REE Automotive Ltd. (Nasdaq: REE), an automotive technology company
and provider of electric vehicle (EV) platforms, today announced
the names of the first US dealers that will be offering Powered by
REE EVs to end customers looking to electrify their commercial
fleets, as part of REE’s go-to-market approach of signing
authorized dealers. Initial deliveries to these dealers are slated
to begin in Q4 2023.REE will offer training to authorized dealers
to certify technicians to provide service on Powered by REE
vehicles. The dealers include the previously unnamed customers,
Pritchard EV, a nationwide distributor and subsidiary of Pritchard
Companies, and the Southern California-based dealer Tom’s Truck
Center. The company today also announced that Industrial Power
& Truck Equipment (IPT) and New England Truck Solutions (NETS)
are new dealers for the US market.
REE has entered into an agreement with Mitsubishi HC Capital
America to provide a customized finance solution for dealers within
the REE network. This agreement is designed to streamline the
process of obtaining financing for dealers looking to purchase REE
Powered vehicles. Furthermore, Mitsubishi HC Capital America will
leverage its existing relationships to help expand REE’s North
American dealer network. “By helping companies reach their
environmental, social, and governance (ESG) goals, we have a chance
to make a positive impact on the world around us and it happens
through partnerships like the one we have with REE”, Kirk Mann,
Senior Vice President and General Manager of Transportation Finance
at Mitsubishi HC Capital America.
“We’ve set 2023 as a year to strongly grow our market share in
the US,” said Daniel Barel, Co-Founder and CEO of REE Automotive.
“As part of our go-to-market strategy and getting REE-powered
vehicles into the hands of fleet owners, we recognize the
importance of a dealer-fleet relationship especially around
maintenance and support and are on our way to building out a
nationwide network of authorized dealers with partners such as
Pritchard EV, Tom’s Truck Center, Industrial Power & Truck
Equipment and New England Truck Solutions which are staunchly
committed to electrification and to providing their customers with
the ultimate EV experience. And together with leading companies
such as Mitsubishi HC Capital America we can help companies secure
the necessary funding and make the seamless transition to EVs and
the required charging infrastructure.”
“As a leading fleet dealer, we’re seeing the demand for electric
vans and work trucks skyrocket,” said Ryan Pritchard, chief revenue
officer at Pritchard EV. “REE Automotive is successfully redefining
purpose-built fleets and we are eager to incorporate their vehicles
in our line-up of offerings. The REE-powered vehicles set a new
standard in commercial EVs, offering greatest interior space on a
given footprint, optimized driver ergonomics and
ease-of-maneuverability. Together, we can provide superior
solutions for last and mid-mile delivery with low total cost of
ownership.”
“California’s large and small fleet operators are making the
transition to electric vehicles, and we’re setting out to make that
transition a smooth one,” said KC Heidler, CEO and president of
Tom’s Truck Center. “We’re partnering with REE because of its
outstanding EV technology providing flexibility and maneuverability
to meet the needs of our customers in California. When winding
through city roads, the all-wheel steer technology in REEcorners™
will allow for tight turns and to get in and out of small spaces
easily. With the productivity and maintenance benefits of
REEcornerTM technology, coupled with the fact that we’re providing
Level 3 DC fast charging along customers’ frequently traveled
routes, we’re looking to provide a new level of experience for our
customers.”
Industrial Power Truck & Equipment (IPT) has been serving
the Dallas Fort Worth metroplex for over 40 years, specializing in
commercial truck sales. “We’re excited to partner with REE and join
its growing dealer network,” said Brian O’Neil at Industrial Power
Truck & Equipment. “Our end-customers are seeking electric
vehicles because they’re looking to cut costs and repair times, and
in REE we found a partner uniquely capable of fulfilling their
needs.”
“We placed our initial order at Work Truck Week in direct
response to hearing from our fleet customers and their requirement
across the board to quickly transition to an all-electric fleet,”
said Jason Jarvis, president at New England Truck Solutions. “New
England customers unilaterally need reliable all-weather electric
trucks, and we believe that REE’s technology will provide the
best-in-class solutions to meet their needs.”
Electric vehicles Powered by REE built on the modular P7
platform enable a wide range of capabilities for class 3 to 5
vehicles including payload capacities of up to 8,000 pounds, up to
200 miles of range and industry-leading low step-in height. The
vehicles integrate four REEcorners™ featuring REE’s x-by-wire
technology, supporting all-wheel steer, all-wheel drive, adaptive
regenerative braking, creep control, hill start assist, and torque
vectoring.
Dealers interested in carrying REE vehicles should contact our
business group at https://ree.auto/dealers or visit the REE booth
#1843 at NTEA Work Truck Week in Indianapolis March 8-10.
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 http://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 AutomotiveREE Automotive (Nasdaq:
REE) is an automotive technology company that allows companies to
build any size or shape of electric vehicle 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, enabling 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.
About Mitsubishi HC Capital AmericaMitsubishi HC Capital America
is a specialty finance company that brings a consultative approach
and expertise to customers of all sizes to help their businesses
grow every day. Serving as a collaborative partner, we provide
customized financing solutions for a wide range of industries,
including manufacturing, construction, work trucks/transportation,
IT, staffing, healthcare and clean technology/mobility. We are
committed to the United Nations Sustainable Development Goals to
improve the communities where we operate. Visit
https://www.mhccna.com/en-us
About Pritchard CompaniesWith experience expanded back to 1913,
today Pritchard EV has the inventory, national network, and OEM
relationships to service fleets across America. Pritchard EV is a
part of the Pritchard Companies, with owns and operates locations
across the United States, representing the world's finest truck and
bus manufacturers, they offer a full range of products, from sales
of new and used vehicles to aftermarket parts and service, to
financing, insurance, telematics, leasing and rental. Additional
information about Pritchard Companies products and services is
available at www.commercialevs.com.
About Tom’s Truck CenterTom’s Truck Center was established in
1949, and is an industry leader in Southern California and
beyond. With 2 locations, in Santa Ana(Orange County) and
Santa Fe Springs(Los Angeles County), Tom’s Truck Center offers
commercial vehicles in Class 3-7, from several leading commercial
truck brands. They are the local dealership leader in the
growing Electric Vehicle market, with staff trained on charging
infrastructure planning, electrification mandates, and available
product options. In addition, they are known nationwide as
having the largest inventory of medium duty truck parts, both new
and used. For more information call 562-921-1411 or
visit www.ttruck.com.
Caution About Forward-Looking StatementsThis
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 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, 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 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, produce and
market its newest medium-duty electric box truck built on a P7
platform, as discussed in this press release; 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.
REE Automotive (NASDAQ:REE)
Historical Stock Chart
From Jun 2024 to Jul 2024
REE Automotive (NASDAQ:REE)
Historical Stock Chart
From Jul 2023 to Jul 2024