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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 Ltd. (NASDAQ: REE) has filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2022, with the U.S. SEC. The report is accessible on both the SEC's website and REE’s Investor Relations site.
REE is known for its innovative EV platforms, which allow the creation of versatile electric vehicles. The company emphasizes its unique REEcorner technology, integrating crucial components for EVs, ultimately facilitating diverse vehicle designs and reducing time-to-market for electrification in fleets.
REE Automotive Ltd. (NASDAQ: REE) reported a strong order book growth with firm orders increasing from 2 to 8 customers, totaling 35 orders for its Powered by REE vehicles. The company achieved key development milestones on time with operating expenses of $127 million in 2022 and forecasts 2023 non-GAAP expenses between $70-$75 million, supported by liquidity of $154 million. Initial vehicle deliveries are expected in 4Q23, aiming for COGS breakeven in low hundreds of vehicles and adjusted EBITDA breakeven in low thousands.
REE Automotive Ltd. (Nasdaq: REE) announced significant leadership changes on March 15, 2023. David Goldberg, the current CFO, will step down on March 28, 2023, to pursue other opportunities but will remain as a senior advisor until June 2023. Yaron Zaltsman will take over as CFO from March 29, 2023, bringing over 20 years of experience, including leading IPOs and overseeing over $3 billion in fundraising. Additionally, REE appointed two new directors to its board, Hicham Abdessamad and Ittamar Givton, with the intention of enhancing strategic expertise. The changes are expected to strengthen REE's financial management and support its growth in the EV market.
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