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REE Automotive Ltd. (Nasdaq: REE) is an innovative automotive technology company that is redefining electric mobility. Headquartered in Tel Aviv, Israel, REE specializes in developing next-generation electric vehicle (EV) platforms. These platforms are characterized by their flat, scalable, and modular design, which offers customers unparalleled freedom in vehicle design. This enables the creation of a wide range of electric, autonomous, and mobility-as-a-service (MaaS) vehicles tailored for various applications, including last-mile delivery, light to heavy-duty logistics, and robo-taxis.
REE has two core technological innovations: the REEcorner® and the REEboard®. The REEcorner integrates all traditional vehicle components—such as steering, braking, suspension, and the e-motor—into the arch of the wheel. The REEboard is a completely flat and modular platform. This innovative approach offers numerous customer benefits, including design freedom, packaging efficiency, increased energy efficiency, faster development times, compatibility with advanced driver-assistance systems (ADAS), reduced maintenance costs, and compliance with global safety standards.
REE's technology is cost-efficient and supported by a robust network of Tier 1 partners, giving the company access to 320 global production sites. The company's geographical focus spans Israel, Germany, the United States, the United Kingdom, and other regions, enabling a broad market reach.
REE Automotive has recently achieved significant milestones, including receiving FMVSS and EPA certification for its fully by-wire electric trucks and platforms. The company's Class 4 P7-C chassis cab has also been certified by the California Air Resources Board (CARB), making it eligible for substantial state and federal incentives.
Furthermore, REE's P7-C has garnered attention from major industry players like Penske Truck Leasing and U-Haul International, Inc., who are integrating REE's electric trucks into their fleets. REE's recent partnerships with dealers across North America, including Kaizen Automotive Group and Macnab EV Sales Corp, have expanded its authorized dealer network to 66 locations.
The company's financial condition is robust, with a current order book value surpassing $50 million. REE is on track to deliver its next-generation P7-S stripped chassis to fleets and OEMs, designed to improve delivery efficiencies and fleet management.
REE Automotive continues to push the boundaries of e-mobility with its patented by-wire technology for drive, steer, and brake control, eliminating the need for mechanical connections. The company's platforms are future-proof, autonomous-capable, and designed to drastically reduce the time to market for fleets looking to electrify, offering a low total cost of ownership (TCO).
REE Automotive has been named a CES 2025 Innovation Awards honoree for its P7-S Software-Defined EV Chassis in the Vehicle Tech & Advanced Mobility category. The P7-S is a Class 4-5 electric vehicle platform featuring full by-wire technology and autonomous-ready capabilities. Built with four identical REEcorners® that integrate steering, braking, suspension, powertrain, and control into single compact modules, the platform offers all-wheel steering and drive functionality. The P7-S is currently being evaluated by U-Haul as their first EV solution.
REE Automotive (Nasdaq: REE), an automotive technology company specializing in full by-wire electric trucks and platforms, has announced it will release its third quarter 2024 financial results before market opening on Tuesday, December 17, 2024. The company will host a conference call and webcast at 8:30 a.m. ET on the same day to discuss the financial results for the quarter ended September 30, 2024, recent events, and conduct a Q&A session.
REE Automotive announced two key appointments effective November 15, 2024. Rajesh Goel, president at Motherson Group, joins the board of directors to support REE's production strategy amid rising electric truck demand. Additionally, Hai Aviv returns as Chief Financial Officer to lead the company's North American expansion. Aviv, who previously served as CFO from 2018-2022, brings over 18 years of experience in public company financial leadership. The appointments strengthen REE's executive leadership as the company focuses on scaling its electric vehicle technology and meeting fleet demands.
REE Automotive, a provider of full by-wire electric trucks and platforms, announced its participation in two prestigious events. CEO Daniel Barel will speak at Reuters Automotive USA in Detroit from October 21-23, participating in panels on industry disruptors and vehicle architecture. Chief Operations Officer Josh Tech will present at the LD Micro Main Event XVII in Los Angeles from October 28-30.
At Reuters Automotive USA, Barel will join panels alongside representatives from companies like Lucid Motors, Nikola Motor, and General Motors. The event is expected to host over 700 attendees, including journalists, analysts, investors, and industry professionals. At the LD Micro Main Event, Tech will discuss REE's technology and upcoming market opportunities. Both events offer opportunities for one-on-one meetings with management and key stakeholders.
REE Automotive reported Q2 2024 financial results and provided business updates. Key highlights include:
- Secured $45.35 million funding through a registered direct offering
- Signed strategic agreement with Motherson to improve supply chain and cost structure
- Kicked off U.S. production in Michigan with Roush as contract manufacturer
- Narrowed Q2 net loss by 57% QoQ to $10.8 million
- Increased order book by 15% QoQ to $60 million
- Expanded dealership network to 78 locations in the U.S.
The company updated its production plan to start deliveries in 2025 to address strong customer demand and capitalize on efficiencies from the Motherson partnership. REE ended Q2 with $60.5 million in liquidity.
REE Automotive (Nasdaq: REE) has selected Roush Industries to assemble its P7 electric trucks at Roush's Detroit-area factory, with production set to begin in Q4 2024. The facility will have an annual capacity of up to 5,000 trucks. Motherson will manage the global supply chain and provide on-site manufacturing and quality assurance support.
REE will continue manufacturing its proprietary REEcorner® technology in the UK. The P7 lineup, built on four REEcorners®, features x-by-wire technology and offers up to 35% more interior volume for passengers, cargo, and batteries. The vehicles have the industry's lowest step-in height and are autonomous-ready.
The partnership aims to accelerate production ramp-up, improve unit costs, and expedite the path to free cash flow generation. Customers have already begun securing production slots for the P7 electric trucks.
REE Automotive (Nasdaq: REE), an automotive technology company specializing in full by-wire electric trucks and platforms, has announced its plans to release second quarter 2024 financial results on September 26, 2024, before the market opens. The company will host a webcast and conference call at 8:30 a.m. ET on the same day to discuss the financial results for the three months ended June 30, 2024, recent events, and conduct a Q&A session. Interested parties can register for the conference call and webcast through the provided links. This announcement allows investors and analysts to prepare for the upcoming financial disclosure and engage with REE's management team regarding the company's performance and future outlook.
REE Automotive (NASDAQ: REE) has announced a global manufacturing agreement with Motherson Group, a leading automotive supplier. Motherson will manage sourcing, supply chain, and assembly of REEcorner® and REE P7 electric trucks. This collaboration aims to accelerate production to meet growing demand for electric commercial vehicles.
Simultaneously, REE has secured a $45.35 million registered direct offering, led by M&G Investment ($20 million), Motherson ($15 million), and Varana Capital ($5.25 million). The funds will be used for general working capital. Following the offering, M&G will hold approximately 16% of REE's shares, Motherson 19%, and Varana Capital 8%.
This strategic partnership is expected to enhance REE's ability to service customers at scale, potentially leading to significant order growth and improved unit costs.
REE Automotive (Nasdaq: REE) has announced that its P7-C software-defined Class 4 electric vehicles are now available for purchase by over 50,000 government and education entities across all 50 U.S. states. This is made possible through a 4-year contract awarded to National Auto Fleet Group (NAFG) by Sourcewell, a government agency that streamlines procurement processes.
The P7-C vehicles offer benefits such as superior maneuverability, enhanced safety, and over-the-air upgrade capability. They are eligible for a U.S. federal tax credit of up to $40,000 per vehicle and potentially over $100,000 in total incentives with additional state benefits. REE is ready to take orders immediately, tapping into a new customer base through this Sourcewell offering.
Serve Robotics (Nasdaq: SERV) has nominated David Goldberg to stand for election to its Board of Directors at the 2024 Annual Meeting of Stockholders. With over 20 years of experience, Goldberg has held significant roles in the finance and mobility sectors, most recently serving as CFO of REE Automotive. He has also been a strategic advisor at Magna International and a Managing Director at Greenhill & Co. Goldberg holds a Business Administration degree from the Ivey Business School at Western University. Ali Kashani, Chairman of Serve's Board, emphasized the value Goldberg's expertise will bring to the company.
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