New powered by REE EV to begin real-world customer evaluations this winter
P7-B designed and built by REE to target strong and growing delivery vehicle market
Box truck configuration with ultra-low flat floor, all-wheel steer, with up to 4,400 lbs payload, up to 150-mile range and quick REEcorner swap technology for minimal downtime
Follows months of successful customer evaluations and on track for 2023 production
New P7 EV on the heels of Proxima Powered by REE, the P7 chassis’ debut on a walk-in van
NUNEATON, United Kingdom, Aug. 11, 2022 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (NASDAQ: REE), an automotive technology company and provider of electric vehicle (EV) platforms, today announced P7-B, a class 3 box truck built on a P7 cab chassis, following intensive customer evaluations at REE’s UK Engineering Center. The new P7-B is part of a fleet of vehicles available to prospective customers to evaluate, test, and experience the unique agility, performance, and design enabled by REE’s novel REEcorner x-by-wire technology.
To date, evaluations by prospective customers including global delivery, logistics, and e-commerce companies have been positive and encouraging. The prospective customers, to date, experienced firsthand the low step-in height designed for faster delivery times as well as reduced energy consumption due to better aerodynamics and highly efficient power management system of the P7 chassis architecture. Customers also experienced the agility and maneuverability afforded by REE’s all-wheel drive and all-wheel steer for unparalleled vehicle control, leading to better handling and safety in adverse conditions. The driver-focused cabin is designed for optimal ergonomics and human-machine interface for maximum driver comfort, safety, and productivity. The P7-B aims to reduce total cost of ownership (TCO) to help facilitate fleets’ transition to EVs.
The class 3, all-by-wire electric truck, designed and built by REE based on its P7 modular chassis, targets the important and growing commercial EV mid- and last-mile delivery market, with applications such as 16-foot vans and delivery trucks. It was built in response to market needs and represents a potential opportunity for REE to present fleets with complete vehicles. It also follows the recently-announced Proxima Powered by REE, which is P7’s debut on a walk-in van and features JB Poindexter’s Morgan Olson and EAVX Proxima body paired with REE’s P7 stripped chassis.
This P7 box truck configuration offers increased interior space for passengers and cargo and a low step-in height while targeting a maximum speed of 75 mph (120 km/h), max range of 150 miles (241 km), up to 4,400 lbs (2,000 kg) payload, and vehicle weight ratings (GVWR) of up to 14,000 lbs (6,350 kg). The configuration can be modified to best suit customer needs. The full x-by-wire architecture supports all-wheel steer, all-wheel drive, adaptive regenerative breaking, creep control, hill start assist, and torque vectoring as standard as well as over-the-air updates.
“The on-track testing of the P7-B and extensive customer evaluations are another crucial step on the road to commercialization and deployment of test fleets followed by scale adaptation in fleets,” said Tali Miller, chief business officer at REE. “Feedback from our customers has been that this is the truck they have been waiting for – a driver-centric work truck that drives like a sedan but is built to deliver under the harshest commercial duty cycle. Our modular P7 chassis allows us to design vehicles tailored to our customers’ needs and we are excited to be showing them what our unique technology affords their fleets as we support them on their path towards electrification and carbon neutrality.”
REE’s P7-B and the P7 modular chassis is targeted to be produced in both North America and the UK.
Specifications - Class 3 P7-B
To learn more about REE Automotive’s patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.
Media Contact Caroline Hutcheson Head of Global Communications I REE Automotive +1 252-314-2028 media@ree.auto
Investor Contact Limor Gruber VP Investor Relations | REE Automotive +972-50-5239233 investors@ree.auto
Kamal Hamid VP Investor Relations | REE Automotive +1 303-670-7756 investors@ree.auto
ABOUT REE AUTOMOTIVE REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build any size or shape of electric vehicle on their modular platforms. With complete design freedom, vehicles Powered by REE are equipped with the revolutionary REEcorner, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel, enabling REE to build the industry’s flattest EV platforms with more room for passengers, cargo and batteries. REE platforms are future proofed, autonomous capable, offer a low TCO, and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.
Caution About Forward-Looking Statements This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships, objectives and expectations for our business, the impact of trends on and interest in our business, intellectual property or product and its future results, operations and financial performance and condition.
These forward-looking statements are based on information available as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan, including its plan to successfully evaluate, produce and market its newest medium-duty electric box truck built on a P7 cab chassis, as discussed in this press release; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; and adverse global conditions, including macroeconomic and geopolitical uncertainty; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2022 and in subsequent filings with the SEC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/91349262-cab0-4501-9b6a-fde50a9087f7
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