REE Automotive Ltd. (Nasdaq: REE) today announced that Carlton
Rose, former global president of fleet maintenance and engineering
at UPS, has been appointed to the company’s board of directors,
effective immediately.
“Carlton, who spent 42 years at UPS, is one of the most
experienced and respected fleet leaders in the world bringing
invaluable expertise and a wealth of experience to REE,” said Arik
Steinberg, chairman of REE. “We will greatly benefit from his
management and industry experience as we continue to shape our
long-term vision and strategy.”
“I am excited to join REE’s board of directors at this paramount
time in the company’s evolution,” said Carlton Rose. “Over several
years I have watched it transform from a startup to a company
focused on scaling production as a highly innovative and
commercially competitive electric vehicle solution. I look forward
to applying my strategic expertise and insights of the industry, as
former global president of fleet maintenance and engineering at
UPS, managing over 330,000 pieces of equipment around the
world.”
“During my time at UPS, I led the development and deployment of
over 16,000 low and zero emission, alternate fuel and advanced
technology vehicles,” Rose continued. “REE’s focus on innovation,
electrification and automation provide a compelling foundation to
accelerate e-mobility across multiple vehicle classes, use cases
and applications. I believe that better is before us and that REE
will come out a leader in the commercial EV industry.”
“It has been exactly four years since we first met Carlton and
his team in Tel Aviv where we presented the REEcorner tech to UPS,”
said Daniel Barel, co-founder and CEO of REE. “Carlton’s deep
industry knowledge and real-life experience in new technology
introduction will be of immense addition to REE as we continue to
strengthen strategic partnerships with industry-leading dealers and
fleet customers.”
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 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 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 cab
chassis, 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, 2023 and in subsequent filings
with the SEC.
A photo accompanying this announcement is available
at: https://www.globenewswire.com/NewsRoom/AttachmentNg/0dad5048-7885-422f-b639-c5cfdb9d203e
REE Automotive (NASDAQ:REE)
Historical Stock Chart
From Apr 2024 to May 2024
REE Automotive (NASDAQ:REE)
Historical Stock Chart
From May 2023 to May 2024