REE COMMENCES TRIALS OF ALL-NEW ELECTRIC P7 MODULAR PLATFORM FOR DELIVERY FLEETS

LAS VEGAS, Jan. 5, 2022 /PRNewswire/ -- REE Automotive Ltd. (NASDAQ: REE), today announced it is commencing trials of its all-new P7 platform designed for commercial delivery vehicles and walk-in vans. The P7 platform, targeted to a U.S. based delivery van program, was designed based on functional and operational specifications from one of the world's largest delivery companies. Fully flat from end-to-end, P7 offers greatest interior space and volumetric efficiency for vehicles in classes 3-5. 

Supporting up to 8,800 lbs. max payload, the P7 platform packs up to 35% more packages than comparable commercial vehicles or the equivalent and can comfortably carry up to 30 passengers, making it the optimal platform for target markets such as delivery and logistic fleet owners, transit authorities, school buses and mobility operators. REEcorner and X-by-Wire technology allows each wheel to move independently for enhanced driving dynamics and safety with all-wheel steer, drive and brake options.

The P7 modular platform is designed to radically simplify development times of electric commercial models and is optimized for fleet owners looking to create their own commercial vehicle brand, unique design and market differentiation utilizing the REE configuration and lowest TCO due to Battery-as-a-Service, Data-as-a-Service and fast REEcorner swap. On the path to production, last year REE nominated key suppliers American Axle & Manufacturing (AAM) to supply high-performance electric drive units and Brembo to co-develop and supply the braking system. 

Daniel Barel, REE Automotive Co-Founder and CEO: "The P7 platform is paramount in commercial vehicle design, safety and functionality. True to our vision of providing complete modularity and versatility, this platform can be configured in different sizes and optimized to suit a particular application and use case. The P7 will utilize REE-Hitachi's Data and Application as-a-service capabilities of injecting intelligence and actionable insight info fleet operations and affording fleet owners complete visibility over their operations allowing faster time to market, lower total ownership costs and suite of lifecycle services."

Core design commonalities in the innovative P7 architecture are designed to provide significant development synergies for additional future REEcorner models across vehicle classes. This architecture approach affords both cost and timing benefits through the development process, as well as further production efficiencies from the resultant economies of scale.

Electric and autonomous vehicles built on top of REE's P7 platforms will be able to achieve driving ranges of up to 370 miles with max speeds of 80 mph and supporting gross vehicle weight ratings (GVWR) of up to 16,500 lbs.

REE's P7 platform offers unparalleled benefits in terms of virtually unlimited design freedom to meet customers' exact business needs, highest driving and range performance, enhanced safety and stability and disruptive X-by-Wire technology that affords fail-safe and independent wheel control.

P7 Platform Highlights

• Greatest interior space on smallest footprint due to end-to-end fully-flat chassis & low floor design
• Higher volumetric efficiency yields higher operational margins
• P7 provides minimal turning radiuses and enhanced driving reliability and stability due to REEcorner™ X-by-Wire tech
• P7 platforms will support Data-as-a-Service – affording fleet managers with complete visibility and actionable insights over their fleet operations
• The platform shown is 7.6m in length and 2.4m in width

P7 Platform Specifications: 

About REE Automotive
REE (Nasdaq: REE) is an automotive technology leader whose mission is to empower companies to build any size or shape of electric or autonomous vehicle – from Class 1 through Class 6 – for any application and any target market. REE aims to serve as the underpinning on top of which EVs and AVs will be built and envisions a future where EVs and AVs will be 'Powered by REE'.

REE's revolutionary technology – the REEcorner™ – packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel, enabling REE to build the industry's flattest EV platforms with more room for passengers, cargo and batteries. REE uses x-by-wire technology to control each of the corners of the vehicles with full drive-by-wire, brake-by-wire and steer-by-wire.

REE's EV platforms afford complete freedom of design, enabling auto-manufacturers, OEMs, delivery & logistic fleets, Mobility-as-a-Service providers and new mobility players to design mission-specific EVs and AVs based on their exact business requirements and significantly reduce their time-to-market, lower TCO and meet zero-carbon regulations.

Headquartered in Herzliya, Israel, REE has an Engineering Center in the UK, as well as subsidiaries worldwide including Japan and Germany, and plans to open its U.S. headquarters and first Integration Center in Austin, Texas. REE's unique CapEx-light manufacturing model leverages Tier-1 partners' existing production lines; the company's extensive partner ecosystem encompasses leading names including Hino Motors (truck arm of Toyota), Magna International, JB Poindexter, Navya and American Axle & Manufacturing to provide a full turnkey solution.

REE's patented technology, together with its unique value proposition, position it to break new ground in e-Mobility. For more information visit https://www.ree.auto.

Media
Caroline Hutcheson
Head of Communications, REE Automotive
+12523142028
[email protected]

Forward-Looking Statements
This press release includes forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "believes," "expects," "anticipates," "estimates," "projects," "intends," "should," "seeks," "future," "continue," or the negative of such terms, or other comparable terminology. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein. Factors that could cause actual results to differ materially include, but are not limited to: our limited operations and need to expand in the near future to fulfill product orders; risks associated with obtaining orders and executing upon such orders; the ability to protect our intellectual property; the potential lack of market acceptance of our products; potential competition; our inability to retain key members of our management team; our inability to raise additional capital to fund our operations and business plan; our inability to satisfy covenants in our financing agreements; our inability to maintain our listing of our securities on the Nasdaq Capital Market; our inability to satisfy our customer warranty claims; our ability to continue as a going concern; our liquidity and other risks and uncertainties and other factors discussed from time to time in our filings with the Securities and Exchange Commission ("SEC"), including our annual report on Form 10-K filed with the SEC. REE expressly disclaims any obligation to publicly update any forward-looking statements contained herein, whether as a result of new information, future events or otherwise, except as required by law.

SOURCE REE Automotive