What’s Happening: REE Automotive Ltd., a provider of electric vehicle (EV) platforms, has announced the names of the first US dealers that will be offering Powered by REE EVs to end customers looking to electrify their commercial fleets. REE has entered into an agreement with Mitsubishi HC Capital America to provide a customized finance solution for dealers within the REE network.
Why It Matters: The announcement is part of REE Automotive’s go-to-market approach of signing authorized dealers and expanding its North American dealer network to offer EVs to fleet owners. The partnership with Mitsubishi HC Capital America aims to streamline the process of obtaining financing for dealers looking to purchase REE Powered vehicles, making the transition to EVs and the required charging infrastructure seamless.
- Pritchard EV and Tom’s Truck Center are the first US dealers to offer Powered by REE EVs.
- Industrial Power & Truck Equipment (IPT) and New England Truck Solutions (NETS) are new dealers for the US market.
- REE will offer training to authorized dealers to certify technicians to provide service on Powered by REE Automotive vehicles.
- The vehicles integrate four REEcorners™ featuring REE’s x-by-wire technology, supporting all-wheel steer, all-wheel drive, adaptive regenerative braking, creep control, hill start assist, and torque vectoring.
- The partnership with Mitsubishi HC Capital America will leverage its existing relationships to help expand REE’s North American dealer network.
Bottom Line: REE Automotive’s announcement of authorized US dealers for Powered by REE EVs marks a significant step towards the company’s goal of strongly growing its market share in the US by 2023. By partnering with established companies like Pritchard EV, Tom’s Truck Center, Industrial Power & Truck Equipment, and New England Truck Solutions, REE aims to provide customers with the ultimate EV experience and help companies make the transition to electric vehicles and reach their environmental, social, and governance goals.