REE Automotive Reports Q1 2024 Financial Results

REE Automotive Reports Q1 2024 Financial Results

Penske Truck Leasing offering Powered by REE® EVs to its customers is among the financial report highlights.

 REE Automotive Ltd., an automotive technology company and provider of full by-wire electric trucks and platforms, announced its financial results and operational highlights for the three months ended March 31, 2024.

“We started 2024 with strong momentum and catalytic milestones, from achieving U.S. certification to starting to deliver trucks against our order book as part of our demo program with our dealers across North America. These demos are used by dealers to generate orders from their fleet customers, potentially further growing our order book value, which recently crossed $50 million. As our dealer network is now sufficiently built to properly cover North America, we are pivoting to focus on adding fleet orders to our order book and to serve some of the largest fleet companies in the world, including Penske Truck Leasing (“Penske”) and U-Haul International, Inc. (“U-Haul”). We are excited to partner with Penske and have them offer our electric trucks to their customers and we are proud to be the first electrification partner for U-Haul which we believe both demonstrates our leadership in the industry and the value our technology delivers,” said Daniel Barel, REE’s co-founder and CEO.

“We believe that our REEcorner technology uniquely positions us in a lucrative portion of the commercial electric vehicles (“EV”) value chain. The U.S. Federal Motor Vehicle Safety Standards (“FMVSS”), U.S. Environmental Protection Agency (“EPA”) and California Air Resources Board (“CARB”) certifications attained solidified our technological leadership. We see growth in market penetration through our dealers’ network across North America, as well as increasing demand from other automotive manufacturers to adopt our REEcorner technology. We continue to see interest in our mature full by-wire technology for autonomous solutions as we have shown through our collaboration with Airbus UpNext (“Airbus”) in its autonomous program. We believe that this, coupled with our capital expenditure (“CapEx”)-light manufacturing and operations strategy, enables us to rapidly reach our commercial market and financial goals. We believe our initial customer deliveries, and the feedback we receive on our products, show strong potential, and we expect it will generate significant growth in our order book supporting our production strategy,” Barel concluded.

Read more here.

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