Robust buy reserve growth preliminary deliveries slated to commence in 4Q23
Attained vital enhancement milestones in 2022 on time and in line with finances with full working fees of $127 million
Liquidity of $154 million supports anticipated non-GAAP running price of $70-$75 million for 2023 with P7 program entirely funded into commercialization
Solid purchase guide advancement for Driven by REE motor vehicles escalating customer foundation from 2 to 8 because reporting 3Q22 results with 35 organization orders as of right now
Delivered 2 prototypes to an OEM for shopper analysis and tests
Grew our go to industry approach by achieving direct product sales and getting into into more dealership agreements in the US
Delivered suppliers with 2023-24 creation forecast built the very first batch of manufacturing intent P7 cars for validation certification activities underway
Company expects to get started deliveries to prospects in 4Q23 and is concentrating on COGS breakeven in the low hundreds of cars and modified EBITDA breakeven in the small countless numbers of vehicles
TEL AVIV, Israel, March 16, 2023 (Globe NEWSWIRE) — REE Automotive Ltd. (NASDAQ: REE) (“REE” or the “Company”), an automotive know-how leader and service provider of electrical car (EV) platforms, now declared its fiscal final results for the fourth quarter finished December 31, 2022, by a shareholder letter posted on the Company’s investor relations web site at https://buyers.ree.car. The Organization will also maintain a meeting phone currently, March 16 at 8:30 a.m. ET. The reside webcast of the meeting call can be accessed on the Investors segment of the Company’s web page. Click on here for webcast URL. For the telephone conference on the web registration click right here.
REE Automotive (Nasdaq: REE) is an automotive technologies corporation that allows firms to develop any sizing or shape of electric powered motor vehicle on their modular platforms. With finish style independence, automobiles Run by REE are geared up with the innovative REEcorner, which packs vital car or truck components (steering, braking, suspension, powertrain and management) into a solitary compact module positioned concerning the chassis and the wheel, enabling REE to develop the industry’s flattest EV platforms with more space for travellers, cargo and batteries. REE platforms are long term proofed, autonomous able, supply a small TCO, and substantially lessen the time to current market for fleets looking to electrify. To understand extra visit www.ree.vehicle.
VP Investor Relations | REE Automotive
Main Promoting Officer
Warning About Forward-Searching Statements
This conversation features certain forward-seeking statements inside the meaning of the Personal Securities Litigation Reform Act of 1995. Ahead-on the lookout statements involve, but are not minimal to, statements concerning REE or its management team’s anticipations, hopes, beliefs, intentions or methods about the long term. In addition, any statements that refer to designs, projections, forecasts or other characterizations of upcoming gatherings or situations, which includes any fundamental assumptions, are ahead-seeking statements. The words and phrases “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and related expressions (or the destructive edition of these types of text or expressions) may well determine ahead-wanting statements, but the absence of these words does not imply that a statement is not forward-searching. All statements, other than statements of historic information, may possibly be ahead-hunting statements. Ahead-hunting statements in this communication might include, among the other points, statements about REE’s strategic and company ideas, know-how, interactions, targets and expectations for our company, the effect of traits on and fascination in our business, mental home or products and its long term effects, functions and money overall performance and issue.
These ahead-wanting statements are based mostly on details obtainable as of the day of this interaction and current anticipations, forecasts, and assumptions. Whilst REE believes that the anticipations reflected in forward-searching statements are realistic, these types of statements include an unidentified number of pitfalls, uncertainties, judgments, and other elements that may possibly cause our genuine benefits, effectiveness or achievements to be materially different from any future final results, performance or achievements expressed or implied by forward-seeking statements. These factors are tricky to forecast accurately and might be outside of REE’s control. Ahead-wanting statements in this communication discuss only as of the date made and REE undertakes no obligation to update its ahead-on the lookout statements, whether or not as a outcome of new info, foreseeable future developments or normally, must conditions transform, except as otherwise expected by securities and other applicable rules. In mild of these risks and uncertainties, traders must preserve in mind that benefits, situations or developments discussed in any forward-seeking assertion created in this conversation could not happen.
Uncertainties and danger aspects that could impact REE’s long run performance and could trigger true final results to vary include things like, but are not limited to: REE’s means to commercialize its strategic plan, like its approach to properly assess, deliver and marketplace its most recent medium-obligation electric powered box truck created on a P7 platform, as mentioned in this press launch REE’s means to retain and progress interactions with recent Tier 1 suppliers and strategic companions growth of REE’s state-of-the-art prototypes into marketable products and solutions REE’s skill to develop and scale production capacity by way of interactions with Tier 1 suppliers REE’s estimates of unit profits, costs and profitability and underlying assumptions REE’s reliance on its Uk Engineering Heart of Excellence for the style and design, validation, verification, tests and homologation of its items REE’s confined functioning historical past challenges linked with strategies for REE’s initial industrial production REE’s dependence on possible suppliers, some of which will be single or confined resource advancement of the marketplace for commercial EVs rigorous level of competition in the e-mobility house, which include with competition who have significantly a lot more assets dangers connected to the truth that REE is included in Israel and governed by Israeli regulation REE’s ability to make ongoing investments in its system the impression of the ongoing COVID-19 pandemic and any other globally wellness epidemics or outbreaks that might occur and adverse world situations, such as macroeconomic and geopolitical uncertainty the need to have to catch the attention of, practice and retain really-skilled specialized workforce adjustments in legislation and rules that impact REE REE’s skill to implement, secure and preserve intellectual house legal rights REE’s capability to retain engineers and other remarkably qualified workers to even more its plans and other pitfalls and uncertainties established forth in the sections entitled “Risk Factors” and “Cautionary Notice Pertaining to Ahead-Seeking Statements” in REE’s annual report submitted with the U.S. Securities and Trade Commission (the “SEC”) on March 28, 2022 and in subsequent filings with the SEC.