The following is a summary of the REE Automotive Ltd (REE) Q4 2023 Earnings Call Transcript:
Financial Performance:
REE Automotive has seen its order book value grow by 900% YoY to over $50 million.
The company reduced its cash burn by 25% YoY, ending with $86 million in cash, cash equivalents, and short-term investments, including a $15 million credit bank facility.
REE's largest institutional shareholder, M&G, led two successful capital raises totalizing $24 million.
Business Progress:
The company produced the world's first FMVSS certified full by-wire electric vehicle, advancing their technology maturity.
Their dealer network grew to 66 points of sales and service in the U.S. and Canada.
REE Automotive completed their first commercial vehicle delivery in the U.S., receiving positive reviews on design, spaciousness, and performance.
The first vehicle was rolled off the production line and delivered to one of the largest commercial vehicle dealers in the U.S.
The company is poised to advance towards scale production later in the year with disciplined focus on its business plan and P7 lineup.
REE Automotive anticipates to complete the remaining tooling investment by midyear to scale up U.S. production as orders are committed.
They successfully achieved FMVSS certification for their fully 'by-wire' vehicle, proving their technological acumen and ability to meet regulatory requirements.
In association with their charging partners, REE Automotive continues to ensure adequate infrastructure to support their trucks.
More details: REE Automotive IR
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