Business
REE Automotive Announces Fourth Quarter 2022 Financial Results
Strong order book growth; initial deliveries slated to begin in 4Q23 Achieved key development milestones in 2022 on time and in line with budget with total
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Strong order book growth; initial deliveries slated to begin in 4Q23\nAchieved key development milestones in 2022 on time and in line with budget with total operating expenses of $127 millionLiquidity of $154 million supports anticipated non-GAAP operating expense of $70-$75 million for 2023 with P7 program fully funded into commercializationStrong order book growth for Powered by REE vehicles growing customer base from 2 to 8 since reporting 3Q22 results with 35 firm orders as of todayDelivered 2 prototypes to an OEM for customer evaluation and testingGrew our go to market strategy by achieving direct sales and entering into additional dealership agreements in the USProvided suppliers with 2023-24 production forecast; built the first batch of production intent P7 vehicles for validation; certification activities underwayCompany expects to begin deliveries to customers in 4Q23; and is targeting COGS breakeven in the low hundreds of vehicles and adjusted EBITDA breakeven in the low thousands of vehicles TEL AVIV, Israel, March 16, 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 fourth quarter ended December 31, 2022, 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, March 16 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. About REEREE 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 t...