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REE Automotive Announces Third Quarter 2023 Financial Results
Strong growing demand for P7, focused operational efficiencies, first demo vehicles planned to be shipped to customers in December TEL AVIV, Israel, Nov. 30,
About this update from Ree Automotive Ltd.
[{"type":"text","content":"Strong growing demand for P7, focused operational efficiencies, first demo vehicles planned to be shipped to customers in December\nTEL AVIV, Israel, Nov. 30, 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 third quarter ended September 30, 2023, through a shareholder letter posted on the company’s investor relations website HERE. The company will also hold a conference call today, November 30, 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 HERE. For the telephone conference online registration click HERE. Q3 23 Highlights: Expanded our dealer network, resulting in more than doubling initial order book value to $43 million1 in the last three months28% decrease year-over-year in net lossEnded Q3 2023 with liquidity of $101 million comprised of $86 million cash, cash equivalents and short-term investments, and a $15 million credit facilitySecured working capital investment of $8 million led by the Company’s largest institutional investor subsequent to quarter endSigned a multi-year autonomy program and shipped a P7-C prototype to a leading aerospace corporationFirst demo vehicles planned to be shipped to customers by Christmas. About REE Automotive REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes 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. With proprietary by-wire technology for drive, steer and brake control that eliminate the need for mechanical connections, all four identical REEcorners™ enable 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 to electrify. To learn more visit www.ree.auto. Media Contact Malory Van GuilderSkyya PR for REE Automotive+1 [email protected]...