A mere one week after REE Automotive announced EV orders surpassing $25 million, the company is back under the spotlight with an even more substantial order commitment, propelling the company’s ledger to beyond $40 million. Part of the frenzy can be attributed to its latest progress report relaying a 30% surge in binding orders since August 2023, establishing a stronger presence across North America with the introduction of new dealership networks in Wisconsin, Illinois, and California.
REE’s Continuous Progress in EV Production
Backed by its proprietary P7 chassis, REE Automotive remains unstoppable in its journey towards large-scale EV production. The innovative platform underpins their P7-B box truck that was unveiled publicly in August 2022. If that wasn’t enough, REE has launched the P7-S version with a stripped chassis capable of servicing Class 3-5 markets, as well as the P7-C chassis cab released earlier this May. With its astute developments and impressive sales record within a short span of time, REE Automotive continues to power through its ambitious goals in the EV market.
REE’s EV Order Book Soars to $40 Million
REE’s success story only gets better – from $25 million in EV orders last week, the startup has now obtained another massive binding order from Midwest Transit Equipment (MTE), the largest bus dealer in the United States. Making their debut in the commercial electric truck segment, MTE aims to present their clients with an EV offering that is “powered by REE. The dealer, currently operating at nine locations across nine states, has conveyed its excitement for this partnership and the potential for vast growth opportunities in the expanding truck market.
REE to Begin Official Deliveries by Year-End
On the path to delivering its first EVs in the market, REE Automotive has yet to roll out a vehicle but has made significant strides in developing its P7 platform. The company swept past milestones such as the EPA certification and obtaining FMVSS certification feasibility for its x-by-wire system. As per the updates, the startup seems on target for initiating official deliveries before the end of the year.
Lucrative Potential for REE Automotive
With MTE as a crucial ally, REE’s $40 million order book holds immense promise, suggesting a high demand for its modular EV technology. REE Chief Business Officer, Tali Miller, shared his enthusiasm stating a strong interest in REE’s P7 electric trucks among North American dealers. He expressed delight over their selection by the MTE, which marks their foray into the medium-duty truck category.
