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REE Automotive (Nasdaq: REE), an automotive technology firm specializing in by-wire electric trucks and platforms, will announce its Q1 2024 financial results on May 30, 2024. The company will host a webcast and conference call at 8:30 a.m. ET to discuss the results, recent events, and engage in a Q&A session. The financial report will cover the period ending March 31, 2024.
REE Automotive's class 4 P7-C electric trucks have been approved for the Massachusetts MOR-EV incentive, providing $30,000 in savings per vehicle. Combined with federal tax credits, potential savings reach up to $70,000 per truck, lowering costs by 37%. The trucks are available for order through authorized dealers in Massachusetts and across the U.S. The incentive is accessible to private, nonprofit, educational, and government entities. REE is also applying for similar incentives in other states, including California.
Penske Truck Leasing will offer REE Automotive's P7-C electric trucks for demos and orders across North America. The P7-C is the first FMVSS-certified full by-wire EV, featuring all-wheel steer and drive, a range of 169 miles, and a driver-centric cab upfitted with a Wabash DuraPlate body. This collaboration aims to electrify Penske's fleet offerings, adding to REE's $50 million order book. A joint press conference will be held at ACT Expo in Las Vegas on May 22, 2024, to discuss the partnership further. The P7-C boasts superior maneuverability, enhanced safety, low total cost of ownership, and future-proof capabilities.
REE Automotive continues to expand its full by-wire electric vehicle (EV) offering at ACT Expo 2024 by showcasing new variants of its software-driven electric trucks, announcing new partnerships, and providing the opportunity to ride and drive the world's first full by-wire P7-C truck. The company aims to demonstrate the benefits of its technology and the three ways to upgrade vehicles to full by-wire technology at the event.