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REE Automotive Announces First Quarter 2023 Financial Results
Continued growth in authorized dealer network and orders, on track for initial production and pilot deliveries by the end of 2023 TEL AVIV, Israel, May 23,
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Continued growth in authorized dealer network and orders, on track for initial production and pilot deliveries by the end of 2023\nTEL AVIV, Israel, May 23, 2023 (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 ended March 31, 2023, through a shareholder letter posted on the company’s investor relations website at https://investors.ree.auto. The company will also hold a conference call today, May 23 at 8:30 a.m. ET. The live webcast of the conference call can be accessed on the Investors section of the Company’s website. Click here for webcast URL. For the telephone conference online registration click here. 1Q23 Highlights: REE remains focused on zero emission Class 3-5 vehicles built on its P7 platforms; ongoing activities support previously announced planned certification completion in 2H23; initial pilot vehicle deliveries to customers targeted to begin by the end of year 2023.Expands dealer network in the US, with eight dealers and three fleet customers, with initial orders of approximately 100 vehicles1 which are designed to meet the growing demand in part driven by the Advanced Clean Fleet (ACF) regulation. These dealers also facilitate relationships and adoption by fleets, which we believe could purchase hundreds or thousands of vehicles per year.Company announces two-phase production road map; Phase 1 anticipates production of vehicles in the low hundreds in 2024, with breakeven gross margin on a unit level by the end of that year. Phase 2 targets production in low - mid thousands of vehicles and breakeven EBITDA by the end of 2025.Company ended fiscal 1Q23 with liquidity of $126 million with no debt; anticipates liquidity of $65 million at year end, following the production of initial 25 P7 vehicles for internal testing and pilot deliveries. ________________________1 The Company’s order book is determined by management based on purchase orders received by the Company. The number of vehicles included in the order book as of May 22, 2023 include 76 vehicles under firm orders (i.e. binding orders) and the remainder of vehicles are of orders that are binding orders with certain additional conditions as set forth in the order. About REEREE Automotive (Nas...