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REE Automotive Announces Second Quarter 2023 Financial Results
TEL AVIV, Israel, Aug. 29, 2023 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric
About this update from Ree Automotive Ltd.
[{"type":"text","content":"TEL AVIV, Israel, Aug. 29, 2023 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced its financial results for the second quarter ended June 30, 2023, through a shareholder letter posted on the company’s investor relations website at https://ree.auto/lp/shareholders-letter-2q23/ The company will also hold a conference call today, August 29, 2023 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. Q2 23 Highlights: REE confirms Federal Motor Vehicle Safety Standards (FMVSS) certification-feasibility for its x-by-wire systems; intends to fully certify its Powered by REE P7 electric truck lineup including FMVSS, CARB and EPA certification and reaffirms its plan to start customer deliveries by the end of 2023.New collaborations between REE and market leading work-truck body manufacturers, such as Knapheide and Morgan Truck Body, provide a complete vehicle Powered by REE to customers with new design applications, including boxes, service bodies and platform bodies, all planned to be available in 2024.REE is targeting $1 billion in cumulative sales in 2024-2026 based on execution of P7 production roadmap. The plan is expected to reach production of up to 300 vehicles in 2024, targets ramping up to low-thousands of vehicles in 2025 and to mid-thousands of vehicles in 2026 without the need for heavy CAPEX investment through the use of a US contract manufacturer for complete vehicle and platform assembly.REE ended fiscal 2Q 2023 as planned with liquidity of $105 million with no debt. As part of REE’s efforts to secure 2024 capital needs in advance, after the end of the quarter, REE established a $35 million ATM program and secured a bank facility of $15 million. REE’s 2025 capital needs are estimated at an additional $50 million in order to ramp up production. Media Contact Malory Van GuilderSkyya PR for REE Automotive+1 [email protected] Investor Contact Kamal HamidVP Investor Relations | REE Automotive+1 [email protected] About REE Automotive REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build any size or...