Business
REE Automotive Announces Fourth Quarter 2021 Financial Results
Business plan on track towards firm orders and start of production Commencing commercial trials of the P7 platform in Q1 2022 for commercial delivery vehicles
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Business plan on track towards firm orders and start of production Commencing commercial trials of the P7 platform in Q1 2022 for commercial delivery vehicles in advance of customer testing of full vehicles in mid-2022Jointly exhibited FlatFormer, a concept model EV platform being developed jointly with Hino Motors at CESAnnounced strategic agreement with Hitachi America Ltd. to co-create a highly scalable Data-as-a-Service (DaaS) and Analytics-as-a-Service (AaaS) platform for EVs Nominated American Axle & Manufacturing to supply high-performance propulsion systems and Brembo to co-develop and supply the braking system Unveiled Leopard, an autonomous concept vehicle based on REE's modular platform designAppointed David Goldberg as Chief Financial Officer TEL AVIV, Israel, March 03, 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 fourth quarter of 2021. 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. Daniel Barel, REE’s Co-Founder and Chief Executive Officer said: “In 2019 and 2020, we focused on enhancing our capabilities, expanding our addressable market, validating our technology and building our supply chain. In 2021, we continued these efforts and began building out our partner ecosystem. The numerous milestones and strategic collaborations achieved over the past year established the foundation for an exciting next twelve months as we move towards establishing our production capabilities and commercializing our products. With the upcoming commencement of commercial trials for the P7 platform, REE is one step closer to obtaining order commitments and serial production. Additionally, we continue to advance other initiatives to lead the transformation of the automotive space with our REEcorner™ technology to enable a new generation of vehicles Powered by REE.” Commercial Developments & Outlook Throughout 2021, REE actively executed its business plan, establishing numerous strategic collaborations with industry leaders as it expanded its our footprint across segments. The REEcorner™, a compac...