REE Automotive Reports Fourth Quarter and Fiscal Year 2023 Financial Results

REE has accomplished the majority of its milestones as the first to commercialize full x-by-wire technology, setting the path for sustainable growth

TEL AVIV, Israel, March 27, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2023, through a shareholder letter posted on the company’s investor relations website HERE.

The company will also hold a conference call today, March 27, 2024, at 8:30 a.m. ET. The live webcast of the conference call can be accessed on the Investors section of the Company’s website HERE. For the telephone conference online registration click HERE.

Q4 2023 Highlights:

• Business:
  • P7-C customers are eligible for federal and state incentives of over $100,000
  • 900% growth YoY order book value
  • Order book value exceeds $50 million
  • Dealer network continues to expand to 66 points of sale and service¹ in the U.S. and Canada
• Technology:
  • Achieved world’s first FMVSS certification of a full by-wire vehicle¹
  • Received CARB certifications ¹ and U.S. Environmental Protection Agency (EPA) approval
  • Successful winter testing for second consecutive year
• Operation:
  • First vehicle driven off the line, upfitted with a Knapheide body and delivered to customer¹
  • Completed CapEx deployment of REEcorner production tooling
• Finance:
  • $86 million in cash & cash equivalents and short-term investments² as of Dec 31, 2023
  • 25% decrease YoY in free cash flow burn
  • Raised approximately $15 million through underwritten public offering of straight ordinary shares at a price of $6.50 per share¹

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.

About REE Automotive
REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes 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. As the first company to FMVSS certify a fully by-wire vehicle in the U.S., REE’s proprietary by-wire technology for drive, steer and brake control eliminates the need for mechanical connection. Using four identical REEcorners enables REE to make 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.