REE Automotive, an automotive technology company and provider of fully by-wire electric trucks and platforms, announced its initial order book value has doubled since late August 2023. REE’s initial order book value is now approximately $40 million with a recent binding order by Midwest Transit Equipment (MTE), a leading bus dealer in the US, that is now entering the commercial electric truck market with the Powered by REE P7-C.
REE P7-C electric chassis cab. The P7 cab chassis is built on REEcorner technology which packs critical vehicle components into area between chassis and wheel. This results in a fully-flat chassis end-to-end with greatest interior space for passengers, cargo and batteries.
The company’s order book is determined by management based on purchase orders received by the company. The number of P7 units included in the order book as of 25 October 2023 includes 275 P7 units under firm orders (i.e. binding orders) and the remaining of units ordered that are binding orders with certain additional conditions as set forth in the order.
The dollar value of the order book is determined based on the pricing of each unit included in the order book.
As the largest bus dealer in the US, Midwest Transit Equipment sells and services thousands of new and used buses to customers all over the nation and across the world. It currently has nine locations and more than 400 employees. MTE plans to sell Powered by REE vehicles in Arkansas, Florida, Kansas, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin.
REE continues to make steady progress on certifying its P7 electric truck lineup as supported by its recent EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system, with targeted first customer deliveries this year.
On top of its competitive total cost of ownership (TCO), technological advantages and delivery times, REE’s P7 lineup aims to help fleets meet the requirements at both the state and federal level for tax incentives.