REE - REE Automotive shares cool off after earnings

REE Automotive (NASDAQ:REE) shares slid sharply in Tuesday’s trading after running red-hot into earnings. Shares of the Israeli automotive technology company crashed over 10% on Tuesday, reversing a rally in recent days that reflected double-digit daily gains for each of the three days preceding the release. The firm actually reported lighter-than-expected losses for the first quarter despite an acceleration in cash burn from the year prior. Further, management affirmed full year-guidance while unveiling new strides towards production.  “We are building out our highly-automated production capabilities at our Coventry, UK, integration center, which we expect to provide initial capacity of 10,000 corner sets by the end of this year,” CEO Daniel Barel said.  To be sure, there are also questions about the company’s liquidity position. As of the close of the quarter, the company held $239 million in cash with plans to spend $30 million on aforementioned production capacity initiatives. Meanwhile,

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REE Automotive shares cool off after earnings