REE Automotive (ticker: REE) has announced positive developments in its Q1 2024 earnings call, including the delivery of certified medium-duty demo trucks to North American customers such as U-Haul and Penske. The company's P7-C truck received U.S.
FMVSS certification, which qualifies it for significant customer incentives. With a focus on ramping up manufacturing and sales, REE ended the quarter with $77.5 million in liquidity and a reduced net loss.
Partnerships, including one with Airbus for autonomous driving technology, are expected to fuel future growth. CEO Daniel Barel highlighted the strong customer response to their electric trucks and the company's control over R&D and administrative costs. With five vehicles delivered and an order book exceeding $50 million, REE anticipates substantial revenue as production scales up.
Key Takeaways REE Automotive began Q1 deliveries, including to U-Haul and Penske. The P7-C truck is now FMVSS certified in the U.S.
, with up to $100,000 in incentives per truck. A partnership with Airbus aims to develop autonomous driving technology. The company expects a decrease in R&D costs and further reductions in monthly spending.
Over 350 trucks worth $50 million are in the order book, indicating potential for significant revenue growth. The adjusted EPS was impacted by a one-time $1.4 million tax provision in the UK.
Company Outlook REE is focused on increasing manufacturing and sales to meet its goals for the year. The company is in discussi.