REE Automotive Ltd. (Nasdaq: REE), an automotive technology company
and provider of electric vehicle (EV) platforms, today revealed
P7-C, a Class 4 chassis cab offering a new cabin design built on
REE’s P7 modular electric platform. Customers will be able to place
orders for the entire P7 electric truck lineup at ACT Expo in REE’s
booth #6927.
“Part of what our customers love about our highly modular P7
platform lineup is the fact that they can make the most out of it,”
said Tali Miller, chief business officer of REE. “Be it P7-B, the
ultra-low floor electric box truck designed for the highly popular
last-mile Class 3 segment, or P7-S that powers the Class 5 Proxima
with EAVX and Morgan Olson for the walk-in-van market, and now the
new cab design of the P7-C Class 4 chassis cab that we developed in
response to market feedback to best meet customer needs, including
capitalizing on government incentive programs. As we move forward
in completing certification requirements and our first deliveries
later in the year, I am very pleased to welcome Monarch Truck
Center, The Truck Shop and RY-DEN Truck Center to our growing REE
dealer network.”
P7 ProgramThe new P7-C is integral to REE’s
complete vehicle lineup based on its flagship P7 platform, serving
vehicles Class 3-5. The P7 vehicle lineup includes the P7-C chassis
cab, P7-B box truck, and P7-S stripped chassis. The entire P7
electric truck line-up is powered by the REEcorners™, x-by-wire
technology, and is purpose-built to drive down total cost of
ownership (TCO). All P7 configurations are currently available to
order with initial deliveries slated to begin in Q4 2023.
All vehicles in the P7 program are built for urban environments
with market-leading product attributes including optimal
maneuverability, increased cargo volume, low step-in height,
aerodynamic design, low noise, greater visibility, and increased
safety.
P7-C Chassis Cab The P7-C is a Class 4 chassis
cab designed to meet the requirements for the Inflation Reduction
Act incentives, which are more substantial for EVs Class 4 and
above and meets market demand for the ability to simplify
vocational upfits. P7-C was developed based on direct feedback from
ongoing customer evaluations of proof-of-concept vehicles and is
designed to meet fleet owners’ specific needs.
The configuration* offers a max range of 150 miles, up to 7,000
lbs payload, a gross vehicle weight rating (GVWR) of up to 16,000
lbs, a class-leading 24-inch platform height and 39 ft turning
circle. On the interior of the advanced cab, customers will enjoy
the driver-centric design including a 13-inch center screen, ample
window space for excellent visibility and improved safety in tight
urban environments and pedestrian- heavy areas, and hard-wearing
durable materials. The high cab roof and low floor platform
allowing for walk-through applications as the driver can stand and
move about the cab with ease.
P7-S Stripped ChassisThe P7-S allows customers
to enjoy total modularity. Whether it’s a rearward cabin for a
walk-in van configuration or a forward cabin for a delivery truck,
the P7-S can accommodate multiple EV specific top-hat designs. From
Proxima by EAVX and Morgan Olson, to REE’s driver-centric cab,
along with pre-existing cabins from leading OEMs, fleets can take
the P7-S and turn it into the exact vehicle they need.
P7-B Box TruckThe P7-B box truck has a common
cab design with the P7-C and targets the large and highly popular
class 3 last-mile segment popular with commercial fleets and rental
companies.
Certification ProgressCertification for the P7
electric lineup is well underway, with the most recent milestone
being the completion of winter testing in Sweden. With first
production-intent vehicles produced and being tested, certification
is expected to be complete in H2 2023. View winter testing video at
this link.
Dealer Update REE’s highly selective dealer
network is expanding with three new dealers in the West Coast. The
new dealers have placed initial orders for the P7 product line and
are welcoming orders from their customers.
Monarch Truck Center has two locations in California - San Jose
and Union City - and is a Bay Area’s leader in new and used medium
duty truck sales and leasing. As a family-owned business, Monarch’s
team takes pride in providing care to each customer.
RY-DEN Truck Center, located in Fresno, California, has over
forty years of experience in the medium duty commercial truck
business. Both new dealers in California will enable customers to
take advantage of both federal and state level tax incentive
programs for purchasing EVs.
The Truck Shop, located in Washington State, serves Seattle to
Tacoma and beyond. The Truck Shop specializes in state-of-the-art
maintenance and commercial truck sales for single delivery truck
operations all the way up to large fleets. Similar to California,
Washington has its own state level EV incentive programs, which
will provide tax credits to those looking to electrify their
fleets.
Dealers interested in meeting with REE at ACT should contact
sales@ree.auto and may apply for Mitsubishi HC Capital America
customized finance solution available for dealers within the REE
network, streamlining the process of obtaining financing for
dealers looking to purchase REE-powered vehicles.
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
* Vehicle specifications are based on pre-production model and
are subject to change. All data is approximate. Consult
dealer and manual for details on final production model.
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.
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 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; 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, inflation, 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; 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” 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 photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d6e7bba7-8279-4ede-80c8-425d900c7012
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