REE Automotive Ltd. (Nasdaq: REE), an automotive technology company
and provider of full by-wire electric trucks and platforms, today
announced the continued expansion of its Authorized Dealer Network
with three new dealers covering Wisconsin, Illinois and California,
all placing binding orders for REE’s P7-C electric truck.
REE’s initial order book value grew by 30% since the end of
August showing a strong growth representing a total combined order
value of approximately $25 million1. As the Company gets closer to
its targeted first customer deliveries this year, REE’s North
American presence continues to grow with strong demand for P7
electric trucks including boxes, service bodies, step-in vans and
platform bodies. On top of its competitive total cost of ownership
(TCO), technological advantages, and delivery times, REE’s P7
lineup aims to help fleets meet the requirements at both the state
and federal level for tax incentives.
REE’s new authorized dealers include Lynch Truck Center, C&M
Motors and XPO Sales. REE’s Authorized Dealer Network covers the
United States and Canada and offers a wide network of sales and
support to fleets and truck owners who are looking to convert their
fleets to electric.
“We are happy to welcome Lynch Truck Center, C&M Motors and
XPO Sales to our authorized dealer network,” said Tali Miller,
chief business officer at REE Automotive. “Our dealers provide us
with excellent exposure to the largest fleets in North America, as
well as being part of our service and support network. We have a
well-established supply chain, including Microvast battery packs,
so we are ready to ramp up production and fill the orders in our
book. With the strong incentives for electrification in the U.S.,
our customers can benefit from federal incentives up to $40,000 per
vehicle, and up to $100,000 of incentives per vehicle in certain
states.”
REE continues to make steady progress on certifying its P7
electric truck lineup as supported by its recent EPA certification
and confirmed FMVSS certification-feasibility of its x-by-wire
system. To further support customer needs, REE is collaborating
with market leading work-truck body manufacturers, Knapheide and
Morgan Truck Body. These partnerships offer dealers and their fleet
customers a complete Powered by REE vehicle, with new design
applications, including boxes, service bodies, and platform
bodies.
As previously shared, approved dealers are also supported by
REE’s agreement with Mitsubishi HC Capital America to provide a
customized finance solution for REE’s network. This agreement is
designed to streamline the process of obtaining financing for
dealers looking to purchase Powered by REE vehicles and accelerate
the path to electrification for fleets looking to make the
transition to EV.
About the new dealers
Lynch Truck Center is one of the largest
commercial, fleet and tow truck suppliers in the United States
serving Wisconsin, Chicago, Denver and customers nationwide. The
Lynch family has a long history in automotive sales, parts and
service that dates back to the 1950s. Its family of businesses also
include LDV, Inc, which is the nation’s largest supplier of custom
specialty vehicles. Their motto, ‘The Right Truck, Right Now’ has
been a driver of this growth, offering the largest selection of
both new and used light and medium duty commercial trucks, tow
trucks, wreckers, rollbacks, carriers and heavy duty towing
equipment.
C&M Motors Inc is a
full-service truck leasing and sales company servicing the greater
San Diego area since 1982. C&M Motors is family owned and
operated, yet offers all the benefits of nationwide service and
roadside assistance as a member of Nationalease. It sells and
services a premium selection of new and used commercial trucks,
including specialty trucks like moving trucks, refrigeration
trucks, flat beds, bobtails, dump bodies, tow bodies and more. In
addition to its Service and Parts departments, C&M also has an
onsite full-service collision center.
XPO Sales is a new and used automotive dealer
specializing in airport, parking, and hotel shuttles. XPO Sales
focuses its attention on service and quality and supporting
ever-changing fleet environments. XPO Sales is taking Green Energy
a step further, by bringing electric vehicles and electric energy
to LAX and soon to other Airports around the United States.
These three new dealers in REE’s authorized dealer network join
the previously announced Jim Reed’s Truck Sales, Fleet Direct,
Specialty Vehicles & Equipment (formerly Kirkman Bus &
Truck Sales), McCandless Truck Center, FMI Truck Sales &
Services, Industrial Power & Truck Equipment (IPT), Monarch
Truck Center, New England Truck Solutions (NETS), Pritchard EV,
RY-DEN Truck Center, Tom’s Truck Center and The Truck Shop. Find
the entire network on the dedicated dealer page on the REE
website.
Dealers interested in carrying REE vehicles can contact our
business group at https://ree.auto/dealers.
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/or the conflict between
Hamas and Israel 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.
__________________________________________
1 The Company’s order book is determined by management based on
purchase orders received by the Company. The number of P7 units
included in the order book as of October 18, 2023 includes 175 P7
units under firm orders (i.e. binding orders) and the remaining of
units ordered that are binding orders with certain additional
conditions as set forth in the order. The dollar value of the order
book is determined based on the pricing of each unit included in
the order book. The Company's presentation of the order book should
not be construed as a representation by the Company that the units
included in its order book will translate into actual sales or
revenue.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/6d80de10-ec61-435a-9bdb-53e8cb3c5c33
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