REE Automotive’s order book shows large growth, totaling $25M

As commercial EV startup REE Automotive chases full vehicle certification and first customer deliveries before year’s end, it’s touting some promising interest from fleet operators. Today, REE is reporting a significant increase in orders since August, with an order book now totaling $25 million.

REE Automotive ($REE) develops and manufactures modular battery EV platforms for the commercial segment under a B2B strategy. It’s unique vehicles are that are powered by its proprietary REEcorner technology, which integrates all the traditional drive components (steering, braking, suspension, powertrain, and control) into the arch of each wheel, enabling a by-wire configuration.

The company’s flagship EV platform is the P7 chassis, which was originally topped with a van body developed by EAVX and Morgan Olson, but was followed by REE’s own P7-B box truck, which made its public debut in August of 2022.

Since then, REE has also introduced a stripped chassis version of its platform called the P7-S, supporting Class 3-5 markets as well as the P7-C chassis cab (seen below) which debuted this past May.

While REE has yet to deliver its commercial EVs to customers, it appears poised to do so in order to feed a growing appetite amongst fleets that currently promises millions in binding revenue.

REE expands dealer network to support growing order book

Per news from REE Automotive today, it is expanding its authorized dealership network in North America to include sales partners in Wisconsin, Illinois, and California. REE’s sales network now totals 15 dealers across the US and Canada – all have which have placed binding orders for the P7-C electric truck.

Speaking of orders, REE is reporting its book value has grown my 30% since August, contributing to a total combined value around $25 million. Again, these orders are binding, so REE should be optimistic about its future in the commercial space which is going electric rather quickly compared to other mobility segments.

Like any startup, REE must meet the difficult task of reaching scaled EV production before it can pop any champagne, but relayed it remains on track to hit its target of initial deliveries this year. Another encouraging sign is that REE’s P7 electric truck lineup has already secured EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system.

Looking ahead, REE Automotive expect to produce up to 300 P7 trucks in 2024. A slow ramp-up sure, but with binding orders already in place and growing, the startup should have some runway to continue to try and scale.