Welcome to our dedicated page for Ree Automotive news (Ticker: REE), a resource for investors and traders seeking the latest updates and insights on Ree Automotive stock.
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) received a notification from Nasdaq on November 7, 2022, indicating non-compliance with the Minimum Bid Price Requirement due to its Class A Ordinary Shares closing below $1.00 for 30 consecutive business days. This notice does not affect the current listing. REE has a 180-day Compliance Period to regain compliance, with the possibility of an additional extension by moving to the Nasdaq Capital Market if necessary. The company will monitor its share price and explore options to regain compliance.
REE Automotive (NASDAQ: REE) will release its third quarter 2022 financial results on November 16, 2022, before NASDAQ opens. A webcast and conference call are scheduled at 8:30 AM ET on the same day to discuss the results and recent events. The event can be accessed via the Investors section of REE's website. REE Automotive specializes in electric vehicle platforms, offering modular designs that allow for customizable vehicle configurations.
REE Automotive Ltd. (NASDAQ: REE) announced the results of its exchange offer and consent solicitation concerning its public and private placement warrants, which expired on September 22, 2022. Approximately 13,065,941 warrants were validly tendered. REE will accept these warrants for exchange, expected on October 6, 2022. The company received approval from around 84% of public and 82% of private placement warrants for a Warrant Amendment, allowing a post-offer exchange of 0.18 Class A shares per warrant on October 10, 2022. The SEC declared the related registration statement effective on September 21, 2022.
REE Automotive Ltd. has launched an exchange offer and consent solicitation for its outstanding public and private placement warrants. The aim is to simplify its capital structure and mitigate the dilutive effects of these warrants, providing greater operational financing flexibility. The exchange offer allows holders to receive 0.20 Class A ordinary shares for each warrant. If consented, the warrant agreement may be amended to convert outstanding warrants at a reduced rate of 0.18 shares. The offering period extends until September 22, 2022.
REE Automotive Ltd. (NASDAQ: REE) announced strong customer feedback for its Proxima Powered by REE and P7-B electric vehicle platforms, with orders expected from leading delivery and logistics companies following successful evaluations. The company is on track for 2023 production, with integration centers progressing as planned. Financial highlights include a GAAP net loss of $25.2 million for Q2 2022, which reflects an increase from the previous quarter but a decrease from the same quarter last year. REE maintains an optimistic market outlook, supported by $206.8 million in liquidity.
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.
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