• Company’s first buy e book benefit doubles due to the fact late August 2023
• Midwest Transit Gear joins REE’s Authorized Dealer Network and locations binding purchase
• Deliveries to Midwest Transit Machines are planned to commence in Q1 2024
TEL AVIV, Israel, Oct. 25, 2023 (Globe NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technological innovation business and company of entirely by-wire electrical vehicles and platforms, today announced its preliminary buy e book value1 has doubled since late August 2023. REE’s original order book worth is now close to $40 million with a modern binding purchase by Midwest Transit Tools (MTE), a top bus dealer in the US, that is now moving into the business electric powered truck market with the Run by REE™ P7-C.
“As we are shut to offering our 1st autos in the US market place, REE proceeds to see strong desire for our P7 electric trucks from sellers all over North America, ensuing in our purchase reserve price doubling in just under two months,” claimed Tali Miller, main enterprise officer at REE Automotive. “We are thrilled to be chosen by Midwest Transit Gear, a primary bus dealer in the US, as they enter the medium obligation truck segment.”
As the biggest bus seller in the US, Midwest Transit Devices sells and expert services thousands of new and made use of buses to buyers all over the nation and across the environment. It now has 9 places and about 400 workforce. MTE programs to offer Run by REE™ automobiles in Arkansas, Florida, Kansas, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin.
“Midwest Transit Equipment, a major supplier of faculty and commercial buses, is thrilled to enter the truck room with a sturdy lover like REE,” explained John McKinney, CEO and president of Midwest Transit Machines. “The administration team has wide encounter in the truck industry and is positioned nicely for strategic expansion. MTE is constantly wanting for development possibilities within just growing marketplaces. The medium responsibility truck space and electrification make all the feeling in the planet.”
REE carries on to make constant development on certifying its P7 electric powered truck lineup as supported by its modern EPA certification and verified FMVSS certification-feasibility of its x-by-wire system, with focused to start with buyer deliveries this 12 months. On top rated of its competitive complete price tag of possession (TCO), technological positive aspects and supply situations, REE’s P7 lineup aims to aid fleets meet up with the specifications at each the state and federal degree for tax incentives.
To understand more about REE Automotive’s patented know-how and exclusive benefit proposition that posture the firm to split new ground in e-mobility, take a look at www.ree.auto.
1 The Company’s buy guide is decided by administration centered on buy orders obtained by the Business. The number of P7 units provided in the order guide as of Oct 25, 2023 incorporates 275 P7 units less than agency orders (i.e. binding orders) and the remaining of units requested that are binding orders with specified more disorders as set forth in the order. The greenback benefit of the get e book is established based on the pricing of every device included in the buy ebook. The Company’s presentation of the get e-book need to not be construed as a representation by the Business that the units provided in its purchase e-book will translate into precise profits or profits.
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Malory Van Guilder
Skyya PR for REE Automotive
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VP Trader Relations | REE Automotive
About REE Automotive
REE Automotive (Nasdaq: REE) is an automotive technologies company that will allow organizations to make electrical vehicles of several shapes and dimensions on their modular platforms. With comprehensive style and design independence, automobiles “Powered by REE” are equipped with the revolutionary REEcorner™, which packs crucial automobile components (steering, braking, suspension, powertrain and command) into a solitary compact module positioned amongst the chassis and the wheel. With proprietary by-wire technologies for push, steer and brake manage that eradicate the have to have for mechanical connections, all 4 similar REEcorners™ enable REE to establish the industry’s flattest EV platforms with extra room for travellers, cargo and batteries. REE platforms are foreseeable future proofed, autonomous capable, present a small TCO, and dramatically minimize the time to sector for fleets hunting to electrify. To master extra take a look at www.ree.vehicle.
Warning About Ahead-Searching Statements
This communication involves particular ahead-searching statements within the this means of the “safe harbor” provisions of the Non-public Securities Litigation Reform Act of 1995, Portion 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Trade Act of 1934, as amended. Ahead-on the lookout statements include, but are not constrained to, statements with regards to REE or its management team’s anticipations, hopes, beliefs, intentions or strategies relating to the long run. In addition, any statements that refer to options, projections, forecasts or other characterizations of foreseeable future gatherings or conditions, which include any underlying assumptions, are forward-wanting statements. The 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 identical expressions (or the negative edition of these text or expressions) could discover ahead-hunting statements, but the absence of these phrases does not imply that a assertion is not forward-wanting. All statements, other than statements of historic facts, could be ahead-hunting statements. Ahead-hunting statements in this communication may possibly include things like, between other points, statements about REE’s strategic and organization programs, technology, interactions and goals, like its means to meet up with certification demands, the affect of traits on and curiosity in our organization, or product, mental residence, REE’s expectation for advancement, and its upcoming results, functions and economic functionality and condition.
These forward-searching statements are primarily based on REE’s current anticipations and assumptions about future gatherings and are based on now available facts as of the day of this interaction and present-day anticipations, forecasts, and assumptions. Despite the fact that REE thinks that the anticipations reflected in ahead-searching statements are reasonable, these types of statements require an unknown range of pitfalls, uncertainties, judgments, and other aspects that may well cause our true results, functionality or achievements to be materially distinct from any long term effects, functionality or achievements expressed or implied by forward-wanting statements. These elements are tough to predict precisely and may possibly be further than REE’s regulate. Forward-wanting statements in this communication discuss only as of the day created and REE undertakes no obligation to update its forward-searching statements, no matter if as a final result of new data, future developments or or else, must conditions change, besides as otherwise expected by securities and other relevant regulations. In light of these risks and uncertainties, traders should really preserve in brain that success, events or developments reviewed in any forward-wanting assertion created in this interaction might not arise.
Uncertainties and danger factors that could affect REE’s long run overall performance and could trigger genuine outcomes to differ include, but are not confined to: REE’s potential to commercialize its strategic program, like its program to efficiently appraise, get hold of regulatory acceptance, deliver and market place its P7 lineup REE’s means to retain and advance associations with existing Tier 1 suppliers and strategic associates development of REE’s innovative prototypes into marketable products REE’s means to mature and scale production capacity through associations with Tier 1 suppliers REE’s estimates of device revenue, charges and profitability and underlying assumptions REE’s reliance on its United kingdom Engineering Middle of Excellence for the structure, validation, verification, testing and homologation of its items REE’s minimal operating record risks associated with creating out of REE’s provide chain threats linked with plans for REE’s original business creation REE’s dependence on likely suppliers, some of which will be single or confined resource growth of the sector for professional EVs challenges affiliated with facts safety breach, failure of facts stability devices and privacy worries hazards similar to lack of compliance with Nasdaq’s minimum bid rate prerequisite long run profits of our securities by current materials shareholders or by us could trigger the industry cost for the Class A Common Shares to decrease opportunity disruption of delivery routes because of to incidents, political functions, worldwide hostilities and instability, piracy or acts by terrorists extreme opposition in the e-mobility room, which include with opponents who have substantially far more means dangers relevant to the fact that REE is incorporated in Israel and ruled by Israeli regulation REE’s ability to make continued investments in its platform the impression of the COVID-19 pandemic, interest amount variations, the ongoing conflict involving Ukraine and Russia and/or the conflict amongst Hamas and Israel and any other around the globe overall health epidemics or outbreaks that may well crop up and adverse world ailments, such as macroeconomic and geopolitical uncertainty the global financial atmosphere, the general current market, political and economic disorders in the nations in which we function fluctuations in fascination costs and overseas trade costs the need to catch the attention of, practice and keep highly-experienced technological workforce alterations in laws and polices that effect REE REE’s means to enforce, secure and keep mental assets rights REE’s skill to keep engineers and other very skilled staff members to further more its plans and other hazards and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Take note Pertaining to Forward-Seeking Statements” in REE’s annual report filed with the U.S. Securities and Trade Commission (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.
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