- Company progresses towards full vehicle certification with expected first customer deliveries by the end of 2023 and production plan of up to 300 P7 trucks in 2024
- REE Authorized Dealer Network grows to 15 dealers covering the U.S. and Canada
TEL AVIV (Oct. 18, 2023) – GlobeNewswire – REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today 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[1]. 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 (TCO), 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.
REE’s new authorized dealers include Lynch Truck Center, C&M Motors and XPO Sales. REE’s Authorized Dealer Network covers the United States and Canada and offers a wide network of sales and support to fleets and truck owners who are looking to convert their fleets to electric.
“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.”
REE continues to make steady progress on certifying its P7 electric truck lineup as supported by its recent EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system.
To further support customer needs, REE is collaborating with market leading work-truck body manufacturers, Knapheide and Morgan Truck Body. These partnerships offer dealers and their fleet customers a complete Powered by REE vehicle, with new design applications, including boxes, service bodies, and platform bodies.
As previously shared, approved dealers are also supported by REE’s agreement with Mitsubishi HC Capital America to provide a customized finance solution for REE’s network. This agreement is designed to streamline the process of obtaining financing for dealers looking to purchase Powered by REE vehicles and accelerate the path to electrification for fleets looking to make the transition to EV.
About the new dealers
Lynch Truck Center is one of the largest commercial, fleet and tow truck suppliers in the United States serving Wisconsin, Chicago, Denver and customers nationwide. The Lynch family has a long history in automotive sales, parts and service that dates back to the 1950s. Its family of businesses also include LDV, Inc, which is the nation’s largest supplier of custom specialty vehicles. Their motto, ‘The Right Truck, Right Now’ has been a driver of this growth, offering the largest selection of both new and used light and medium duty commercial trucks, tow trucks, wreckers, rollbacks, carriers and heavy duty towing equipment.
C&M Motors Inc is a full-service truck leasing and sales company servicing the greater San Diego area since 1982. C&M Motors is family owned and operated, yet offers all the benefits of nationwide service and roadside assistance as a member of Nationalease. It sells and services a premium selection of new and used commercial trucks, including specialty trucks like moving trucks, refrigeration trucks, flat beds, bobtails, dump bodies, tow bodies and more. In addition to its Service and Parts departments, C&M also has an onsite full-service collision center.
XPO Sales is a new and used automotive dealer specializing in airport, parking, and hotel shuttles. XPO Sales focuses its attention on service and quality and supporting ever-changing fleet environments. XPO Sales is taking Green Energy a step further, by bringing electric vehicles and electric energy to LAX and soon to other Airports around the United States.
These three new dealers in REE’s authorized dealer network join the previously announced Jim Reed’s Truck Sales, Fleet Direct, Specialty Vehicles & Equipment (formerly Kirkman Bus & Truck Sales), McCandless Truck Center, FMI Truck Sales & Services, Industrial Power & Truck Equipment (IPT), Monarch Truck Center, New England Truck Solutions (NETS), Pritchard EV, RY-DEN Truck Center, Tom’s Truck Center and The Truck Shop. Find the entire network on the dedicated dealer page on the REE website.
Dealers interested in carrying REE vehicles can contact our business group at https://ree.auto/dealers.
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 Guilder
Skyya PR for REE Automotive
[1] The Company’s order book is determined by management based on purchase orders received by the Company. The number of P7 units included in the order book as of October 18, 2023 includes 175 P7 units under firm orders (i.e. binding orders) and the remaining of units ordered that are binding orders with certain additional conditions as set forth in the order. The dollar value of the order book is determined based on the pricing of each unit included in the order book. The Company’s presentation of the order book should not be construed as a representation by the Company that the units included in its order book will translate into actual sales or revenue.