REE Automotive (“REE”) (Nasdaq: REE), today announced the
appointment of operations and manufacturing executive Josh Tech as
the company’s chief operations officer (COO). Josh joins REE
after serving on Tesla’s Operations Leadership Team as Head of the
New Product/Manufacturing Introduction group. Previously, he
oversaw manufacturing development and launch at a worldwide leader
in automotive exterior design, development, and manufacturing, and
most recently served as Vice President of Manufacturing and
Engineering for one of America’s most advanced construction
technology firms, Plant Prefab. Based in the U.S., Josh replaces
Michael Charlton, who will serve as strategic advisor on
manufacturing, extending his decades of global automotive and
manufacturing expertise to the REE leadership team.
Josh brings over 23 years of experience to REE
in complex product development & launch, industrialization,
infrastructure development, engineering, supply chain, quality, and
operations management. As REE’s COO, Josh will be based in the U.S.
and lead all aspects of REE’s operations, manufacturing, and global
expansion management, including leveraging his unique talent for
the launch of REE’s integration centers in Austin, Texas, and
Coventry, UK.
Josh joins REE at a momentous time for the
company, as it prepares for full vehicle prototype testing for
customers in 2022 on its path towards commercial production of its
REEcornersTM and modular REEboardTM EV platforms in 2023. Under his
leadership, REE’s integration centers will serve demand in North
America and Europe with initial focus on the commercial launch of
REE’s P7 platform, intended to power commercial electric vehicles
such as walk-in delivery vans, buses, and recreational
vehicles.
“I’m excited to welcome Josh to the leadership
team. We sought out his wealth of experience in introducing new
products and scaling manufacturing as we introduce our P7 platform
to the market,” said Daniel Barel, REE co-founder and chief
executive officer. “An exceptional team is key to executing our
mission of accelerating EV adoption, and Josh’s deep automotive and
technology operations experience – and enthusiasm – will be
invaluable as we continue to advance on our business plan towards
firm orders and start of production. Mike will remain a critical
part of REE’s leadership in a broader, strategic role as we grow
our partnerships and plan for global execution. I am grateful for
his dedicated work to position us for growth and long-term
success.”
“I am thrilled to join REE based on the
revolutionary nature of the product and how it enables a massive
shift towards global commercial vehicle electrification. The
REEplatformTM can be applied to all makes, types, and applications
of commercial electric vehicle – the company truly brings
‘flexible’ electrification to the entire mobility industry,” said
Josh. “I look forward to playing an important role in bringing this
groundbreaking technology to market and helping lead the company
through this important period of growth.”
Media ContactCaroline
HutchesonHead of Global Communications I REE
Automotive+1252-314-2028media@ree.auto
About REE Automotive
REE (Nasdaq: REE) is an automotive technology
leader whose mission is to empower companies to build any size or
shape of electric or autonomous vehicle – from Class 1 through
Class 6 – for any application and any target market. REE aims to
serve as the underpinning on top of which electric vehicles (“EVs”)
and autonomous vehicles (“AVs”) will be built and envisions a
future where EVs and AVs will be “Powered by REE” TM.
REE’s revolutionary technology – the REEcornerTM
– packs critical vehicle components (steering, braking, suspension,
powertrain and control) into a single compact module positioned
between the chassis and the wheel, enabling REE to build fully-flat
EV platforms with more room for passengers, cargo and batteries.
REE plans to use its proprietary X-By-Wire control technology to
control each REEcornerTM of the vehicles with full drive-by-wire,
brake-by-wire and steer-by-wire capabilities.
REE’s EV platforms are designed to provide
customers with complete freedom of design, enabling
auto-manufacturers, OEMs, delivery & logistic fleets,
Mobility-as-a-Service providers and new mobility players to design
mission-specific EVs and AVs based on their exact business
requirements and significantly reduce their time-to-market, lower
total cost of ownership and comply with zero-carbon
regulations.
Headquartered in Glil Yam, Israel, REE has an
Engineering Center in the UK, as well as subsidiaries in Japan and
Germany, and plans to open its U.S. headquarters and first
Integration Center in Austin, Texas. REE’s unique CapEx-light
manufacturing model leverages Tier-1 partners’ existing production
lines; the company’s extensive partner ecosystem encompasses
leading names including Hino Motors (truck arm of Toyota), Magna
International, JB Poindexter, Navya and American Axle &
Manufacturing to provide a full turnkey solution.
REE’s patented technology, together with its
unique value proposition, position it to break new ground in
e-Mobility. For more information visit https://www.ree.auto.
Caution About Forward-Looking
Statements
This communication includes certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. 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 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” 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, objectives and expectations for our
business, the impact of trends on and interest in our business,
intellectual property or product and its future results, operations
and financial performance and condition
These forward-looking statements are based on
information available 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 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; 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 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; 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
ongoing COVID-19 pandemic and any other worldwide health epidemics
or outbreaks that may arise; and adverse global conditions,
including macroeconomic and geopolitical uncertainty; 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,
2022 and in subsequent filings with the SEC.
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/d7af7829-742d-46cf-b06c-5d57fb757f27
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