Ree Automotive initial order book value grows to approximately $25M

REE Automotive announced the continued expansion of its Authorized Dealer Network with three new dealers covering Wisconsin, Illinois and California, all placing binding orders for REE‘s P7-C electric truck. REE’s initial order book value grew by 30% since the end of August showing a strong growth representing a total combined order value of approximately $25 million. As the Company gets closer to its targeted first customer deliveries this year, REE’s North American presence continues to grow with strong demand for P7 electric trucks including boxes, service bodies, step-in vans and platform bodies. On top of its competitive total cost of ownership, technological advantages, and delivery times, REE’s P7 lineup aims to help fleets meet the requirements at both the state and federal level for tax incentives. “We are happy to welcome Lynch Truck Center, C&M Motors and XPO Sales to our authorized dealer network,” said Tali Miller, chief business officer at REE Automotive. “Our dealers provide us with excellent exposure to the largest fleets in North America, as well as being part of our service and support network. We have a well-established supply chain, including Microvast battery packs, so we are ready to ramp up production and fill the orders in our book. With the strong incentives for electrification in the U.S., our customers can benefit from federal incentives up to $40,000 per vehicle, and up to $100,000 of incentives per vehicle in certain states.”