REE Automotive Initial Get E-book Worth Jumps to

REE Automotive Initial Get E-book Worth Jumps to

• Company’s preliminary get ebook worth doubles considering that late August 2023

• Midwest Transit Devices joins REE’s Licensed Vendor Community and sites binding get

• Deliveries to Midwest Transit Gear are planned to get started in Q1 2024

TEL AVIV, Israel, Oct. 25, 2023 (Globe NEWSWIRE) — REE Automotive Ltd. (Nasdaq: REE), an automotive technologies corporation and service provider of totally by-wire electric powered vehicles and platforms, right now declared its initial purchase book benefit1 has doubled since late August 2023. REE’s initial order e book value is now close to $40 million with a recent binding buy by Midwest Transit Equipment (MTE), a main bus supplier in the US, that is now getting into the commercial electric powered truck market place with the Powered by REE™ P7-C.

“As we are near to delivering our very first autos in the US market, REE carries on to see strong demand for our P7 electrical trucks from dealers all around North The usa, resulting in our buy e-book price doubling in just beneath two months,” reported Tali Miller, main business enterprise officer at REE Automotive. “We are excited to be chosen by Midwest Transit Products, a major bus seller in the US, as they enter the medium duty truck phase.”

As the biggest bus vendor in the US, Midwest Transit Devices sells and providers 1000’s of new and utilized buses to shoppers all over the country and throughout the entire world. It now has 9 places and in excess of 400 workers. MTE ideas to market Driven by REE™ vehicles in Arkansas, Florida, Kansas, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin.

“Midwest Transit Tools, a leading service provider of school and commercial buses, is energized to enter the truck house with a solid husband or wife like REE,” stated John McKinney, CEO and president of Midwest Transit Machines. “The administration workforce has large knowledge in the truck sector and is positioned effectively for strategic advancement. MTE is generally looking for growth chances inside growing markets. The medium obligation truck house and electrification make all the sense in the entire world.”

REE proceeds to make continuous development on certifying its P7 electric powered truck lineup as supported by its current EPA certification and verified FMVSS certification-feasibility of its x-by-wire procedure, with targeted very first customer deliveries this calendar year. On prime of its competitive overall cost of ownership (TCO), technological advantages and shipping times, REE’s P7 lineup aims to help fleets meet up with the necessities at each the point out and federal stage for tax incentives.

To learn extra about REE Automotive’s patented technology and one of a kind value proposition that position the enterprise to crack new ground in e-mobility, take a look at www.ree.vehicle.


1 The Company’s order reserve is decided by management based mostly on obtain orders been given by the Business. The amount of P7 models included in the get reserve as of October 25, 2023 incorporates 275 P7 models underneath agency orders (i.e. binding orders) and the remaining of models ordered that are binding orders with particular extra situations as established forth in the buy. The dollar value of the order e book is identified centered on the pricing of just about every device integrated in the purchase book. The Company’s presentation of the purchase guide should really not be construed as a representation by the Corporation that the units included in its buy e-book will translate into real income or earnings.

Media Call
Malory Van Guilder
Skyya PR for REE Automotive
+1 651-335-0585
[email protected]

Investor Contact
Kamal Hamid
VP Trader Relations | REE Automotive
+1 303-670-7756
[email protected]

About REE Automotive
REE Automotive (Nasdaq: REE) is an automotive technologies business that will allow organizations to establish electric powered vehicles of many designs and sizes on their modular platforms. With finish design and style freedom, motor vehicles “Powered by REE” are outfitted with the innovative REEcorner™, which packs crucial car or truck elements (steering, braking, suspension, powertrain and handle) into a single compact module positioned amongst the chassis and the wheel. With proprietary by-wire technologies for travel, steer and brake management that eradicate the want for mechanical connections, all four similar REEcorners™ empower REE to create the industry’s flattest EV platforms with far more area for travellers, cargo and batteries. REE platforms are long term proofed, autonomous able, present a low TCO, and substantially lower the time to current market for fleets searching to electrify. To study a lot more pay a visit to www.ree.vehicle.

Caution About Ahead-Wanting Statements
This conversation contains selected forward-seeking statements in just the which means of the “safe harbor” provisions of the Personal Securities Litigation Reform Act of 1995, Area 27A of the Securities Act of 1933, as amended, and Area 21E of the Securities Exchange Act of 1934, as amended. Ahead-hunting statements include, but are not constrained to, statements with regards to REE or its administration team’s anticipations, hopes, beliefs, intentions or strategies concerning the future. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future occasions or instances, which include any fundamental 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 comparable expressions (or the negative variation of such terms or expressions) may perhaps determine forward-seeking statements, but the absence of these text does not necessarily mean that a statement is not ahead-seeking. All statements, other than statements of historical facts, may be forward-on the lookout statements. Ahead-wanting statements in this communication may perhaps contain, among the other points, statements about REE’s strategic and organization designs, technological innovation, interactions and objectives, such as its skill to meet up with certification specifications, the effects of developments on and desire in our small business, or product, intellectual home, REE’s expectation for growth, and its long term outcomes, operations and economical overall performance and problem.

These ahead-seeking statements are dependent on REE’s present-day expectations and assumptions about upcoming occasions and are centered on at this time offered details as of the day of this interaction and existing anticipations, forecasts, and assumptions. Whilst REE thinks that the expectations reflected in ahead-searching statements are affordable, this sort of statements contain an mysterious range of pitfalls, uncertainties, judgments, and other things that may well lead to our precise outcomes, effectiveness or achievements to be materially distinct from any upcoming benefits, overall performance or achievements expressed or implied by forward-wanting statements. These things are tricky to predict correctly and might be over and above REE’s handle. Forward-wanting statements in this conversation discuss only as of the day created and REE undertakes no obligation to update its ahead-hunting statements, irrespective of whether as a outcome of new data, long term developments or in any other case, ought to circumstances transform, apart from as otherwise necessary by securities and other applicable regulations. In gentle of these threats and uncertainties, traders must preserve in head that effects, functions or developments talked over in any forward-looking statement designed in this communication may possibly not manifest.

Uncertainties and threat things that could have an affect on REE’s upcoming functionality and could bring about actual outcomes to vary include, but are not limited to: REE’s means to commercialize its strategic strategy, such as its prepare to correctly examine, get hold of regulatory acceptance, develop and marketplace its P7 lineup REE’s ability to maintain and advance associations with recent Tier 1 suppliers and strategic companions progress of REE’s innovative prototypes into marketable merchandise REE’s capacity to increase and scale producing ability through relationships with Tier 1 suppliers REE’s estimates of device product sales, bills and profitability and underlying assumptions REE’s reliance on its United kingdom Engineering Heart of Excellence for the structure, validation, verification, screening and homologation of its goods REE’s restricted working history risks affiliated with making out of REE’s provide chain hazards associated with options for REE’s first professional production REE’s dependence on prospective suppliers, some of which will be single or limited resource improvement of the market for commercial EVs hazards associated with info stability breach, failure of facts safety devices and privacy worries threats associated to deficiency of compliance with Nasdaq’s minimum amount bid price requirement long term income of our securities by present product shareholders or by us could bring about the market price for the Course A Everyday Shares to decrease opportunity disruption of delivery routes thanks to incidents, political activities, intercontinental hostilities and instability, piracy or functions by terrorists intense opposition in the e-mobility house, such as with competition who have considerably much more means pitfalls linked to the actuality that REE is incorporated in Israel and ruled by Israeli regulation REE’s capability to make continued investments in its system the effect of the COVID-19 pandemic, fascination fee adjustments, the ongoing conflict among Ukraine and Russia and/or the conflict between Hamas and Israel and any other all over the world well being epidemics or outbreaks that could arise and adverse global conditions, such as macroeconomic and geopolitical uncertainty the world wide financial environment, the common industry, political and economic ailments in the international locations in which we operate fluctuations in interest rates and foreign exchange fees the need to draw in, teach and keep remarkably-competent complex workforce changes in regulations and polices that effects REE REE’s capability to implement, defend and keep intellectual assets rights REE’s ability to retain engineers and other highly experienced workforce to even further its objectives and other dangers and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Concerning Ahead-On the lookout Statements” in REE’s once-a-year report submitted with the U.S. Securities and Exchange Fee (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.

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