REE - REE Automotive stock rises on new product unveiling

2023-05-02 08:46:23 ET

REE Automotive ( NASDAQ: REE ) shares rose as much as 7% in premarket trading on Tuesday after touting the release of a new model lineup.

The Israeli EV startup unveiled the P7-C on Tuesday, a “Class 4 chassis cab offering a new cabin design built on REE’s P7 modular electric platform.” The new model will be available for order at this week’s ACT Expo in California, the company said.

“Part of what our customers love about our highly modular P7 platform lineup is the fact that they can make the most out of it,” Chief Business Officer Tali Miller commented . “Be it P7-B, the ultra-low floor electric box truck designed for the highly popular last-mile Class 3 segment, or P7-S that powers the Class 5 Proxima with EAVX and Morgan Olson for the walk-in-van market, and now the new cab design of the P7-C Class 4 chassis cab that we developed in response to market feedback to best meet customer needs, including capitalizing on government incentive programs. As we move forward in completing certification requirements and our first deliveries later in the year, I am very pleased to welcome Monarch Truck Center, The Truck Shop and RY-DEN Truck Center to our growing REE dealer network.”

Management added that certification for the P7 electric lineup is “well underway” with final certification expected to be complete later in 2023. Shares of REE Automotive ( REE ) rose 5.81% shortly before Tuesday’s opening bell.

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