- P7-C targets the fast-growing and highly incentivized electric Class 4 market with a brand-new driver centric cab design for enhanced safety, durability and comfort
- P7 platform lineup now offers three electric trucks available for order: P7-C (chassis cab), P7-B (box truck), and P7-S (stripped chassis) addressing the Class 3-5 markets
- Monarch Truck Center, The Truck Shop, and RY-DEN Truck Center join REE’s US authorized dealer network
- Winter test X-by-wire calibration completed in Sweden, on track to complete US certification with deliveries beginning in Q4 2023
- P7-C concept will be unveiled at ACT Expo in REE’s booth #6927
ANAHEIM, Calif., May 02, 2023 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of electric vehicle (EV) platforms, today revealed P7-C, a Class 4 chassis cab offering a new cabin design built on REE’s P7 modular electric platform. Customers will be able to place orders for the entire P7 electric truck lineup at ACT Expo in REE’s booth #6927.
“Part of what our customers love about our highly modular P7 platform lineup is the fact that they can make the most out of it,” said Tali Miller, chief business officer of REE. “Be it P7-B, the ultra-low floor electric box truck designed for the highly popular last-mile Class 3 segment, or P7-S that powers the Class 5 Proxima with EAVX and Morgan Olson for the walk-in-van market, and now the new cab design of the P7-C Class 4 chassis cab that we developed in response to market feedback to best meet customer needs, including capitalizing on government incentive programs. As we move forward in completing certification requirements and our first deliveries later in the year, I am very pleased to welcome Monarch Truck Center, The Truck Shop and RY-DEN Truck Center to our growing REE dealer network.”
P7 Program
The new P7-C is integral to REE’s complete vehicle lineup based on its flagship P7 platform, serving vehicles Class 3-5. The P7 vehicle lineup includes the P7-C chassis cab, P7-B box truck, and P7-S stripped chassis. The entire P7 electric truck line-up is powered by the REEcorners™, x-by-wire technology, and is purpose-built to drive down total cost of ownership (TCO). All P7 configurations are currently available to order with initial deliveries slated to begin in Q4 2023.
All vehicles in the P7 program are built for urban environments with market-leading product attributes including optimal maneuverability, increased cargo volume, low step-in height, aerodynamic design, low noise, greater visibility, and increased safety.
P7-C Chassis Cab
The P7-C is a Class 4 chassis cab designed to meet the requirements for the Inflation Reduction Act incentives, which are more substantial for EVs Class 4 and above and meets market demand for the ability to simplify vocational upfits. P7-C was developed based on direct feedback from ongoing customer evaluations of proof-of-concept vehicles and is designed to meet fleet owners’ specific needs.
The configuration* offers a max range of 150 miles, up to 7,000 lbs payload, a gross vehicle weight rating (GVWR) of up to 16,000 lbs, a class-leading 24-inch platform height and 39 ft turning circle. On the interior of the advanced cab, customers will enjoy the driver-centric design including a 13-inch center screen, ample window space for excellent visibility and improved safety in tight urban environments and pedestrian- heavy areas, and hard-wearing durable materials. The high cab roof and low floor platform allowing for walk-through applications as the driver can stand and move about the cab with ease.
P7-S Stripped Chassis
The P7-S allows customers to enjoy total modularity. Whether it’s a rearward cabin for a walk-in van configuration or a forward cabin for a delivery truck, the P7-S can accommodate multiple EV specific top-hat designs. From Proxima by EAVX and Morgan Olson, to REE’s driver-centric cab, along with pre-existing cabins from leading OEMs, fleets can take the P7-S and turn it into the exact vehicle they need.
P7-B Box Truck
The P7-B box truck has a common cab design with the P7-C and targets the large and highly popular class 3 last-mile segment popular with commercial fleets and rental companies.
Certification Progress
Certification for the P7 electric lineup is well underway, with the most recent milestone being the completion of winter testing in Sweden. With first production-intent vehicles produced and being tested, certification is expected to be complete in H2 2023. View winter testing video at this link.
Dealer Update
REE’s highly selective dealer network is expanding with three new dealers in the West Coast. The new dealers have placed initial orders for the P7 product line and are welcoming orders from their customers.
Monarch Truck Center has two locations in California - San Jose and Union City - and is a Bay Area’s leader in new and used medium duty truck sales and leasing. As a family-owned business, Monarch’s team takes pride in providing care to each customer.
RY-DEN Truck Center, located in Fresno, California, has over forty years of experience in the medium duty commercial truck business. Both new dealers in California will enable customers to take advantage of both federal and state level tax incentive programs for purchasing EVs.
The Truck Shop, located in Washington State, serves Seattle to Tacoma and beyond. The Truck Shop specializes in state-of-the-art maintenance and commercial truck sales for single delivery truck operations all the way up to large fleets. Similar to California, Washington has its own state level EV incentive programs, which will provide tax credits to those looking to electrify their fleets.
Dealers interested in meeting with REE at ACT should contact sales@ree.auto and may apply for Mitsubishi HC Capital America customized finance solution available for dealers within the REE network, streamlining the process of obtaining financing for dealers looking to purchase REE-powered vehicles.
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.
Media Contact
Malory Van Guilder
Skyya PR for REE Automotive
+1 651-335-0585
ree@skyya.com
Investor Contact
Kamal Hamid
VP Investor Relations | REE Automotive
+1 303-670-7756
investors@ree.auto
* Vehicle specifications are based on pre-production model and are subject to change. All data is approximate. Consult dealer and manual for details on final production model.
About REE Automotive
REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build any size or shape of electric vehicle 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, enabling 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.
Caution About Forward-Looking Statements
This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships, objectives and expectations for our business, the impact of trends on and interest in our business, intellectual property or product and its future results, operations and financial performance and condition.
These forward-looking statements are based on information available as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.
Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment; general market, political and economic conditions in the countries in which we operate; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d6e7bba7-8279-4ede-80c8-425d900c7012
