements. For significant estimates and judgements refer to Note 7 and Note 9 of these interim consolidated financial statements as well as the audited consolidated financial statements for the year ended December 31, 2022. During the current period the Company entered into a convertible debt arrangement and accordingly the following are new estimates and judgements. Fair value of embedded derivatives The Company is required to determine the fair value of embedded derivatives related to conversion features and redemption options as at the reporting date. Since the embedded derivatives are not traded in an active market, their fair value is based on estimates and valuation techniques as disclosed in Note 9.

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2023
Disclosure Inventory Abstract
INVENTORY	3. INVENTORY Schedule of inventory June 30, 2023 December 31, 2022 $ $ Finished goods 1,187 3,355 Work in progress - vehicles 7,797 4,785 Parts for resale 1,969 1,928 Total Inventory 10,953 10,068 As at June 30, 2023 and December 31, 2022, work in progress – vehicles consists of the cost of buses and trucks still being manufactured. Finished goods inventory consisted of the costs of assembled buses and trucks, as well as freight and other costs incurred directly by the Company in compiling inventory. All inventory is part of the general security agreement to secure the credit facility described in Note 5. During the six months ended June 30, 2023, the Company recognized $ 4,771 11,551

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
PROPERTY AND EQUIPMENT	4. PROPERTY AND EQUIPMENT During the six months ended June 30, 2023, the Company completed construction and received its certificate of occupancy for its US manufacturing campus in Ferndale, Washington. The building will start being amortised once it is capable of operating in the manner intended by management.

CREDIT FACILITY

CREDIT FACILITY	6 Months Ended
	Jun. 30, 2023
Credit Facility
CREDIT FACILITY	5. CREDIT FACILITY During the year ended December 31, 2017, the Company entered into a revolving credit facility agreement with a financial institution for a maximum amount of C$ 20 The credit facility bears interest at a rate of 0.75% - 1% plus Canadian prime rate for loans denominated in Canadian dollars and 0.75% - 1% plus US prime rate for loans denominated in US dollars. During the six months ended June 30, 2023, the terms of the agreement were amended to reduce the ABL facility to C$ 10 As at June 30, 2023, the Company had drawn $nil on this facility (December 31, 2022: $ 628 During the six months ended June 30, 2023, the Company obtained $ 30 2 As at June 30, 2023, the Company had drawn $ 7,081 0 240 6,841 As at June 30, 2023, the Company is in compliance with all covenants.

DEFERRED REVENUE

DEFERRED REVENUE	6 Months Ended
	Jun. 30, 2023
Deferred Revenue
DEFERRED REVENUE	6. DEFERRED REVENUE Schedule of deferred revenue June 30, 2023 December 31, 2022 $ $ Sales deposits – future delivery of buses 2,018 453 Future delivery of buses (a) 1,847 1,929 Deferred revenue 3,865 2,382 Less: current portion 3,865 2,382 Long-term portion of deferred revenue — — a) During the year ended December 31, 2022, the Company recognized deferred revenue in relation to a non-cash agreement with a customer in which the Company provided the customer with 8 leased buses to be leased until the delivery of 8 new buses which is expected within the next 12 months. As a result, the Company has recognized $82 as lease revenue (June 30, 2022: $85) and has a deferred revenue balance of $1,847 as at June 30, 2023.

PROVISION FOR WARRANTY COST

PROVISION FOR WARRANTY COST	6 Months Ended
	Jun. 30, 2023
Provision For Warranty Cost
PROVISION FOR WARRANTY COST	7. PROVISION FOR WARRANTY COST The Company provides a two year bumper to bumper warranty coverage for vehicles on specified components, with the exception of normal wear and tear. During the six months ended June 30, 2023, the Company recorded warranty expense of $147 (June 30, 2022 - $451) as part of its cost of sales in connection with sales completed during the six months. During the six months ended June 30, 2023, $276 of warranty costs (June 30, 2022 - $498) have been incurred against the provision. Change in estimate of the warranty provision relates to re-assessment of the warranty provision compared to the actual warranty claims applied. Schedule of provision for warranty cost $ Balance at December 31, 2021 1,669 Additions 499 Warranty claims applied (841 ) Change in estimate of warranty provision 421 Change in foreign exchange (39 ) Balance at December 31, 2022 1,709 Additions 147 Warranty claims applied (276 ) Change in estimate of warranty provision (996 ) Change in foreign exchange 6 Balance at June 30, 2023 590 Less: Current portion 506 Long-term portion of warranty provision 84

CURRENT DEBT FACILITIES

CURRENT DEBT FACILITIES	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
CURRENT DEBT FACILITIES	8. CURRENT DEBT FACILITIES Schedule of current debt facilities June 30, 2023 December 31, 2022 $ $ Unsecured debentures - 2021 (a) 7,387 6,587 7,387 6,587 a) On October 5, 2021, the Company issued C$10.3 million in unsecured debentures with a maturity 12 months from the date of issue. On June 15, 2022, the maturity date of the debentures was extended to October 4, 2023, with the extension being treated as a modification of the original debt with the classification changing from current to long-term liabilities. As a result, a gain of $803 on modification of debt was recorded during the six months ended June 30, 2022. In connection with the extension, the Company cancelled 412,000 warrants from the previous agreement. On extension the Company issued 1,000,000 warrants to purchase common shares at an exercise price of C$2.25 per share. The value of these warrants was incorporated in the $803 gain on modification of debt. The warrants expire on the debt maturity date of October 4, 2023. The unsecured debentures include 8 449 24 During the six months ended June 30, 2023, the Company incurred $ 936 (June 30, 2022 - $ 889 1,066 765

CONVERTIBLE DEBT

CONVERTIBLE DEBT	6 Months Ended
	Jun. 30, 2023
Convertible Debt
CONVERTIBLE DEBT	9. CONVERTIBLE DEBT On March 27, 2023, the Corporation completed a private placement of unsecured convertible debentures for gross proceeds of C$ 4 1 15 September 27, 2024 Each convertible debenture is convertible at the holder’s option into Units at any time prior to maturity at a conversion price of C$ 1.45 1.45 The unsecured convertible debentures represent financial instruments that include host debentures accounted for at amortized cost and embedded derivatives related to the conversion feature and redemption option, which are separated from the convertible debentures and accounted for at fair value with changes in fair value recorded in the statement of loss. Schedule of changes in fair value statement of loss Host debentures Embedded derivatives Total $ $ $ As at January 1, 2023 — — — Convertible debt principal 2,208 747 2,955 Transactions costs (159 ) — (159 ) As at March 24, 2023 2,049 747 2,796 Change in fair value N/A (154 ) (154 ) Interest accretion 109 — 109 Foreign exchange 48 17 65 As at June 30, 2023 2,206 610 2,816 The fair value of the embedded derivatives were estimated using a binomial tree method with the following assumptions as at June 30, 2023: Schedule of assumptions Assumptions Risk-free interest rate 4.7 5.3 Credit spread 28.3 % Expected life of options 1.2 2.7 Annual dividend rate 0 % Annualized volatility 49.5 56.1 For the six months ended June 30, 2023, the change in fair value resulted in a gain of $ 154 224 115

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
OTHER LONG-TERM LIABILITIES	10. OTHER LONG-TERM LIABILITIES Schedule of lease obligation June 30, 2023 December 31, 2022 $ $ Term loan (a) 5,872 — Lease obligation (b) 1,713 1,883 Vehicles 53 69 Less: Current portion (444 ) (449 ) 7,194 1,503 a) Term loan During the six months ended June 30, 2023, the Company secured a financing with a lender for proceeds up to $ 9,000 3.75 5 131 During the six months ended June 30, 2023, the Company incurred $ 239 6,000 128 5,872 b) Lease Obligation Minimum lease payments in respect of lease liabilities for the right-of-use assets included in property, plant and equipment (Note 4) and the effect of discounting are as follows: Schedule of long term lease liabilities June 30, 2023 $ Undiscounted minimum lease payments: Less than one year 485 One to two years 480 Two to three years 485 Three to six years 398 1,848 Effect of discounting (135 ) Present value of minimum lease payments – total lease liability 1,713 Less: Current portion (425 ) Long-term lease liabilities 1,288 The Company has lease agreements for office and warehouse facilities expiring October 31, 2023, March 31, 2027 and May 31, 2027. and October 31, 2023. The Company also has a lease agreement for a vehicle expiring on November 30, 2025.

SHARE CAPITAL

SHARE CAPITAL	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
SHARE CAPITAL	11. SHARE CAPITAL 11.1 Authorized 11.2 Issued and Outstanding Common Shares: The details for the common share issuances during the six months ended June 30, 2023 are as follows: a. During the six months ended June 30, 2023, the Company issued 925,667 44 823 The details for the common share issuances during the six months ended June 30, 2022 were as follows: b. During the six months ended June 30, 2022, 4,444,445 12,000 1,283 During the six months ended June 30, 2022, the Company also issued 302,555 988 c. During the six months ended June 30, 2022, 66,661 75 11.3 Directors, Consultants, and Employee stock options The Company has adopted a share option plan for which options to acquire up to a total of 10% of the issued share capital, at the award date, may be granted to eligible optionees from time to time. Generally, share options granted have a maximum term of five years, and a vesting period and exercise price determined by the directors. During the six months ended June 30, 2022, the Company granted 40,000 During the six months ended June 30, 2023, the Company recognized $ 113 24 The following tables summarize information about the Company’s stock options outstanding at June 30, 2023: Schedule of stock options outstanding Remaining Options Options Exercise Contractual Outstanding Exercisable Price Life (Years) Expiry Date C$ January 17, 2019 166,666 166,666 2.40 0.55 January 17, 2024 November 15, 2019 233,333 233,333 1.50 1.50 November 15, 2024 November 28, 2019 16,666 16,666 1.56 1.56 November 28, 2024 May 4, 2020 24,999 24,999 1.20 1.84 May 4, 2025 November 23, 2020 66,664 66,664 6.15 2.40 November 23, 2025 January 12, 2021 333,333 333,333 6.51 2.54 January 11, 2026 February 1, 2021 41,666 41,666 9.36 2.59 January 31, 2026 April 27, 2021 60,000 40,000 7.24 2.82 April 26, 2026 March 31, 2022 40,000 13,333 2.98 3.75 March 30, 2027 September 22, 2022 250,000 — 1.50 2.23 September 21, 2025 November 25, 2022 97,500 16,250 1.30 4.41 November 24, 2027 Total 1,330,827 952,910 During the six months ended June 30, 2023, 249,999 11.4 Deferred Share Units Pursuant to the Company’s Deferred Share Unit (“DSU”) Incentive Plan approved by the board of directors of the Company on July 8, 2018, deferred stock units to acquire common shares of the Company may be granted to specified board members of the Company in accordance with the terms and conditions of the plan. Each DSU entitles the participant to receive one common share upon vesting. DSUs vest into common shares on the board members’ separation date from the board of directors. DSUs track the value of the underlying common shares, but do not entitle the recipient to the underlying common shares until such DSUs vest, nor do they entitle a holder to exercise voting rights or any other rights attached to ownership or control of the common shares, until the DSU vests and the DSU participant receives common shares. A summary of the Company’s DSUs are as follows: Schedule of deferred share units Number of DSUs Outstanding, December 31, 2021 170,791 Issued 452,910 Outstanding, December 31, 2022 623,701 Issued 342,363 Outstanding, June 30, 2023 966,064 During the six months ended June 30, 2023, the Company issued 342,363 163,387 During the six months ended June 30, 2023, the Company recorded $ 276 282

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Balances And Transactions
RELATED PARTY BALANCES AND TRANSACTIONS	12. RELATED PARTY BALANCES AND TRANSACTIONS Key management consists of personnel having the authority and responsibility for planning, directing and controlling the activities of the Company, which are the directors and executive officers of the Company. Compensation to key management: Schedule of related party transactions Six months ended Six months ended June 30, 2023 June 30, 2022 $ $ Salaries and benefits 454 664 Stock-based compensation 361 442 Total 815 1,106 During the six months ended June 30, 2023 the Company paid $ 117 127 During the six months ended June 30, 2022 the Company paid $ 97 88 Balances with key management and other related parties are: As at June 30, 2023, included in accounts payable are balances owing to key management or companies controlled by officers of the Company in the amount of $nil 0 5 All related party balances are non-interest bearing, unsecured and have no fixed terms of repayment and have been classified as current.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
FINANCIAL INSTRUMENTS	13. FINANCIAL INSTRUMENTS Fair values The Company’s financial instruments include cash and cash equivalents, trade and other receivables, accounts payable, the credit facility, short-term loans and convertible debt. The carrying amounts of cash and cash equivalents, trade and other receivables, accounts payable, the credit facility, and short-term loans approximate fair value due to their short term nature. The embedded derivatives related to the convertible debt are the only instruments measured at fair value through profit and loss in accordance with IFRS 9 – Financial Instruments. The fair value of the host debenture as at June 30, 2023 is $ 2,206 The following table summarizes the carrying values and fair values of the Company’s financial instruments: Schedule of disclosure of financial assets June 30, 2023 December 31, 2022 $ $ Assets: Measured at amortized cost (i) 13,424 4,277 Liabilities: Amortized cost (ii) 26,906 14,109 Fair value through P&L (iii) 610 — (i) Cash and cash equivalents, and trade and other receivables (ii) Accounts payable and accrued liabilities, current loans, and lease obligations. (iii) Embedded derivatives related to convertible debt (only financial instrument carried at fair value) The Company classifies its fair value measurements in accordance with the three-level fair value hierarchy. The measurement is classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly (i.e. as prices) or indirectly (i.e. derived from prices), and Level 3 – Inputs that are not based on observable market data The Company valued the derivatives associated with the convertible debt (iii) as a level 3 instrument. The Company used the binomial tree method to determine the fair value of the embedded derivatives attributed to the convertible debt (Note 9).

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2023
Segment Information
SEGMENT INFORMATION	14. SEGMENT INFORMATION Allocation of revenue to geographic areas for the single segment is as follows: Schedule of geographic distribution Six months ended Six months ended Canada USA Total Canada USA Total $ $ $ $ $ $ Bus Sales — 987 987 7,549 4,270 11,819 Truck Sales 3,980 — 3,980 — — — Vehicle Sales 3,980 987 4,967 7,549 4,270 11,819 Spare part sales 1,992 423 2,415 2,738 283 3,021 Operating lease revenue 2 82 84 — 85 85 Other revenue 1,994 505 2,499 2,738 368 3,106 Total Revenue 5,974 1,492 7,466 10,287 4,638 14,925 During the six months ended June 30, 2023, the Company had sales of $ 3,984 987 5,599 4,474 1,581

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
COMMITMENTS AND CONTINGENCIES	15. COMMITMENTS AND CONTINGENCIES The Company entered into a production agreement with one of its manufacturers whereby the parties have agreed to a specified production volume. The Company also has outstanding purchase order commitments related to equipment for its new manufacturing facility. Future payments as at June 30, 2023 are $ 33,487

BASIS OF PRESENTATION (Tables)

BASIS OF PRESENTATION (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of subsidiary	Schedule of subsidiary Company Name Registered Holding Functional Currency Vicinity Motor Corp. British Columbia Parent Company United States Dollar Vicinity Motor (Bus) Corp. British Columbia 100% Canadian Dollar Vicinity Motor (Bus) USA Corp. United States 100% United States Dollar

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2023
Disclosure Inventory Abstract
Schedule of inventory	Schedule of inventory June 30, 2023 December 31, 2022 $ $ Finished goods 1,187 3,355 Work in progress - vehicles 7,797 4,785 Parts for resale 1,969 1,928 Total Inventory 10,953 10,068

DEFERRED REVENUE (Tables)

DEFERRED REVENUE (Tables)	6 Months Ended
	Jun. 30, 2023
Deferred Revenue
Schedule of deferred revenue	Schedule of deferred revenue June 30, 2023 December 31, 2022 $ $ Sales deposits – future delivery of buses 2,018 453 Future delivery of buses (a) 1,847 1,929 Deferred revenue 3,865 2,382 Less: current portion 3,865 2,382 Long-term portion of deferred revenue — — a) During the year ended December 31, 2022, the Company recognized deferred revenue in relation to a non-cash agreement with a customer in which the Company provided the customer with 8 leased buses to be leased until the delivery of 8 new buses which is expected within the next 12 months. As a result, the Company has recognized $82 as lease revenue (June 30, 2022: $85) and has a deferred revenue balance of $1,847 as at June 30, 2023.

PROVISION FOR WARRANTY COST (Ta

PROVISION FOR WARRANTY COST (Tables)	6 Months Ended
	Jun. 30, 2023
Provision For Warranty Cost
Schedule of provision for warranty cost	Schedule of provision for warranty cost $ Balance at December 31, 2021 1,669 Additions 499 Warranty claims applied (841 ) Change in estimate of warranty provision 421 Change in foreign exchange (39 ) Balance at December 31, 2022 1,709 Additions 147 Warranty claims applied (276 ) Change in estimate of warranty provision (996 ) Change in foreign exchange 6 Balance at June 30, 2023 590 Less: Current portion 506 Long-term portion of warranty provision 84

CURRENT DEBT FACILITIES (Tables

CURRENT DEBT FACILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of current debt facilities	Schedule of current debt facilities June 30, 2023 December 31, 2022 $ $ Unsecured debentures - 2021 (a) 7,387 6,587 7,387 6,587 a) On October 5, 2021, the Company issued C$10.3 million in unsecured debentures with a maturity 12 months from the date of issue. On June 15, 2022, the maturity date of the debentures was extended to October 4, 2023, with the extension being treated as a modification of the original debt with the classification changing from current to long-term liabilities. As a result, a gain of $803 on modification of debt was recorded during the six months ended June 30, 2022. In connection with the extension, the Company cancelled 412,000 warrants from the previous agreement. On extension the Company issued 1,000,000 warrants to purchase common shares at an exercise price of C$2.25 per share. The value of these warrants was incorporated in the $803 gain on modification of debt. The warrants expire on the debt maturity date of October 4, 2023.

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Convertible Debt
Schedule of changes in fair value statement of loss	Schedule of changes in fair value statement of loss Host debentures Embedded derivatives Total $ $ $ As at January 1, 2023 — — — Convertible debt principal 2,208 747 2,955 Transactions costs (159 ) — (159 ) As at March 24, 2023 2,049 747 2,796 Change in fair value N/A (154 ) (154 ) Interest accretion 109 — 109 Foreign exchange 48 17 65 As at June 30, 2023 2,206 610 2,816
Schedule of assumptions	Schedule of assumptions Assumptions Risk-free interest rate 4.7 5.3 Credit spread 28.3 % Expected life of options 1.2 2.7 Annual dividend rate 0 % Annualized volatility 49.5 56.1

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of lease obligation	Schedule of lease obligation June 30, 2023 December 31, 2022 $ $ Term loan (a) 5,872 — Lease obligation (b) 1,713 1,883 Vehicles 53 69 Less: Current portion (444 ) (449 ) 7,194 1,503
Schedule of long term lease liabilities	Schedule of long term lease liabilities June 30, 2023 $ Undiscounted minimum lease payments: Less than one year 485 One to two years 480 Two to three years 485 Three to six years 398 1,848 Effect of discounting (135 ) Present value of minimum lease payments – total lease liability 1,713 Less: Current portion (425 ) Long-term lease liabilities 1,288

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of stock options outstanding	Schedule of stock options outstanding Remaining Options Options Exercise Contractual Outstanding Exercisable Price Life (Years) Expiry Date C$ January 17, 2019 166,666 166,666 2.40 0.55 January 17, 2024 November 15, 2019 233,333 233,333 1.50 1.50 November 15, 2024 November 28, 2019 16,666 16,666 1.56 1.56 November 28, 2024 May 4, 2020 24,999 24,999 1.20 1.84 May 4, 2025 November 23, 2020 66,664 66,664 6.15 2.40 November 23, 2025 January 12, 2021 333,333 333,333 6.51 2.54 January 11, 2026 February 1, 2021 41,666 41,666 9.36 2.59 January 31, 2026 April 27, 2021 60,000 40,000 7.24 2.82 April 26, 2026 March 31, 2022 40,000 13,333 2.98 3.75 March 30, 2027 September 22, 2022 250,000 — 1.50 2.23 September 21, 2025 November 25, 2022 97,500 16,250 1.30 4.41 November 24, 2027 Total 1,330,827 952,910
Schedule of deferred share units	Schedule of deferred share units Number of DSUs Outstanding, December 31, 2021 170,791 Issued 452,910 Outstanding, December 31, 2022 623,701 Issued 342,363 Outstanding, June 30, 2023 966,064

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Balances And Transactions
Schedule of related party transactions	Schedule of related party transactions Six months ended Six months ended June 30, 2023 June 30, 2022 $ $ Salaries and benefits 454 664 Stock-based compensation 361 442 Total 815 1,106

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
Notes and other explanatory information [abstract]
Schedule of disclosure of financial assets	Schedule of disclosure of financial assets June 30, 2023 December 31, 2022 $ $ Assets: Measured at amortized cost (i) 13,424 4,277 Liabilities: Amortized cost (ii) 26,906 14,109 Fair value through P&L (iii) 610 — (i) Cash and cash equivalents, and trade and other receivables (ii) Accounts payable and accrued liabilities, current loans, and lease obligations. (iii) Embedded derivatives related to convertible debt (only financial instrument carried at fair value)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Information
Schedule of geographic distribution	Schedule of geographic distribution Six months ended Six months ended Canada USA Total Canada USA Total $ $ $ $ $ $ Bus Sales — 987 987 7,549 4,270 11,819 Truck Sales 3,980 — 3,980 — — — Vehicle Sales 3,980 987 4,967 7,549 4,270 11,819 Spare part sales 1,992 423 2,415 2,738 283 3,021 Operating lease revenue 2 82 84 — 85 85 Other revenue 1,994 505 2,499 2,738 368 3,106 Total Revenue 5,974 1,492 7,466 10,287 4,638 14,925

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	6 Months Ended
	Jun. 30, 2023
Vicinity Motor Corp [Member]
Entity Information [Line Items]
Company name	Vicinity Motor Corp.
Location	British Columbia
Holding percentage	Parent Company
Functional Currency	United States Dollar
Vicinity Motor Bus Corp [Member]
Entity Information [Line Items]
Company name	Vicinity Motor (Bus) Corp.
Location	British Columbia
Holding percentage	100%
Functional Currency	Canadian Dollar
Vicinity Motor Bus U S A Corp [Member]
Entity Information [Line Items]
Company name	Vicinity Motor (Bus) USA Corp.
Location	United States
Holding percentage	100%
Functional Currency	United States Dollar

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure Inventory Abstract
Finished goods	$ 1,187	$ 3,355
Work in progress - vehicles	7,797	4,785
Parts for resale	1,969	1,928
Total Inventory	$ 10,953	$ 10,068

INVENTORY (Details Narrative)

INVENTORY (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Disclosure Inventory Abstract
Inventory expense	$ 4,771	$ 11,551

CREDIT FACILITY (Details Narrat

CREDIT FACILITY (Details Narrative) $ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2017 CAD ($)
IfrsStatementLineItems [Line Items]
Credit facility	$ 6,841		$ 628	$ 20,000
Credit Facility interest Description	The credit facility bears interest at a rate of 0.75% - 1% plus Canadian prime rate for loans denominated in Canadian dollars and 0.75% - 1% plus US prime rate for loans denominated in US dollars.
Credit commitments	$ 30,000
Interest rate of prime plus	2%	2%
Credit facility net	$ 7,081		$ 0
Deferred financing fees net	240
Net debt	$ 6,841
A B L Facility [Member]
IfrsStatementLineItems [Line Items]
Credit facility		$ 10,000

DEFERRED REVENUE (Details)

DEFERRED REVENUE (Details) - USD ($) $ in Thousands		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Deferred Revenue
Sales deposits future delivery of buses		$ 2,018	$ 453
Future delivery of buses	[1]	1,847	1,929
Deferred revenue		3,865	2,382
Less: current portion		3,865	2,382
Long-term portion of deferred revenue
[1]During the year ended December 31, 2022, the Company recognized deferred revenue in relation to a non-cash agreement with a customer in which the Company provided the customer with 8 leased buses to be leased until the delivery of 8 new buses which is expected within the next 12 months. As a result, the Company has recognized $82 as lease revenue (June 30, 2022: $85) and has a deferred revenue balance of $1,847 as at June 30, 2023.

PROVISION FOR WARRANTY COST (De

PROVISION FOR WARRANTY COST (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Provision For Warranty Cost
Balance at beginning	$ 1,709	$ 1,669
Additions	147	499
Warranty claims applied	(276)	(841)
Change in estimate of warranty provision	(996)	421
Change in foreign exchange	6	(39)
Balance at end	590	$ 1,709
Current warranty provision	506
Warranty provision	$ 84

CURRENT DEBT FACILITIES (Detail

CURRENT DEBT FACILITIES (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Unsecured debentures - 2021	[1]	$ 7,387	$ 6,587
Current debt facilities		$ 7,387	$ 6,587
[1]On October 5, 2021, the Company issued C$10.3 million in unsecured debentures with a maturity 12 months from the date of issue. On June 15, 2022, the maturity date of the debentures was extended to October 4, 2023, with the extension being treated as a modification of the original debt with the classification changing from current to long-term liabilities. As a result, a gain of $803 on modification of debt was recorded during the six months ended June 30, 2022. In connection with the extension, the Company cancelled 412,000 warrants from the previous agreement. On extension the Company issued 1,000,000 warrants to purchase common shares at an exercise price of C$2.25 per share. The value of these warrants was incorporated in the $803 gain on modification of debt. The warrants expire on the debt maturity date of October 4, 2023.

CURRENT DEBT FACILITIES (Deta_2

CURRENT DEBT FACILITIES (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 15, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Notes and other explanatory information [abstract]
Annual interest	8%
Borrowing costs	$ 449
Effective interest rate	24%
Interest expense on debt		$ 936	$ 889
Accounts payable and accrued liabilities		$ 1,066		$ 765

CONVERTIBLE DEBT (Details)

CONVERTIBLE DEBT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Mar. 24, 2023	Jun. 30, 2023
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance
Change in fair value	$ (154)
Convertible debts, ending balance	2,816		2,816
Host Debentures [Member]
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	2,049
Convertible debt principal		2,208
Transactions costs		(159)
Interest accretion	109
Foreign exchange	48
Convertible debts, ending balance	2,206	2,049	2,206
Embedded Derivatives [Member]
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	747
Convertible debt principal		747
Transactions costs
Change in fair value	(154)
Interest accretion
Foreign exchange	17
Convertible debts, ending balance	610	747	610
Total Derivatives [Member]
IfrsStatementLineItems [Line Items]
Convertible debts, beginning balance	2,796
Convertible debt principal		2,955
Transactions costs		(159)
Interest accretion	109
Foreign exchange	65
Convertible debts, ending balance	$ 2,816	$ 2,796	$ 2,816

CONVERTIBLE DEBT (Details 1)

CONVERTIBLE DEBT (Details 1) - Embedded Derivatives [Member]	6 Months Ended
	Jun. 30, 2023
IfrsStatementLineItems [Line Items]
Risk free interest rate, minimum	4.70%
Risk free interest rate, maximum	5.30%
Credit spread	28.30%
Annualized volatility, minimum	1 year 2 months 12 days
Annualized volatility, maximum	2 years 8 months 12 days
Annual dividend rate	0%
Annualized volatility, minimum	49.50%
Annualized volatility, maximum	56.10%

CONVERTIBLE DEBT (Details Narra

CONVERTIBLE DEBT (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2023 CAD ($) $ / shares	Jun. 30, 2022 USD ($)
IfrsStatementLineItems [Line Items]
Gain on change in fair value	$ 154
Interest expense		$ 936		$ 889
Convertible Debt [Member]
IfrsStatementLineItems [Line Items]
Proceeds from convertible debt		$ 4,000
Convertible debentures issued			$ 1
Interest rate		15%	15%
Maturity date		Sep. 27, 2024	Sep. 27, 2024
Conversion price | $ / shares			$ 1.45
Exercise price | $ / shares			$ 1.45
Gain on change in fair value		$ 154
Interest expense		224
Accounts payable and accrued liabilities	$ 115	$ 115

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Term loan	$ 5,872
Lease obligation	1,713	1,883
Vehicles	53	69
Current portion of other long-term liabilities	(444)	(449)
Other long-term liabilities	$ 7,194	$ 1,503

OTHER LONG-TERM LIABILITIES (_2

OTHER LONG-TERM LIABILITIES (Details 1) $ in Thousands	Jun. 30, 2023 USD ($)
Notes and other explanatory information [abstract]
Lease less than one year	$ 485
Lease one to two years	480
Lease Two to three years	485
Lease three to six years	398
Gross lease liabilities	1,848
Effect of discounting	(135)
Present value of minimum lease payments - total lease liability	1,713
Less: Current portion	(425)
Long-term lease liabilities	$ 1,288

OTHER LONG-TERM LIABILITIES (_3

OTHER LONG-TERM LIABILITIES (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 15, 2022
IfrsStatementLineItems [Line Items]
Proceeds from lenders	$ 9,000
Loan interest rate		8%
Transaction costs incurred	131
Interest expense on loans	239
Borrowings on loans	6,000
Deferred financing fees	128
Carrying value of loan	$ 5,872
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Loan interest rate	3.75%
Top of range [member]
IfrsStatementLineItems [Line Items]
Loan interest rate	5%

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	6 Months Ended
	Jun. 30, 2023 Decimal $ / shares
IfrsStatementLineItems [Line Items]
Number of options outstanding	1,330,827
Number of options exercisable	952,910
Range 1 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	166,666
Number of options exercisable	166,666
Exercise price | $ / shares	$ 2.40
Remaining contractual life	6 months 18 days
Expiry date	Jan. 17, 2024
Range 2 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	233,333
Number of options exercisable	233,333
Exercise price | $ / shares	$ 1.50
Remaining contractual life	1 year 6 months
Expiry date	Nov. 15, 2024
Range 3 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	16,666
Number of options exercisable	16,666
Exercise price | $ / shares	$ 1.56
Remaining contractual life	1 year 6 months 21 days
Expiry date	Nov. 28, 2024
Range 4 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	24,999
Number of options exercisable	24,999
Exercise price | $ / shares	$ 1.20
Remaining contractual life	1 year 10 months 2 days
Expiry date	May 04, 2025
Range 5 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	66,664
Number of options exercisable	66,664
Exercise price | $ / shares	$ 6.15
Remaining contractual life	2 years 4 months 24 days
Expiry date	Nov. 23, 2025
Range 6 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	333,333
Number of options exercisable	333,333
Exercise price | $ / shares	$ 6.51
Remaining contractual life	2 years 6 months 14 days
Expiry date	Jan. 11, 2026
Range 7 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	41,666
Number of options exercisable	41,666
Exercise price | $ / shares	$ 9.36
Remaining contractual life	2 years 7 months 2 days
Expiry date	Jan. 31, 2026
Range 8 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	60,000
Number of options exercisable	40,000
Exercise price | $ / shares	$ 7.24
Remaining contractual life	2 years 9 months 25 days
Expiry date	Apr. 26, 2026
Range 9 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	40,000
Number of options exercisable	13,333
Exercise price | $ / shares	$ 2.98
Remaining contractual life	3 years 9 months
Expiry date	Mar. 30, 2027
Range 10 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	250,000
Number of options exercisable
Exercise price | $ / shares	$ 1.50
Remaining contractual life	2 years 2 months 23 days
Expiry date	Sep. 21, 2025
Range 11 [Member]
IfrsStatementLineItems [Line Items]
Number of options outstanding	97,500
Number of options exercisable	16,250
Exercise price | $ / shares	$ 1.30
Remaining contractual life	4 years 4 months 28 days
Expiry date	Nov. 24, 2027

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1) - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Notes and other explanatory information [abstract]
Deferred stock outstanding, beginning balance	623,701	170,791
Deferred stock, issued	342,363	452,910
Deferred stock outstanding, end balance	966,064	623,701

SHARE CAPITAL (Details Narrativ

SHARE CAPITAL (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Issuance of shares warrants exercised shares	925,667	302,555
Share issuance costs	$ 44
Issuance of shares private placement	823	$ 988
Issuance of shares options exercised shares		66,661
Proceeds from exercise of options		$ 75
Stock option granted		40,000
Options vested value	$ 113	$ 24
Stock options expired	249,999
Deferred share units issued	342,363	163,387
Value of deferred share units issued	$ 276	$ 282
Warrants [member]
IfrsStatementLineItems [Line Items]
Share issuance costs		$ 1,283
Warrants Issued for private placement		4,444,445
Proceeds from exercise of warrants		$ 12,000

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Balances And Transactions
Salaries and benefits	$ 454	$ 664
Stock-based compensation	361	442
Total	$ 815	$ 1,106

RELATED PARTY BALANCES AND TR_4

RELATED PARTY BALANCES AND TRANSACTIONS (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Related Party Balances And Transactions
Lease payments	$ 117	$ 97
Depreciation and interest expense of lease	127	88
Accounts payable	$ 0	$ 5

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands		Jun. 30, 2023	Dec. 31, 2022
Assets:
Measured At Amortized Cost	[1]	$ 13,424	$ 4,277
Liabilities:
Amortized Cost	[2]	26,906	14,109
Fair Value Through Pl	[3]	$ 610
[1]Cash and cash equivalents, and trade and other receivables[2]Accounts payable and accrued liabilities, current loans, and lease obligations.[3]Embedded derivatives related to convertible debt (only financial instrument carried at fair value)

FINANCIAL INSTRUMENTS (Details

FINANCIAL INSTRUMENTS (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Notes and other explanatory information [abstract]
Host debenture	$ 2,206

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Revenue	$ 4,816	$ 11,742	$ 7,466	$ 14,925
Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			5,974	10,287
United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			1,492	4,638
Bus Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue			987	11,819
Bus Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue				7,549
Bus Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			987	4,270
Truck Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,980
Truck Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,980
Truck Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue
Vehicle Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue	$ 3,500	$ 10,117	4,967	11,819
Vehicle Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			3,980	7,549
Vehicle Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			987	4,270
Spare Part Sales [Member]
IfrsStatementLineItems [Line Items]
Revenue			2,415	3,021
Spare Part Sales [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			1,992	2,738
Spare Part Sales [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			423	283
Operating Lease Revenue [Member]
IfrsStatementLineItems [Line Items]
Revenue			84	85
Operating Lease Revenue [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			2
Operating Lease Revenue [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			82	85
Other Revenue [Member]
IfrsStatementLineItems [Line Items]
Revenue			2,499	3,106
Other Revenue [Member] | Canada [Member]
IfrsStatementLineItems [Line Items]
Revenue			1,994	2,738
Other Revenue [Member] | United States [Member]
IfrsStatementLineItems [Line Items]
Revenue			$ 505	$ 368

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
IfrsStatementLineItems [Line Items]
Sales	$ 4,816	$ 11,742	$ 7,466	$ 14,925
First Customers [Member]
IfrsStatementLineItems [Line Items]
Sales			3,984	5,599
Second Customers [Member]
IfrsStatementLineItems [Line Items]
Sales			$ 987	4,474
Third Customers [Member]
IfrsStatementLineItems [Line Items]
Sales				$ 1,581

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	Jun. 30, 2023 USD ($)
Notes and other explanatory information [abstract]
Future payments	$ 33,487