REE Automotive Ltd. (Nasdaq: REE) (“REE” or the “Company”), an
automotive technology company and provider of full by-wire electric
trucks and platforms, today announced that it has begun customer
deliveries of its P7-C electric chassis cab following Federal Motor
Vehicle Safety Standards (FMVSS) and Environmental Protection
Agency (EPA) certification, making it the first to certify a fully
x-by-wire vehicle.
REE is the first to certify a fully steer-by-wire, brake-by-wire
and drive-by-wire vehicle. The Powered by REE™ P7-C medium duty
electric commercial truck has met the FMVSS requirements and has
achieved EPA approval.
REE has initiated customer deliveries of the first batch of P7-C
demonstration trucks for multiple fleets evaluations in North
America via its fast-growing Authorized Dealer Network. Pritchard
EV, a leading dealer in the U.S., is the first to receive the P7-C
demonstration truck for a roadshow with its large fleet customers.
Additional REE authorized dealers and leading fleets are expected
to receive additional P7-C demonstration units in the coming
weeks.
REE’s P7-C is eligible for the U.S. federal Internal Revenue
Service (IRS) Commercial Clean Vehicle Tax Credit (Internal Revenue
Code 45W), which allows customers to receive a tax credit of up to
$40,000 per vehicle. The Company is also in the process of
initiating eligibility for various state incentives, which could
bring the total incentive to over $100,000 per vehicle, depending
on the customer’s location.
“I believe our REEcorner is a true gamechanger, allowing us to
build electric trucks that fleets will want to buy, and drivers
will love to drive as we continue to see a strong demand for our
work trucks,” said Daniel Barel, CEO and co-founder of REE
Automotive. “I am incredibly proud of the team at REE for
completing certification of the automotive industry’s first ever
fully x-by-wire vehicle. Our customers have been eagerly waiting
for our vehicles to be ready to deliver and now our first demo
trucks are on their way to dealerships for customer
evaluations.”
Benefits of REE’s proprietary REEcorner™ and x-by-wire
technology can enable:
- Superior maneuverability and volumetric efficiency
- Enhanced safety with fail operational design via redundancies
in hardware and software
- Improved ergonomics with low step-in height and driver-centric
cabin
- Improved serviceability
- More efficient maintenance and lower spare part inventory
management
- Improved residual value
- Future-proofed, autonomous-ready and OTA upgrade capable
- Modular design and quick time to market
- Optimal energy efficiency
“Achieving this certification milestone is a testament to REE’s
dedicated team and our determination to bring this technology to
market safely,” said Richard Colley, REE’s VP of Government and
Regulatory Affairs. “The federal and state incentives that the P7-C
will be eligible for will help accelerate fleet electrification in
the US, helping to improve public health and meet ambitious climate
goals.”
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 Contact
Malory Van GuilderSkyya PR for REE Automotive+1
651-335-0585ree@skyya.com
Investor Contact
Kamal HamidVP Investor Relations | REE Automotive+1
303-670-7756investors@ree.auto
About REE
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 certify a fully by-wire vehicle in the US, 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.
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 that authorized
dealers and leading fleets are expected to receive additional P7-C
demonstration units in the coming weeks, the potential tax credits
and incentives available for the P7-C, the potential benefits of
its proprietary REEcorner™ and x-by-wire technology and that the
federal and state incentives that the P7-C will be eligible for
will help accelerate fleet electrification in the U.S., helping to
improve public health and meet ambitious climate goals. 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 video accompanying this announcement is available at
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Photos accompanying this announcement are available
at
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