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REE Automotive Reports Fourth Quarter and Fiscal Year 2023 Financial Results
REE has accomplished the majority of its milestones as the first to commercialize full x-by-wire technology, setting the path for sustainable growth TEL AVIV,
About this update from Ree Automotive Ltd.
[{"type":"text","content":"REE has accomplished the majority of its milestones as the first to commercialize full x-by-wire technology, setting the path for sustainable growth\nTEL AVIV, Israel, March 27, 2024 (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 fourth quarter and fiscal year ended December 31, 2023, through a shareholder letter posted on the company’s investor relations website HERE. The company will also hold a conference call today, March 27, 2024, 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. Q4 2023 Highlights: Business: P7-C customers are eligible for federal and state incentives of over $100,000900% growth YoY order book valueOrder book value exceeds $50 millionDealer network continues to expand to 66 points of sale and service1 in the U.S. and Canada Technology: Achieved world’s first FMVSS certification of a full by-wire vehicle1Received CARB certifications 1 and U.S. Environmental Protection Agency (EPA) approvalSuccessful winter testing for second consecutive year Operation: First vehicle driven off the line, upfitted with a Knapheide body and delivered to customer1Completed CapEx deployment of REEcorner® production tooling Finance: $86 million in cash & cash equivalents and short-term investments2 as of Dec 31, 202325% decrease YoY in free cash flow burnRaised approximately $15 million through underwritten public offering of straight ordinary shares at a price of $6.50 per share1 To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto. About REE AutomotiveREE 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. As the first company to FMVSS certify a fully by-...