REE Automotive Continues to Expand Full by-Wire EV Offering at ACT Expo 2024
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.
REE Automotive showcases new variants of its software-driven electric trucks at ACT Expo 2024, expanding its product offering and demonstrating its commitment to innovation.
The company announces new partnerships, indicating growth and potential collaborations that could drive further success in the EV market.
Attendees at ACT Expo 2024 have the opportunity to ride and drive the world's first full by-wire P7-C truck, allowing them to experience the advantages of REE's groundbreaking technology firsthand.
Despite the positive aspects of the PR, there may be challenges in convincing fleets and OEMs to adopt REE's full by-wire technology due to the need for significant upgrades and changes to existing vehicles.
While the IRS Commercial Clean Vehicle Tax Credit offers incentives for purchasing the full P7-C Chassis Cab medium-duty electric truck, the high upfront costs of such vehicles may still pose a barrier to adoption for some customers.
– REE to showcase new variants of its software-driven electric trucks
– Company to announce new partnerships
– First ever open opportunity to ride and drive the world’s first full by-wire P7-C truck
– Explore the three ways to upgrade your vehicles to the full by wire technology at booth 3723
LAS VEGAS, May 08, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it will attend ACT Expo 2024 in Las Vegas May 20-23, 2024. For the first time, the company will showcase its software-driven, clean sheet approach to modular electric vehicles (EVs) including the revolutionary REEcorner®, the P7-S stripped chassis, and a full vehicle built on the P7-C chassis cab with a bespoke upfit. ACT Expo attendees will see firsthand the wide range of application potential through three different variations of REE’s groundbreaking technology and will be able to get behind the wheel of the P7-C electric truck for a ride and drive experiencing firsthand the advantages of the REEcorner® full by wire technology.
“At our core, we are an automotive technology company shaking up the industry with our disruptive x-by-wire technology,” said Daniel Barel, CEO and co-founder of REE Automotive. “By showcasing our REEcorner, stripped chassis and full vehicle solution, we are able to properly demonstrate our mantra of ‘complete not compete’. Pure software driven vehicles are the future of automotive and at ACT 2024 we will be showcasing all of the different paths to upgrade to powered by REE EVs based on our REEcorners, stripped chassis and FMVSS certified full vehicles to fleets and other OEMs.”
Intended benefits of REE’s full x-by-wire technology:
- Steer, brake and drive-by-wire technology
- Enables purpose-built vehicles to drive down total cost of ownership (TCO)
- Excellent serviceability + residuals
- Future-proofed, autonomous-ready and over the air (OTA) upgrade capable
- Improved maneuverability and tight turn radius
- Low energy cost per mile
- Deep data analytics and application services
Three ways to work with REE to upgrade your vehicles to be software-driven:
- Enhance your platforms with REEcorners®
- Build your truck on a REE chassis
- Fast time to market with a ready electric chassis
- Battery agnostic
- Fully flat and low chassis, designed for high modularity
- Simple and fast top-hat compatibility
- Purchase a full P7-C Chassis Cab
- FMVSS, EPA and CARB certified medium-duty electric truck
- Driver centric cabin
- Fully flat with low step in height
- Eligible for the U.S. federal Internal Revenue Service (IRS) Commercial Clean Vehicle Tax Credit which allows customers to receive a tax credit of up to
$40,000 per vehicle which can be combined with state incentives equaling up to$100,000 per vehicle
To schedule a meeting with REE’s sales team while at the show, visit https://ree.auto/event/act-expo-2/.
Media interested in more information or scheduling a meeting with company management may contact ree@skyya.com.
To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.
About REE Automotive
REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. With complete design freedom, vehicles Powered by REE® are equipped with the revolutionary REEcorner®, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel. As the first company to FMVSS certify a fully by-wire vehicle in the U.S., REE’s proprietary by-wire technology for drive, steer and brake control eliminates the need for mechanical connection. Using four identical REEcorners® enables REE to make the industry’s flattest EV platforms with more room for passengers, cargo and batteries. REE platforms are future proofed, autonomous capable, offer a low TCO, and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.
Media Contact
Malory Van Guilder
Skyya PR for REE Automotive
+1 651-335-0585
ree@skyya.com
Investor Contact
Kamal Hamid
VP Investor Relations | REE Automotive
+1 303-670-7756
investors@ree.auto
Caution About Forward-Looking Statements
This communication includes certain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. For example, REE is using forward-looking statements when it discusses its intent to showcase its EVS, REEcorner®, chassis and a full vehicle built on the p7-C chassis cab at ACT Expo 2024, its belief that software driven vehicles are the future of the automotive industry and the expected time to market of its ready electric chassis . In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships and objectives, including its ability to meet certification requirements, the impact of trends on and interest in our business, or product, intellectual property, REE’s expectation for growth, and its future results, operations and financial performance and condition.
These forward-looking statements are based on REE’s current expectations and assumptions about future events and are based on currently available information as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.
Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan, including its plan to successfully evaluate, obtain regulatory approval, produce and market its P7 lineup; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with building out of REE’s supply chain; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the COVID-19 pandemic, interest rate changes, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/099dca30-4748-4c79-b757-c6b980f25bce
FAQ
What will REE Automotive showcase at ACT Expo 2024?
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