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REE Automotive Announces Second Quarter 2022 Financial Results
Strong customer feedback on Proxima Powered by REE and P7-B following fleet evaluations Company expects orders for multiple test fleets Successful customer
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Strong customer feedback on Proxima Powered by REE and P7-B following fleet evaluations Company expects orders for multiple test fleets\nSuccessful customer evaluations of Proxima Powered by REE; orders expected to followOngoing customer evaluations of REE’s P7-B, with public road testing expected in the coming monthsBoth P7-based electric vehicles are on track and on budgetContinued on-time progress on integration centers ahead of anticipated 2023 start of production TEL AVIV, Israel, Aug. 16, 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 second quarter of 2022. REE continues to execute on its milestones with a focus on commercialization of its P7 platform - revealing Proxima Powered by REE, a class 5 walk-in-van, and P7-B, a class 3 box truck. Execution remains on track and within our expected timeline and budget. “We continue executing on our plan and remain on track and on budget as we make progress towards production in 2023. After the end of the quarter, we introduced Proxima Powered by REE, a class 5 electric walk-in van built with body manufacturing leaders EAVX and Morgan Olson. The first wave of product evaluations by leading delivery, logistics and e-commerce companies generated positive feedback: the competitive strengths of the vehicle resonated with prospective customers, and we expect orders from leading fleet operators for test vehicles in the coming months. We believe there is a significant opportunity to help companies achieve their commitments to electrification and carbon-neutrality, and we see the potential for substantial orders after real-world evaluations.” said Daniel Barel, REE’s Co-Founder and Chief Executive Officer. “Additionally, over the past several months, multiple e-commerce and logistics companies evaluated our new P7-B box truck and provided strong feedback on REE’s technology and ability to offer a turnkey, customizable solution. We expect to start delivering the first test vehicles to prospective customers in the near future so they can evaluate the P7-B in their fleets. For both Proxima Powered by REE and P7-B, fleet owners noted the game-changing nature of our technology, including enhanced maneuverability and safety with all-...