• Knapheide, North America's most popular manufacturer of work truck bodies and truck beds, will upfit REE’s P7-C chassis cab on a made-to-order basis
• P7C with a customized Knapheide body will be an integrated product designed to reduce downtime and improve tailored electric fleets’ time to market
• Knapheide and REE are actively welcoming orders from North American customers
  

TEL AVIV, Israel, Aug. 28, 2023 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced it is working in partnership with Knapheide, North America’s most popular manufacturer of work truck bodies and truck beds, to create full electric vehicle solutions. Knapheide will upfit REE’s P7-C chassis cabs to meet the requirements for fleet customers across all electric vehicle types ranging from Class 3-5.

“With over 170 years experience in commercial vehicles, Knapheide is working with REE to design and manufacture body solutions for the REE P7-C chassis cab. That, paired with Knapheide’s wide breadth of install capabilities and access to additional work truck equipment, makes us the most popular choice in North America for work truck bodies and solutions,” said Chris Weiss, Vice President of Engineering for Knapheide. “As REE is building out its dealer network around North America, we see the potential to put our bodies on their fully-flat, low-step height chassis and provide a really groundbreaking full vehicle solution. Knapheide is known for its ability to make it easy for fleet owners to take their upfit from concept to completion.”

“Powered by REE electric vehicles with a Knapheide body create a top-notch-vehicle solution,” said Tali Miller, Chief Business Officer of REE. “We’re eliminating the backend work for our customers of trying to configure a body on a chassis and understand which brands will pair well together. We believe partnering with Knapheide will help make the ordering process more seamless, drastically reducing the time from order to delivery for dealers, and with an integrated product delivered. By working with body builders like Knapheide, we have innovative new solutions that will allow customers to realize the full potential and benefits of vehicles powered by REE.”

Knapheide bodies will complete REE’s chassis cab built as part of their flagship P7 electric truck lineup. The P7-C chassis cab was built to encourage flexibility and customization to fit the needs for a range of customer applications. The electric vehicles are powered by the REEcorners™, x-by-wire technology and are purpose-built to drive down total cost of ownership (TCO) for fleets. The vehicles are built for urban environments with market-leading product attributes including optimal maneuverability, full height interior cabs, class-exclusive all wheel drive, low step-in height, aerodynamic design, low noise, greater visibility and increased safety. All P7 configurations with Knapheide bodies including box trucks, service bodies and platform bodies are currently available to order with initial deliveries expected in 2024.

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

Media Contact

Malory Van Guilder
Skyya PR for REE Automotive
+1 651-335-0585
ree@skyya.com

Investor Contact

Kamal Hamid
VP Investor Relations | REE Automotive
+1 303-670-7756
investors@ree.auto

About REE Automotive

REE Automotive (Nasdaq: REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. With complete design freedom, vehicles “Powered by REE” are equipped with the revolutionary REEcorner, which 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 platforms are future proofed, autonomous capable, offer a low TCO, and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.

Caution About Forward-Looking Statements

This communication 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 Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would”, “designed,” “target” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, 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, the impact of trends on and interest in our business, or product, intellectual property, REE’s expectation for growth, and its future results, operations and financial performance and condition.

These forward-looking statements are based on REE’s current expectations and assumptions about future events and are based on currently available information as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in 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 be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication 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 market its P7 lineup; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with building out of REE’s supply chain; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq’s minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the COVID-19 pandemic, interest rate changes, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2023 and in subsequent filings with the SEC.

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