EAVX, a subsidiary of JB Poindexter & Co (JBPCO), and REE
Automotive (NASDAQ: REE), an automotive technology leader and
provider of electric vehicle platforms, today announced the
companies’ new fully electric walk-in step van prototype will begin
customer evaluation this summer. The class 5 vehicle debuts the
EAVX body design powered by REE’s modular P7 platform, making it
the first fully drive-by-wire walk-in van on the market.
Evaluations of the new electric walk-in step van
will take place over several weeks in the Detroit metropolitan
area. The pre-booked event will allow pipeline customers across
retail, delivery, and logistics segments to experience the vehicle,
its groundbreaking technology, and secure production capacity on
the path for 2023 deliveries.
The walk-in step van body is a new, ground up
development and will be showcased for the first time on the REE P7
platform, which was unveiled in January 2022. The platform is
intended to power class 3-5 vehicles with payloads up to 8,800
pounds and range of 370 miles, along with all-wheel steering,
all-wheel drive, and autonomous-ready capabilities. The vehicle is
designed to provide unique user benefits, efficiencies, and
flexibility that can be scaled across further applications and
classes with the modularity and design freedom enabled by
REEcorner™ technology.
The road testing demonstrates the maturity of
the REE-EAVX next-generation modular walk-in step van program for
the North American delivery market, first announced in July 2021.
The prototype body, which will have more details unveiled soon, is
a step forward in EAVX’s mission to develop next-generation EV and
AV powered delivery and work truck bodies and accessories as a
business unit of JB Poindexter & Co (JBPCO), which has a
leading market share position in the North American delivery work
truck body market.
“This is an excellent confirmation for EAVX’s
unprecedented offering to accelerate commercial vehicle
electrification for existing and new customers,” said John
Poindexter, CEO and Chairman, JBPCO. “Our new body, designed to fit
all chassis and to be the next-generation walk-in step van,
leverages JBPCO’s proven history of building durable and dependable
work truck and commercial vehicle bodies and accessories. We are
thrilled with our partnership with REE and for this first prototype
to be put on a REE modular chassis, creating the first electric
vehicle with the company’s innovative REEcorner™ technology.
Together we can help enable the design and manufacture the
commercial electric fleets of all sizes and across markets.”
“EAVX and REE are delivering on our joint
promise from last year and at record pace. The on-road testing of
our class 5 walk-in van is a testament to the strength and progress
of our EAVX partnership,” said Daniel Barel, Co-Founder and CEO of
REE. “We are excited for customers to experience first-hand the
unique benefits of the first x-by-wire vehicle built with a
best-in-class Morgan Olson body and Powered by REE, a clear step
toward firm orders.”
For fleets and customers interested in learning
more about the REE P7 platform and vehicles and for more
information on summer demonstrations, contact the companies at
https://ree.auto/segments/p7-platform/.
Media ContactsCaroline
HutchesonHead of Global Communications I REE Automotive+1
252-314-2028media@ree.auto
Matthew EulSr. Manager, Marketing &
Communications I EAVX+1 641-629-0921 meul@jbpco.com
ABOUT EAVX
EAVX, the newest business unit and subsidiary of
JB Poindexter & Co, collaborates with the most advanced
electric and alternative power chassis producers, allowing chassis
partners to focus on their revolutionary and proprietary
technologies. EAVX and the individual business units of JBPCO are
the integration bodybuilders of choice for chassis producers
serving present and future EV and alternative fuel markets and
advanced vehicle technology markets. Visit jbpoindexter.com/eavx
for more information.
ABOUT JB POINDEXTER &
CO
JB Poindexter & Co is a portfolio of
businesses that provide best-in-class commercial automotive and
manufacturing goods and services. The company applies innovative
operational and financial disciplines to truck and van bodies,
pickup truck covers and accessories, industrial vehicle storage and
shelving, funeral coaches, limousines, specialty industrial parts
and expandable foam packaging. The portfolio of industry-leading
business units includes Morgan Truck Body, Morgan Olson, Reading,
Truck Accessories Group, EFP Corporation, Specialty Vehicle Group,
MIC Group, Masterack and EAVX. For more information, visit
JBPoindexter.com or LinkedIn.
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 REEcorner™
– 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 REEcorner™ 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/00011c26-3f91-4b11-a075-cce69e6037ba
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