REE - REE Automotive jumps 22% after unveiling new electric class 3 box truck

Ree Automotive ( NASDAQ: REE ) soared after the electric vehicle platform announced the debut of its P7-B class 3 box truck built on a P7 cab chassis.

The company said it is showing off the truck following positive customer evaluations at REE’s UK Engineering Center.

The P7-B truck is aimed at reducing the total cost of ownership to help facilitate the transition of fleets to electric vehicles. The electric truck is targeted at the growing commercial EV mid- and last-mile delivery market, with applications such as 16-foot vans and delivery trucks.

This P7 box truck configuration is noted to offer increased interior space for passengers and cargo and a low step-in height while targeting a maximum speed of 75 mph (120 km/h), max range of 150 miles (241 km), up to 4,400 lbs (2,000 kg) payload, and vehicle weight ratings of up to 14,000 lbs. The full x-by-wire architecture is said to support all-wheel steer, all-wheel drive, adaptive regenerative breaking, creep control, hill start assist, and torque vectoring as standard as well as over-the-air updates.

REE's P7-B and the P7 modular chassis is targeted to be produced in both North America and the UK.

Shares of REE ripped a gain of 23.55% in Thursday morning trading. See the one-year trading chart on REE.

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