LAS VEGAS - REE Automotive Ltd. (NASDAQ: REE), a leader in electric vehicle platform technology, showcased its latest P7-S stripped chassis at the ACT Expo in Las Vegas.
The class 5 chassis, designed with input from a major delivery fleet, aims to enhance delivery efficiency and fleet management. The P7-S, featuring REEcorners® technology, offers a fully by-wire, flat platform that is modular and boasts a high payload and all-wheel steering. The company anticipates customer deliveries of the first P7-S demo units in June 2024.
The P7-S is a significant addition to REE's P7 lineup, which provides flexibility in vehicle size and design, allowing for the creation of custom electric vehicles tailored to specific vocational needs.
This new model supports front and rear cabin configurations, enhancing fleet utilization and OEM compatibility. The P7 REEcorners® integration facilitates shared service and operational practices with the P7-C, potentially reducing total cost of ownership and simplifying spare-parts inventory management.
REE’s P7-S can be customized to meet various customer requirements, including class (4-5), driver position, batteries, wheelbase, and rear overhang. The platform offers a gross vehicle weight rating (GVWR) ranging from class 4's 16,000 lbs to class 5's 18,300 lbs, with a maximum payload of up to 10,000 lbs. It also provides a range of up to 210 miles on a single charge, depending on the battery configuration, which varies from 84 to 168 kWh.
In addition to the P7-S, REE offers a certified P7-C chassis cab that qualifies for U.S. federal tax credits. When combined with state incentives, the savings could reach up to $100,000 per vehicle. The Powered by REE® lineup presents three options for OEMs and fleet owners to integrate by-wire, software-driven technology into their electric vehicles.
Daniel Barel, CEO and co-founder of REE Automotive, emphasized the customer-centric approach to product development, stating that direct collaboration with fleets during the design process ensures the creation of the most suitable electric truck or chassis for their needs.
This announcement is based on a press release statement from REE Automotive Ltd.
InvestingPro Insights
The unveiling of REE Automotive's P7-S chassis at the ACT Expo marks a pivotal moment for the company as it moves towards customer deliveries in June 2024. With a keen focus on enhancing delivery efficiency and fleet management, REE's P7-S could be a game-changer in the electric vehicle platform space. As investors and stakeholders look closely at REE's financial health and market potential, recent data from InvestingPro provides a snapshot of the company's current standing:
- The company's Market Cap stands at a modest $55.65 million, which suggests that it is a smaller player in the industry, yet one that is making significant strides in innovation and technology.
- REE's Price to Book ratio for the last twelve months as of Q4 2023 is 0.71, indicating that the stock may be undervalued compared to the company's book value, a point of interest for value investors.
- InvestingPro data also highlights a significant 1 Month Price Total Return of 43.98%, reflecting a recent surge in investor confidence which may be attributed to positive market reception of the P7-S and other company developments.
InvestingPro Tips suggest that despite the company's negative Gross Profit Margin and Operating Income Margin for the last twelve months as of Q4 2023, the recent positive price performance could signal a turning point for REE if it continues to innovate and capture market interest. Investors interested in a deeper analysis of REE Automotive's financials and future potential can access additional tips on InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 15 more InvestingPro Tips available, subscribers can gain an edge in understanding the intricacies of REE's market position and investment potential.
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