REE - REE Automotive jumps after highlighting plans for commercial production

REE Automotive (NASDAQ:REE +12.9%) rallies after the company announced forward progress with its target of commercial production. The company plans to implement cloud-based robotic assembly lines at its network of digitized manufacturing plants, including at an integration center in Coventry, UK that will serve customer demand in Europe. The initial focus of the plant will be  the P7 electric platform for commercial vehicles such as walk-in delivery vans, buses, and recreational vehicles. The Coventry site will also operate as the blueprint for all future REE Integration Centers, with expected capacity of 10,000 vehicle sets this year. "The automated and connected capabilities at our Coventry site are a great foundation for our global operations, as they will enable us to continuously fine-tune our assembly procedures and rapidly deploy them to other sites," said Chief Operating Officer Josh Tech. "Our cloud-based robotic manufacturing system will be the digital backbone for our assembly lines and

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REE Automotive jumps after highlighting plans for commercial production