Business
REE Automotive Announces First Quarter 2022 Financial Results
Business plan on track towards firm orders and start of production Market’s first fully drive-by-wire electric van, developed with EAVX, a subsidiary of JB
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Business plan on track towards firm orders and start of production Market’s first fully drive-by-wire electric van, developed with EAVX, a subsidiary of JB Poindexter & Co, to begin validation and road testing by pipeline customers in the U.S.Positive feedback on the P7 platform from pipeline customers, including two global OEMs and three large fleets Integration center robotic assembly line on track, with anticipated capacity of 10,000 vehicle sets by the end of 2022P7 commercialization on track and funded TEL AVIV, Israel, May 17, 2022 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (NASDAQ: REE) (“REE” or the “Company”), an automotive technology leader and provider of electric vehicle (EV) platforms, today announced its financial results for the first quarter of 2022. REE is focused on executing milestone deliverables on its signed strategic collaborations relating to various types of commercial delivery vehicles and people movers, with capabilities to integrate multiple levels of autonomy. “This quarter we made significant progress towards establishing our production capabilities, commercializing our products, and maturing our pipeline. The recently-announced commencement of on-road testing in the U.S. of our new class 5 walk-in van highlights the progress of our partnership with EAVX. 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 when we deliver full vehicle prototypes this summer. As our business plan continues on track, we are encouraged by customer feedback from those who have experienced our P7 platform during on-track demonstrations in Israel and in the UK. We feel very confident in our timelines. Accordingly, we are building out our highly-automated production capabilities at our Coventry, UK, integration center, which we expect to provide initial capacity of 10,000 corner sets by the end of this year,” said Daniel Barel, REE’s Co-Founder and Chief Executive Officer. Commercial Developments & Outlook Over the last year, REE has been expanding its market footprint and building a partner ecosystem to enable and accelerate adoption of the Company’s products. This includes collaboration with partners to not only develop full vehicle offerings, but also provide a comprehensive ecosystem of capabilities and ser...