REE Automotive Ltd. (Nasdaq: REE), an automotive technology company
and provider of full by-wire electric trucks and platforms, today
announced a major milestone in the REE’s plan to certify and bring
to market a steer-by-wire, brake-by-wire and drive-by-wire
commercial truck. REE contracted HORIBA-MIRA, a world-leader in
testing, to perform internal tests, modeling certain Federal Motor
Vehicle Safety Standards (FMVSS) certification requirements upon
which REE has determined the feasibility of P7 to meet the
requirements of certification. REE plans to fully certify its P7-C
and P7-S products by the end of 2023, including FMVSS, CARB and EPA
certification, aligning with planned vehicle deliveries to dealers
and eligibility for government incentives.
“FMVSS certification of our core by-wire system is feasible
based on the tests we have conducted in the past several months,”
said Ahishay Sardes, co-founder and CTO of REE. “This milestone is
important as we set out to be the first to certify a fully by-wire
system. Now that we have confirmed feasibility, the most novel step
of this process is behind us, and we are confident that our P7 will
pass the design-agnostic and performance-based FMVSS certification
process.”
Based on initial tests with HORIBA-MIRA, a professional third
party and expert in testing, MIRA’s test engineers and drivers
successfully executed REE’s feasibility test plan at MIRA’s
advanced testing grounds in Coventry, UK.
Peter Dow, VP of Engineering at REE said “Our experienced
certification and regulatory teams are ensuring Powered by REE
vehicles exceed minimum standards and this testing has shown that
it is possible for the full by-wire system to be certified. I am
very proud of our strong software and engineering teams for their
great work getting us to this point.”
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
Malory Van GuilderSkyya PR for REE Automotive+1
651-335-0585ree@skyya.com
Investor Contact
Kamal HamidVP Investor Relations | REE Automotive+1
303-670-7756investors@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. With
proprietary by-wire technology for drive, steer and brake control
that eliminate the need for mechanic connections, all four
identical REEcornersTM enable 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 “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. 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 and
objectives, including its ability to meet certification
requirements, the impact of trends on and interest in our business,
or product, intellectual property, REE’s expectation for growth,
and its future results, operations and financial performance and
condition.
These forward-looking statements are based on REE’s current
expectations and assumptions about future events and are based on
currently available information 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
an 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, obtain
regulatory approval, produce and market its P7 lineup; 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 building out of
REE’s supply chain; 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; risks associated with data security
breach, failure of information security systems and privacy
concerns; risks related to lack of compliance with Nasdaq’s minimum
bid price requirement; future sales of our securities by existing
material shareholders or by us could cause the market price for the
Class A Ordinary Shares to decline; potential disruption of
shipping routes due to accidents, political events, international
hostilities and instability, piracy or acts by terrorists; 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 COVID-19 pandemic, interest rate changes, the ongoing
conflict between Ukraine and Russia and any other worldwide health
epidemics or outbreaks that may arise and adverse global
conditions, including macroeconomic and geopolitical uncertainty;
the global economic environment, the general market, political and
economic conditions in the countries in which we operate;
fluctuations in interest rates and foreign exchange rates; 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,
2023 and in subsequent filings with the SEC.
Photos accompanying this announcement are available
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