Business
REE Automotive Announces Third Quarter 2021 Financial Results
Expedited execution on previously stated commercialization targetsSuccessfully completed customer validation tests on non-public roadsNominated two strategic
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Expedited execution on previously stated commercialization targetsSuccessfully completed customer validation tests on non-public roadsNominated two strategic suppliers targeted for commercial productionUnveiled autonomous last mile delivery concept vehicle based on REE’s modular EV platformCompany to host webcast and conference call on November 16th at 8.30 am ET TEL-AVIV, Israel, Nov. 16, 2021 (GLOBE NEWSWIRE) -- REE Automotive (NASDAQ: REE), a leader in e-Mobility, today announced its financial results for the third quarter ended September 30, 2021. REE Automotive Co-Founder and Chief Executive Officer Daniel Barel said, “We continued to execute our business plan, reaching significant milestones on both the demand and supply sides, keeping us on track or ahead of schedule on all major milestones. We started customer platform validations and successfully completed private road testing with Navya for its L4 autonomous system. We also formed a strategic collaboration with JB Poindexter, the leader in the U.S. walk-in van market, to penetrate the U.S. Importantly, we unveiled Leopard, an autonomous last-mile delivery concept vehicle geared for delivery, e-retailers and technology companies.” “Supporting our platform targeted to a U.S. based delivery van program, we nominated key suppliers Brembo and American Axle. In addition, in preparation for commercial production and deliveries in 2023, we are finalizing our site selection for our first integration center in Austin, Texas. We continue to make progress on our product readiness with our UK Engineering Center, now staffed with approximately 801 engineers. We are honored to have been awarded $17 million funding from the UK government, a strong endorsement of the importance of the commercialization of our technology. We believe our investments in the business and ongoing progress demonstrate the maturation of our technology toward our target of achieving commercial production.” Expand industry penetration through additional partnerships JB Poindexter – a leader in the walk-in van market in the US, with numerous leading logistics and delivery customers: Strategic collaboration for the development of commercial electric vehicles, which will integrate REEcornerTM technology and JB Poindexter commercial vehicle bodies for anticipated production in the U.S. Continue to execute on REE’s ...