REE Automotive’s P7-C electric trucks and platforms approved for $30,000 per vehicle incentive in Massachusetts

Rey Automotive Company LimitedRey Automotive Company Limited

Rey Automotive Company Limited

Structure of REE P7-C

REE's Class 4 software-based commercial electric vehicle has been approved for the Massachusetts MOR-EV truck incentive which, when combined with the federal credit, can total up to $70,000 in cost savings per vehicle

REE’s Class 4 software-based commercial electric vehicle has been approved for the Massachusetts MOR-EV truck incentive which, when combined with the federal credit, can total up to $70,000 in cost savings per vehicle

REE’s Class 4 software-based commercial electric vehicle has been approved for the Massachusetts MOR-EV truck incentive which, when combined with the federal credit, can total up to $70,000 in cost savings per vehicle

Available for orders now at regional dealers in Massachusetts and throughout the United States

Tel Aviv, Israel, May 16, 2024 (GLOBE NEWSWIRE) – Rey Automotive Company Limited (Nasdaq:REE), an automotive technology company and provider of fully electric trucks and platforms, announced today that it has received approval for… Massachusetts MOR-EV Truck incentive, which is worth $30,000 per truck. When combined with the federal Commercial Clean Vehicle Tax Credit, fleets in Massachusetts can save up to $70,000 on REE’s Class 4 P7-C chassis cabs, resulting in a 37% cost reduction. Fleets in Massachusetts can order a complete software-based system by wire P7-C Through REE authorized agents.

“Electric truck incentives like Massachusetts’ MOR-EV rebate encourage the adoption of electric commercial vehicles and help fleets transition to electric vehicles at an accelerated pace,” said Richard Cooley, vice president of government and regulatory affairs at REE Automotive. “In addition to the MOR-EV incentives, we have applied to become eligible for other incentives in various states, including California HVIP and expect updates in other states soon.”

Both private and non-profit entities as well as educational institutions and local, municipal and state governments are eligible to benefit from the incentive.

To learn more about REE Automotive’s patented technology and unique value propositions that position the company to break new ground in e-mobility, visit www.ree.auto.

About Ray Automotive Company
REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on its modular platforms. With complete design freedom, REE®-powered vehicles are equipped with the revolutionary REEcorner®, which combines critical vehicle components (steering, braking, suspension, powertrain and handling) into a single compact unit positioned between the frame and wheel. As the first fully wired vehicle FMVSS certified company in the United States, REE’s proprietary wired technology for steering, steering and brake controls eliminates the need for a mechanical connection. Using four identical REEcorners® enables REE to create the flattest EV platforms in the industry with more room for passengers, cargo and batteries. REE platforms are future-proofed, autonomous, offer a low total cost of ownership (TCO), and significantly reduce time to market for fleets looking to electrify. To learn more visit www.ree.auto.

Media contact
Mallory Van Gelder
Skyya PR for REE Automotive
+1 651-335-0585
ri@skyya.com

Contact the investor
Kamal Hamed
Vice President of Investor Relations | irrigation for cars
+1 303-670-7756
investors@ree.auto

Caution regarding forward-looking statements
This release 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 Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Modified. Forward-looking statements include, but are not limited to, statements regarding the expectations, hopes, beliefs, intentions or strategies of REE’s or its management team regarding the future. For example, REE uses forward-looking statements when it discusses vehicle cost reduction amounts due to any incentive programs and any additional incentive programs for which REE vehicles may be eligible in the future. In addition, any statements that refer to plans, expectations, projections or other characterizations of future events or conditions, including any underlying assumptions, are forward-looking statements. The words “aim”, “expect”, “appear”, “approximate”, “believe”, “continue”, “could”, “estimate”, “anticipate”, “anticipate”, “intend”, “may”, ” “may”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “will”, “designed”, “goal” and similar expressions ( or the negative version of such words or expressions) may identify forward-looking statements, but the absence of such words does not mean that a statement is not forward-looking. All statements, other than statements of historical fact, 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, and the impact and interest in trends on our business or products. Intellectual Property and REE’s growth prospects, future results, operations, financial performance and condition.

These forward-looking statements are based on REE’s current expectations and assumptions about future events and are based on information currently available as of the date of this communication and current expectations, forecasts and assumptions. Although REE believes that the expectations reflected in the 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 differ materially from any future results, performance or achievements expressed. or implied in forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. The forward-looking statements contained in this release speak only as of the date they are made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, if circumstances change, except as otherwise required by the securities. And other applicable laws. In light of these risks and uncertainties, investors should keep in mind that the results, events or developments discussed in any forward-looking statement contained herein 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 commercialize its P7 portfolio With it. ; REE’s ability to maintain and develop relationships with existing Tier 1 suppliers and strategic partners; Develop advanced REE models into marketable products; REE’s ability to grow and expand manufacturing capacity through relationships with Tier 1 suppliers; REE estimates of unit sales, expenses, profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence to design, verify, validate, test and homologate its products; REE’s limited operating history; risks associated with the construction of REE’s supply chain; risks associated with plans for initial commercial production of REE; REE’s reliance on potential suppliers, some of which will be a single or limited source; Developing the commercial electric vehicle market; risks associated with data security breaches, failure of information security systems, and privacy concerns; risks related to non-compliance with Nasdaq’s minimum bid price requirements; Future sales of our securities by current principal shareholders or by us could cause the market price of our Class A common stock to decline; potential disruption of shipping routes due to accidents, political events, international hostilities, instability, piracy or acts of terrorists; intense competition in the e-mobility space, including with competitors with significantly greater resources; risks related to the fact that REE is listed in Israel and governed by Israeli law; REE’s ability to make ongoing investments in its platform; the impact of the COVID-19 pandemic, interest rate changes, the ongoing conflict between Ukraine and Russia and any other pandemics or health outbreaks around the world that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; The global economic environment, general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign currency exchange rates; The need to attract, train and retain a highly skilled technical workforce; changes in laws and regulations affecting REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to advance its objectives; and other risks and uncertainties set forth in the sections titled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (“SEC”) on March 27, 2024 and in subsequent filings with the SEC.

The image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50449f91-07ac-4635-874b-1b98585e692d.

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