REE Automotive Ltd. (NASDAQ:REE) said its initial order book value grew by 30% since the end of August, representing a total combined order value of approximately $25 million.
The company said it is seeing continued expansion of its Authorized Dealer Network with three new dealers covering Wisconsin, Illinois, and California, all placing binding orders for REE’s P7-C electric truck.
As the company gets closer to its targeted first customer deliveries this year, REE’s North American presence continues to grow with strong demand for P7 electric trucks, including boxes, service bodies, step-in vans, and platform bodies.
“With the strong incentives for electrification in the U.S., our customers can benefit from federal incentives up to $40,000 per vehicle, and up to $100,000 of incentives per vehicle in certain states,” said Tali Miller, chief business officer at REE Automotive.
REE Automotive is progressing towards full vehicle certification with expected first customer deliveries by the end of 2023 and a production plan of up to 300 P7 trucks in 2024.
As of date, the REE Authorized Dealer Network has grown to 15 dealers covering the U.S. and Canada.
Price Action: REE shares are trading at $3.39 on the last check Wednesday.
