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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) has reported its Q1 2024 financial results, highlighting several key milestones. The company has begun delivering Powered by REE® electric vehicles to customers, including Penske, U-Haul, and Airbus. Penske has already started offering these electric vehicles to its customers, while U-Haul evaluates REE's platform for its fleet electrification.
REE's P7-C vehicle, the first full by-wire truck to achieve US FMVSS certification, is now eligible for significant customer incentives. The company holds $77.5 million in cash and equivalents, with $15 million raised from a recent public offering. REE's GAAP net loss narrowed by 29% quarter-over-quarter (QoQ) and Non-GAAP net loss by 33% QoQ, driven by operational efficiencies and the completion of the engineering phase.
REE continues to expand its demo program, aiming to grow its order book, which has surpassed $50 million. The company is also in discussion with several automotive manufacturers to integrate its REEcorner® by-wire technology.
REE Automotive has unveiled the P7-S, a next-gen software-driven electric commercial vehicle platform designed in collaboration with a leading delivery fleet. The P7-S features a fully-flat platform, low step-in height, modular configuration, high payload, and all-wheel steering, utilizing the P7 REEcorners®. The chassis allows OEMs and fleet owners to upgrade their platforms to full by-wire. The first demo is planned for delivery in June 2024. The P7-S offers flexibility in dimensions, boosting fleet utilization and OEM compatibility. It shares service similarities with the P7-C, eligible for U.S. federal tax credits. The P7-S can be customized for class 4-5 vehicles with various configurations, offering a range of up to 210 miles and a payload of up to 10,000 lbs.
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.
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