REE Automotive Ltd. (Nasdaq: REE), a pioneering automotive technology company, today marked a significant milestone in the electric vehicle (EV) industry. The company has commenced the delivery of its P7-C electric chassis cab, following its successful certification by the Federal Motor Vehicle Safety Standards (FMVSS) and the Environmental Protection Agency (EPA). This achievement positions the P7-C as the first fully by-wire truck to attain such U.S. certifications.
See also: Interview with Daniel Barel, CEO of REE Automotive
Innovative By-Wire Technology: The P7-C, powered by REE’s groundbreaking technology, integrates steer-by-wire, brake-by-wire, and drive-by-wire systems. This innovation not only meets FMVSS requirements but also secures EPA approval, setting a new standard in the EV sector.
Commencement of Deliveries: The initiation of customer deliveries of the P7-C demonstration trucks is a crucial step forward. Multiple fleet evaluations are underway across North America, facilitated by REE’s expanding Authorized Dealer Network. Pritchard EV, a prominent U.S. dealer, is among the first to showcase the P7-C in roadshows with large fleet customers. The coming weeks will see additional authorized dealers and leading fleets receiving more P7-C units for demonstration.
Tax Incentives and Credits: The P7-C is eligible for significant financial incentives. Under the U.S. federal Internal Revenue Service Commercial Clean Vehicle Tax Credit, customers can avail of up to $40,000 per vehicle in tax credits. Furthermore, REE is pursuing eligibility for various state incentives, potentially increasing the total incentive to over $100,000 per vehicle, depending on the location.
CEO’s Vision: Daniel Barel, CEO and co-founder of REE Automotive, shared his enthusiasm: “Our REEcorner technology is revolutionizing the electric truck industry. It’s not just about building vehicles; it’s about creating an experience that fleets desire and drivers enjoy. The certification of our fully by-wire vehicle is a testament to our team’s dedication. Our customers have been eagerly anticipating our vehicles, and now, our first demo trucks are heading to dealerships for customer evaluations.”
Key Advantages of REEcorner™ Technology: REE’s proprietary technology offers numerous benefits:
- Superior maneuverability and volumetric efficiency.
- Enhanced safety with a fail-operational design featuring hardware and software redundancies.
- Improved ergonomics with a low step-in height and a driver-centric cabin.
- More efficient maintenance, lower spare part inventory management, and improved serviceability.
- Enhanced residual value.
- Future-proof design, ready for autonomous operation and over-the-air (OTA) upgrades.
- Modular design facilitating quick market entry.
- Optimal energy efficiency.
A Commitment to Safety and Sustainability: Richard Colley, REE’s VP of Government and Regulatory Affairs, highlighted the significance of this achievement: “Achieving this certification milestone underscores our team’s commitment and determination to introduce this technology safely. The federal and state incentives for the P7-C will be instrumental in accelerating fleet electrification in the US, contributing to public health improvements and ambitious climate goals.”
For more information about REE Automotive’s patented technology and its unique value proposition in the realm of e-mobility, visit www.ree.auto.
