Ree Automotive Stock Price, News & Analysis

REE Automotive (Nasdaq: REE) has announced that its P7-C software-defined Class 4 electric vehicles are now available for purchase by over 50,000 government and education entities across all 50 U.S. states. This is made possible through a 4-year contract awarded to National Auto Fleet Group (NAFG) by Sourcewell, a government agency that streamlines procurement processes.

The P7-C vehicles offer benefits such as superior maneuverability, enhanced safety, and over-the-air upgrade capability. They are eligible for a U.S. federal tax credit of up to $40,000 per vehicle and potentially over $100,000 in total incentives with additional state benefits. REE is ready to take orders immediately, tapping into a new customer base through this Sourcewell offering.

Serve Robotics (Nasdaq: SERV) has nominated David Goldberg to stand for election to its Board of Directors at the 2024 Annual Meeting of Stockholders. With over 20 years of experience, Goldberg has held significant roles in the finance and mobility sectors, most recently serving as CFO of REE Automotive. He has also been a strategic advisor at Magna International and a Managing Director at Greenhill & Co. Goldberg holds a Business Administration degree from the Ivey Business School at Western University. Ali Kashani, Chairman of Serve's Board, emphasized the value Goldberg's expertise will bring to the company.

REE Automotive (NASDAQ: REE) has reported its Q1 2024 financial results, highlighting several key milestones. The company has begun delivering Powered by REE® electric vehicles to customers, including Penske, U-Haul, and Airbus. Penske has already started offering these electric vehicles to its customers, while U-Haul evaluates REE's platform for its fleet electrification.

REE's P7-C vehicle, the first full by-wire truck to achieve US FMVSS certification, is now eligible for significant customer incentives. The company holds $77.5 million in cash and equivalents, with $15 million raised from a recent public offering. REE's GAAP net loss narrowed by 29% quarter-over-quarter (QoQ) and Non-GAAP net loss by 33% QoQ, driven by operational efficiencies and the completion of the engineering phase.

REE continues to expand its demo program, aiming to grow its order book, which has surpassed $50 million. The company is also in discussion with several automotive manufacturers to integrate its REEcorner® by-wire technology.

REE Automotive has unveiled the P7-S, a next-gen software-driven electric commercial vehicle platform designed in collaboration with a leading delivery fleet. The P7-S features a fully-flat platform, low step-in height, modular configuration, high payload, and all-wheel steering, utilizing the P7 REEcorners®. The chassis allows OEMs and fleet owners to upgrade their platforms to full by-wire. The first demo is planned for delivery in June 2024. The P7-S offers flexibility in dimensions, boosting fleet utilization and OEM compatibility. It shares service similarities with the P7-C, eligible for U.S. federal tax credits. The P7-S can be customized for class 4-5 vehicles with various configurations, offering a range of up to 210 miles and a payload of up to 10,000 lbs.

REE Automotive (Nasdaq: REE), an automotive technology firm specializing in by-wire electric trucks and platforms, will announce its Q1 2024 financial results on May 30, 2024. The company will host a webcast and conference call at 8:30 a.m. ET to discuss the results, recent events, and engage in a Q&A session. The financial report will cover the period ending March 31, 2024.

REE Automotive's class 4 P7-C electric trucks have been approved for the Massachusetts MOR-EV incentive, providing $30,000 in savings per vehicle. Combined with federal tax credits, potential savings reach up to $70,000 per truck, lowering costs by 37%. The trucks are available for order through authorized dealers in Massachusetts and across the U.S. The incentive is accessible to private, nonprofit, educational, and government entities. REE is also applying for similar incentives in other states, including California.

Penske Truck Leasing will offer REE Automotive's P7-C electric trucks for demos and orders across North America. The P7-C is the first FMVSS-certified full by-wire EV, featuring all-wheel steer and drive, a range of 169 miles, and a driver-centric cab upfitted with a Wabash DuraPlate body. This collaboration aims to electrify Penske's fleet offerings, adding to REE's $50 million order book. A joint press conference will be held at ACT Expo in Las Vegas on May 22, 2024, to discuss the partnership further. The P7-C boasts superior maneuverability, enhanced safety, low total cost of ownership, and future-proof capabilities.

REE Automotive continues to expand its full by-wire electric vehicle (EV) offering at ACT Expo 2024 by showcasing new variants of its software-driven electric trucks, announcing new partnerships, and providing the opportunity to ride and drive the world's first full by-wire P7-C truck. The company aims to demonstrate the benefits of its technology and the three ways to upgrade vehicles to full by-wire technology at the event.