Business
REE Automotive Announces Third Quarter 2022 Financial Results
Commercialization phase underway with first orders; on track and on budget for start of production Company Recently Received Multiple Orders for Proxima
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Commercialization phase underway with first orders; on track and on budget for start of production\nCompany Recently Received Multiple Orders for Proxima Powered by REE and P7-B Box Trucks from Some of the Largest Fleets in the US Company Expects Additional Test Fleet Orders for Proxima Powered by REE and P7-B Trucks in the Coming MonthsOn Budget for 2H23 Start of Production with Integration Center Build Out, Design and Engineering on Time Company’s Liquidity Position Sufficient to Commercialize P7 Program NEW YORK, Nov. 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 third quarter of 2022. “Over the last several months, multiple large fleets as well as delivery, logistics and e-commerce companies have been actively evaluating both Proxima Powered by REE and our P7-B box truck. We are pleased to announce our first orders for test fleets for both Proxima Powered by REE as well as the P7-B from some of the largest fleets in the US. These orders are the fruits of the successful demonstration events held in the past few months in the US and Europe and are the first in a series we expect to announce in the coming months as discussions continue with multiple prospective customers,” said Daniel Barel, REE’s Co-Founder and Chief Executive Officer. “Importantly, we remain disciplined both operationally and financially. We believe that we are well-positioned in the last- and mid-mile delivery market utilizing distinct go-to-market channels as we expect to see continued high demand for electric vehicles Powered by REE.” Commercial Developments & OutlookAs is customary in the commercial vehicle segment, REE is offering Powered by REE vehicles directly to potential fleet customers in three distinctive EV product offerings ranging from a full cab-chassis based on our P7-B box truck, through a stripped chassis and a full vehicle via partnerships with body upfitters such as Proxima Powered by REE. REE believes pursuing multiple go-to-market paths significantly accelerates the adoption of EVs by commercial fleet owners and operators. The Company’s approach is a strong competitive differentiator allowing it to address a larger market and bring superior commercial EV solutions with ...