REE Automotive (Nasdaq: REE), an automotive technology company
and provider of fully by-wire electric trucks and platforms, has
received United States Environmental Protection Agency (EPA)
certification for its P7-C chassis cab and P7-S stripped chassis
products.
Certification from the EPA is another step towards REE’s planned
full-vehicle certification in late 2023. EPA certification confirms
that REE’s P7 electric truck lineup is in conformity with the Clean
Air Act, which is intended to reduce and control air pollution
across the United States.
REE has already announced the certification feasibility for its
full by-wire systems and its remaining milestones to full
certification now include CARB certification and FMVSS
certification.
“We are excited to receive EPA certification for our P7 lineup.
As we continue the certification of Powered by REE vehicles,
planned to be the first commercial vehicles with full x-by-wire
technology, we aim to break new ground for non-traditional
architectures,” said Daniel Barel, CEO and co-founder of REE
Automotive. “This milestone, in addition to the confirmation of
FMVSS certification feasibility of our advanced by-wire systems,
are important steps on our path to certification and the planned
vehicle deliveries to our eager customers scheduled by the end of
2023.”
REE is currently focusing on the class 3-5 market producing zero
emission battery electric vehicles powered by proprietary
REEcorner™ and full x-by-wire technology. The company is targeting
$1 billion in cumulative sales in 2024-2026 and believes it is on
track to begin deliveries to customers later this year.
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.
Media ContactMalory Van GuilderSkyya PR for REE
Automotive+1 651-335-0585ree@skyya.com
Investor ContactKamal HamidVP Investor
Relations | REE Automotive+1 303-670-7756investors@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. With
proprietary by-wire technology for drive, steer and brake control
that eliminate the need for mechanic connections, all four
identical REEcorners™ enable REE to build 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.
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. 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;
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.
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