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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 announced the launch of the P7-B, an all-electric class 3 box truck designed for the growing delivery vehicle market. The P7-B features a payload capacity of up to 4,400 lbs and a range of 150 miles. Following successful customer evaluations, it is on track for production in 2023. The P7-B utilizes REEcorner x-by-wire technology, enhancing vehicle agility and reducing total cost of ownership. These advancements are aimed at meeting the demands of commercial EV fleets, providing them with customizable solutions for electrification.
REE Automotive (NASDAQ: REE) will release its Q2 2022 financial results before NASDAQ opens on August 16, 2022. A conference call to discuss the results will occur at 8:30 a.m. ET the same day. REE is a leader in electric vehicle platforms, aiming to empower manufacturers to create bespoke electric and autonomous vehicles through its REEcorner™ technology. The company emphasizes a CapEx-light manufacturing model and has partnerships with notable firms like Hino Motors and Magna International.
REE Automotive (NASDAQ: REE) is hosting an investor event on July 28, 2022, live from the American Center for Mobility in Ypsilanti, Michigan. The event will showcase the first electric walk-in van powered by REE's P7 electric chassis and feature a business update from management, including CEO Daniel Barel and CFO David Goldberg. This initiative follows positive evaluations of the new electric van, which utilizes REEcorner technology to enhance driver ergonomics and operational efficiency.
REE Automotive (Nasdaq: REE) is collaborating with EAVX and Morgan Olson to launch the Proxima, a newly designed fully drive-by-wire walk-in step van. Live demonstrations are being held for prospective customers to evaluate Proxima's benefits, including a nearly 60% reduction in drag and enhanced driver safety features. The initiative aims to reduce the total cost of ownership and address industry challenges, such as driver shortages and increased demand for deliveries. The Proxima is set to revolutionize fleet electrification with modular designs and improved operational efficiencies.
EAVX and Morgan Olson, subsidiaries of JB Poindexter & Co, unveiled the new Proxima Class 5 walk-in step van, showcasing innovative technology aimed at enhancing commercial delivery vehicles. Proxima boasts improved aerodynamics, driver ergonomics, visibility, and safety. It integrates advanced digital vehicle infrastructure, VX Control™, allowing various technologies to operate cohesively. The vehicle is versatile, accommodating both electric and internal-combustion powertrains. EAVX is collaborating with REE Automotive (NASDAQ: REE) for its electric chassis, with evaluation events for potential customers planned in Detroit.
REE Automotive Ltd. (NASDAQ: REE) is set to host an investor and analyst event on July 28 at 11 a.m. ET at the American Center for Mobility in Ypsilanti, Mich. The event will showcase REE's P7 electric chassis in collaboration with EAVX and Morgan Olson. Participants will witness a live demonstration of the new walk-in step van body and engage in a Q&A with REE leadership. This event follows initial customer tests as REE builds its order book ahead of production start in 2023.
REE Automotive Ltd. (NASDAQ: REE) reported a GAAP net loss of $23 million for Q1 2022, showing progress in production capabilities and customer validation for its P7 platform. The integration center in Coventry aims for production capacity of 10,000 vehicle sets by year-end 2022. Positive feedback has been received from pipeline customers, including global OEMs. The company continues its commercialization efforts, preparing for the delivery of prototypes this summer, while maintaining a liquidity of $239 million.
On May 17, 2022, EAVX and REE Automotive unveiled their fully electric walk-in step van prototype set for customer evaluation this summer. This vehicle, built on REE's modular P7 platform, is the first fully drive-by-wire walk-in van. Evaluations will take place in Detroit, targeting retail and logistics customers. The P7 platform supports vehicles with payloads up to 8,800 pounds and a range of 370 miles. This development marks a significant step in EAVX's mission to enhance commercial vehicle electrification and offers unique benefits and efficiencies for various applications.
REE Automotive Ltd. (NASDAQ: REE) announces progress toward commercial production with proven robotic assembly capabilities at its UK Integration Center in Coventry. This facility will focus on the P7 electric platform for various commercial vehicles, initially targeting a capacity of 10,000 vehicle sets by year-end, expected to double in 2023 with a new Austin, Texas center. The company partners with Rockwell Automation for technology to enhance efficiency and scalability. This initiative marks a crucial step in establishing REE's innovative cloud-based manufacturing model and advancing EV platform commercialization.
REE Automotive (NASDAQ: REE) announced it will release its Q1 2022 financial results on May 17, 2022, before market opening. A live conference call will be held at 8:30 a.m. ET to discuss results and recent developments. Investors can submit questions in advance, with the platform open from May 10-16. REE specializes in electric vehicle platforms, utilizing its innovative REEcorner™ technology to integrate critical components, enabling flexible vehicle design.
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