REE Automotive (REE) has released an update.
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REE Automotive reports a productive second quarter for 2024, securing a $45.35 million funding round and forging a strategic manufacturing partnership with Motherson to boost supply chain efficiency and production scale. The company has also initiated U.S. production with Roush, targeting deliveries for 2025, and has seen its order book grow by 289% year-over-year to $60 million. Financially, REE has narrowed its net loss by 57% quarter-over-quarter and reduced cash burn by 19%, reflecting the company’s improved operational efficiencies and strategic growth.
For further insights into REE stock, check out TipRanks’ Stock Analysis page.
