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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 (NASDAQ: REE) and Hino Motors have won the European Product Design Award in the 'Design for Society' category for their collaboration on next-generation electric commercial mobility solutions. Their modular EV platform, powered by REE, features a detachable Mobility Service Module that enhances accessibility for goods and services. The project aims to lower carbon emissions and reduce congestion while supporting autonomous driving. Prototypes are expected by fiscal year 2022, signaling advancements in sustainable urban mobility.
REE Automotive Ltd. (Nasdaq: REE) has been awarded the 2021 Global EV Platform Company of the Year Award by Frost & Sullivan, recognizing its innovative REEcorner technology. This technology integrates key vehicle components into a compact module, enabling fully-flat EV platforms with enhanced payload capacity and design flexibility. REE's modular platforms are designed to facilitate faster EV model deployment for OEMs and logistics companies while supporting sustainability initiatives with zero-emission capabilities. The award underscores REE's leadership in the e-mobility sector.
REE (Nasdaq: REE) has seen its CEO Hans Thomas and COO David Weisburd purchasing additional shares, totaling approximately $2 million in open market buys during September 2021. Hans Thomas acquired 222,000 shares at average prices of $5.81 and $5.66. Weisburd purchased 123,908 shares at an average price of $5.97. These actions were reported in SEC filings and reflect the company executives' positive outlook on REE's market position.
REE Automotive has been awarded the 2021 Global EV Platform Company of the Year by Frost & Sullivan. This recognition highlights REE's innovative corner module technology, allowing for modular and customizable electric vehicle (EV) designs. The demand for EVs has surged by 280% over the past three years, with approximately 2 million units sold globally. REE's REEcorner technology enables rapid model launches and offers operational advantages over traditional EVs. The company's mission is to empower global mobility companies to create versatile zero-emission vehicles.
REE Automotive Ltd. (NASDAQ: REE) has announced that Co-Founder and CEO Daniel Barel will present the company's vision and strategy for the electric vehicle (EV) future at various investor conferences throughout September 2021. Barel will discuss REE’s business model and production strategy amidst the rapid adoption of EV platforms globally. Key events include presentations at Cowen's 4th Annual Global Transportation & Sustainable Mobility Conference on September 9, Morgan Stanley's Laguna Conference on September 14, and Evercore ISI's Autotech & AI Forum on September 22.
REE Automotive has secured $17 million in funding from the UK government as part of a larger $57 million investment coordinated through the Advanced Propulsion Centre. This funding aims to propel the commercial production of REE's innovative REEcorner™ technology and ultra-modular EV platforms. The initiative aligns with the UK government's commitment to zero-emission vehicles and is projected to reduce carbon emissions by 32 million tons, equivalent to the lifetime emissions of 1.3 million cars. This funding underscores REE's role in advancing electric vehicle technology and fostering a green economy.
REE Automotive (NASDAQ: REE) reported its Q2 2021 financial results, highlighting strategic alliances in the EV sector, including partnerships with Hino Motors, Magna International, J.B. Poindexter’s EAVX, and Navya. The company closed its merger with 10X Capital Venture Acquisition Corp., gaining approximately $348M in gross proceeds. Q2 2021 GAAP net loss was $31.2M, up from $12.6M in Q1 2021. The firm expects to maintain strong commercial momentum while achieving mass production targets in 2023, despite a projected 25% increase in annual capital expenditures.
REE Automotive, a leader in e-mobility, will release its Q2 2021 financial results on August 17, 2021, before market opening. A webcast and conference call will follow at 08:30 a.m. ET to discuss the results and recent developments. REE's innovative REEcorner technology aims to create zero-emission vehicles by integrating key components into the wheel arch, thereby offering design flexibility and reducing manufacturing costs. Headquartered in Tel Aviv, REE partners with Tier 1 suppliers for a CapEx-light manufacturing model.
REE Automotive (Nasdaq: REE) celebrated its public listing by ringing the Nasdaq opening bell on July 27, 2021. The company commenced trading on July 23 and announced the establishment of its U.S. headquarters and Integration Center in Austin, Texas. Co-Founder and CEO Daniel Barel highlighted the significance of the event, emphasizing REE's innovative REEcorner technology and growth prospects in the electric vehicle market. The firm partners with industry giants like Magna International and Toyota's Hino Motors, which positions it favorably in the competitive e-mobility sector.
REE Automotive Ltd. (REE) has announced the opening of its U.S. headquarters in Austin, Texas, to meet rising demand for electric vehicles (EVs) among delivery and logistics firms. The Austin facility will house REE's asset-light Integration Center, focused on the testing and assembly of its REEcorner technology. This center aims to foster collaborations with Koch Industries and create around 150 jobs. REE's innovative platform targets a $700 billion market, enhancing modular EV production efficiency through a capex-light manufacturing model.
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