- Joint testing with HORIBA-MIRA confirms the feasibility of REE's x-by-wire
vehicle control system to pass FMVSS certification requirements
- REE intends to fully certify its Powered by REE P7 electric truck lineup by
the end of 2023, including FMVSS, CARB and EPA certification
- Achievement of full certification will align with previously announced plan to
deliver US incentive eligible vehicles
- Both the P7-C Chassis Cab and the P7-S Stripped Chassis are powered by the
same REEcorner(TM) full by-wire tech for steering, braking and drive control
TEL AVIV, Israel, Sept. 05, 2023 (GLOBE NEWSWIRE) -- REE Automotive Ltd.
(https://ree.auto/) (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 (http://www.ree.auto/).
Media Contact
Malory Van Guilder
Skyya PR for REE Automotive
+1 651-335-0585
ree@skyya.com
Investor Contact
Kamal Hamid
VP Investor Relations | REE Automotive
+1 303-670-7756
investors@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 REEcorners(TM) 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 (http://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.
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