REE Completes U.S. Certification of Full-by-Wire Vehicles and Begins Customer Deliveries of its P7-C Electric Truck

• REE’s P7-C is the first fully by-wire truck to achieve U.S. FMVSS and EPA certifications
• Customer deliveries of demonstration trucks has begun
• P7-C vehicles are eligible for US federal tax credit of up to $40,000 per vehicle and are expected to be eligible for over $100,000 of incentives per vehicle with additional state credits
  

TEL AVIV, Israel, Feb. 08, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE) (“REE” or the “Company”), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced that it has begun customer deliveries of its P7-C electric chassis cab following Federal Motor Vehicle Safety Standards (FMVSS) and Environmental Protection Agency (EPA) certification, making it the first to certify a fully x-by-wire vehicle.

REE is the first to certify a fully steer-by-wire, brake-by-wire and drive-by-wire vehicle. The Powered by REE P7-C medium duty electric commercial truck has met the FMVSS requirements and has achieved EPA approval.

REE has initiated customer deliveries of the first batch of P7-C demonstration trucks for multiple fleets evaluations in North America via its fast-growing Authorized Dealer Network. Pritchard EV, a leading dealer in the U.S., is the first to receive the P7-C demonstration truck for a roadshow with its large fleet customers. Additional REE authorized dealers and leading fleets are expected to receive additional P7-C demonstration units in the coming weeks.

REE’s P7-C is eligible for the U.S. federal Internal Revenue Service (IRS) Commercial Clean Vehicle Tax Credit (Internal Revenue Code 45W), which allows customers to receive a tax credit of up to $40,000 per vehicle. The Company is also in the process of initiating eligibility for various state incentives, which could bring the total incentive to over $100,000 per vehicle, depending on the customer’s location.

“I believe our REEcorner is a true gamechanger, allowing us to build electric trucks that fleets will want to buy, and drivers will love to drive as we continue to see a strong demand for our work trucks,” said Daniel Barel, CEO and co-founder of REE Automotive. “I am incredibly proud of the team at REE for completing certification of the automotive industry’s first ever fully x-by-wire vehicle. Our customers have been eagerly waiting for our vehicles to be ready to deliver and now our first demo trucks are on their way to dealerships for customer evaluations.”