Ree Automotive Stock Price, News & Analysis

REE Automotive Ltd. (NASDAQ: REE) has filed its Annual Report on Form 20-F for the fiscal year ending December 31, 2022, with the U.S. SEC. The report is accessible on both the SEC's website and REE’s Investor Relations site.

REE is known for its innovative EV platforms, which allow the creation of versatile electric vehicles. The company emphasizes its unique REEcorner technology, integrating crucial components for EVs, ultimately facilitating diverse vehicle designs and reducing time-to-market for electrification in fleets.

REE Automotive Ltd. (NASDAQ: REE) reported a strong order book growth with firm orders increasing from 2 to 8 customers, totaling 35 orders for its Powered by REE vehicles. The company achieved key development milestones on time with operating expenses of $127 million in 2022 and forecasts 2023 non-GAAP expenses between $70-$75 million, supported by liquidity of $154 million. Initial vehicle deliveries are expected in 4Q23, aiming for COGS breakeven in low hundreds of vehicles and adjusted EBITDA breakeven in low thousands.

REE Automotive Ltd. (Nasdaq: REE) announced significant leadership changes on March 15, 2023. David Goldberg, the current CFO, will step down on March 28, 2023, to pursue other opportunities but will remain as a senior advisor until June 2023. Yaron Zaltsman will take over as CFO from March 29, 2023, bringing over 20 years of experience, including leading IPOs and overseeing over $3 billion in fundraising. Additionally, REE appointed two new directors to its board, Hicham Abdessamad and Ittamar Givton, with the intention of enhancing strategic expertise. The changes are expected to strengthen REE's financial management and support its growth in the EV market.

REE Automotive, Ltd. (NASDAQ: REE) announced it will release its fourth quarter 2022 financial results before the NASDAQ market opens on March 16, 2023. A conference call is scheduled for the same day at 8:30 a.m. Eastern time to discuss the results and recent developments. Participants can access the call through the company's Investors section on their website. REE is focused on providing electric vehicle platforms and aims to revolutionize the industry with its unique modular design that integrates multiple vehicle components into a compact module, enhancing space and efficiency for electric vehicles.

REE Automotive Ltd. (Nasdaq: REE) has announced the first U.S. dealers set to offer its Powered by REE electric vehicles, with initial deliveries expected in Q4 2023. New dealers include Pritchard EV, Tom’s Truck Center, Industrial Power & Truck Equipment (IPT), and New England Truck Solutions (NETS). REE has partnered with Mitsubishi HC Capital America to streamline financing for these dealers. The company plans to expand its dealer network to accelerate electric vehicle adoption. REE's modular P7 platform supports various vehicle types and includes advanced features like REEcorners™ technology for enhanced performance.

REE Automotive Ltd. (NASDAQ: REE) announced it received a notice of deficiency from Nasdaq due to non-compliance with Listing Rule 5605(c)(2)(A), following the departure of Ms. Lilach Geva-Harel from its audit committee. This departure leaves the Company with only two committee members instead of the required three. Nasdaq has granted REE a cure period until the earlier of its next annual shareholders’ meeting or January 5, 2024, to regain compliance. REE is currently seeking to fill the vacancy by appointing an additional independent director to its audit committee within this timeframe.

Microvast Holdings (NASDAQ: MVST) has partnered with REE Automotive (NASDAQ: REE) to provide MV-C Gen 4 lithium-ion battery packs for REE’s P7 commercial electric vehicle platforms. This collaboration will be displayed at NTEA Truck Week from March 7-10 in Indianapolis. Microvast’s batteries are designed to enhance energy density and power performance while ensuring rapid charging abilities, certified for safety standards. The deal aims to support fleet owners with high-tech, zero-emission vehicles tailored to their logistics needs, utilizing the innovative REEcorner technology for flexible platform design.

REE Automotive Ltd. (NASDAQ: REE) announced significant progress in its commercialization of the Proxima and P7-B box trucks, securing initial orders from major US fleets. The company is on track for production to start in the second half of 2023, with a build-out of its integration center in the UK completed. REE reported a GAAP net loss of $33.5 million for Q3 2022, an increase from $25.2 million in the previous quarter, but has sufficient liquidity of $185.1 million to support its commercial activities. The company reiterates its full-year non-GAAP operating expense guidance of $100-$120 million.