REE Automotive Ltd. (Nasdaq: REE), an automotive technology company
and provider of full by-wire electric trucks and platforms, today
announced it is working in partnership with Knapheide, North
America’s most popular manufacturer of work truck bodies and truck
beds, to create full electric vehicle solutions. Knapheide will
upfit REE’s P7-C chassis cabs to meet the requirements for fleet
customers across all electric vehicle types ranging from Class 3-5.
“With over 170 years experience in commercial vehicles,
Knapheide is working with REE to design and manufacture body
solutions for the REE P7-C chassis cab. That, paired with
Knapheide’s wide breadth of install capabilities and access to
additional work truck equipment, makes us the most popular choice
in North America for work truck bodies and solutions,” said Chris
Weiss, Vice President of Engineering for Knapheide. “As REE is
building out its dealer network around North America, we see the
potential to put our bodies on their fully-flat, low-step height
chassis and provide a really groundbreaking full vehicle solution.
Knapheide is known for its ability to make it easy for fleet owners
to take their upfit from concept to completion.”
“Powered by REE electric vehicles with a Knapheide body create a
top-notch-vehicle solution,” said Tali Miller, Chief Business
Officer of REE. “We’re eliminating the backend work for our
customers of trying to configure a body on a chassis and understand
which brands will pair well together. We believe partnering with
Knapheide will help make the ordering process more seamless,
drastically reducing the time from order to delivery for dealers,
and with an integrated product delivered. By working with body
builders like Knapheide, we have innovative new solutions that will
allow customers to realize the full potential and benefits of
vehicles powered by REE.”
Knapheide bodies will complete REE’s chassis cab built as part
of their flagship P7 electric truck lineup. The P7-C chassis cab
was built to encourage flexibility and customization to fit the
needs for a range of customer applications. The electric vehicles
are powered by the REEcorners™, x-by-wire technology and are
purpose-built to drive down total cost of ownership (TCO) for
fleets. The vehicles are built for urban environments with
market-leading product attributes including optimal
maneuverability, full height interior cabs, class-exclusive all
wheel drive, low step-in height, aerodynamic design, low noise,
greater visibility and increased safety. All P7 configurations with
Knapheide bodies including box trucks, service bodies and platform
bodies are currently available to order with initial deliveries
expected in 2024.
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 Contact
Malory Van GuilderSkyya PR for REE Automotive+1
651-335-0585ree@skyya.com
Investor Contact
Kamal HamidVP Investor Relations | REE Automotive+1
303-670-7756investors@ree.auto
About REE Automotive
REE Automotive (Nasdaq: REE) is an automotive technology company
that allows companies to build electric vehicles of various shapes
and sizes 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 Statements
This communication includes certain forward-looking statements
within the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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 and
objectives, including its ability to meet certification
requirements, the impact of trends on and interest in our business,
or product, intellectual property, REE’s expectation for growth,
and its future results, operations and financial performance and
condition.
These forward-looking statements are based on REE’s current
expectations and assumptions about future events and are based on
currently available information 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, obtain
regulatory approval, produce and market its P7 lineup; 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 building out of
REE’s supply chain; 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, 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, the 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” 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.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/32de4926-6250-4ea6-a214-7e31a785fc08https://www.globenewswire.com/NewsRoom/AttachmentNg/ba3ab99d-678e-488d-9c31-15ef151cd3fahttps://www.globenewswire.com/NewsRoom/AttachmentNg/5427b54d-90f0-491f-b1d4-a662b6c175dbhttps://www.globenewswire.com/NewsRoom/AttachmentNg/c6008735-eb60-4f37-8e9e-e346f4211f91
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