Table of Contents REE AUTOMOTIVE LTD. INTERIM CONSOLIDATED FINANCIAL STATEMENTS Exhibit 99.2 REE AUTOMOTIVE LTD AND ITS SUBSIDIARIES INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2024 UNAUDITED INDEX INDEX TO FINANCIAL STATEMENTS Consolidated Interim Balance Sheets F-2 Consolidated Interim Statements of Comprehensive Loss F-3 Consolidated Interim Statement of Changes in Shareholders' equity F-4 Consolidated Interim Statement of Cash Flows F-5 Notes to the Interim Consolidated Financial Statements ...

Core Insights - REE Automotive Ltd. has partnered with Roush Industries to assemble its P7 electric truck lineup at Roush's facility in Detroit, with production set to begin in Q4 2024 and an annual capacity of up to 5,000 trucks [1][2][3] - Motherson will manage the global supply chain and logistics for the U.S. production, focusing on cost reduction and improved unit economics [1][3] - The P7 electric trucks utilize REE's proprietary REEcorner® technology, which allows for a flat electric chassis and increased interior volume, making them suitable for various applications [4][8] Company Overview - REE Automotive is an automotive technology company specializing in electric vehicles, offering modular platforms that allow for design flexibility and efficient production [8] - Roush Industries has extensive experience in vehicle manufacturing, providing capabilities that align with REE's production needs and business model of building vehicles to order [5][6] - The P7 lineup is designed to be autonomous-ready and can be powered by batteries or fuel cells, catering to the growing demand for electric commercial vehicles [4][8] Production and Logistics - The assembly of the P7 vehicles will be supported by a joint team from REE and Motherson, ensuring quality assurance and efficient logistics [2][3] - The partnership aims to accelerate production ramp-up and enhance cash flow generation for REE [1][3] - REE has established a network of 78 service and sales locations across North America, with access to over 200 fleets in the U.S. and Canada [4]

REE Automotive Ltd. (REE) shares soared 11% in the last trading session to close at $6.18. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 50.1% gain over the past four weeks. REE's shares are rising after it inked a deal with a major supplier to the automotive industry. Recently, REE Automotive entered into a strategic agreement with Motherson Group. Per the agreement, Motherson will manage supply chain operations and assist REE ...

Motherson is a global engineering and manufacturing specialist and one of the world's leading automotive suppliers. For FY24, it achieved gross revenue of USD 17.2 billion1. The group employs over 190,000 people in its 400 facilities spanning across 44 countries. Combining Motherson's manufacturing expertise and supply chain might with REE's market-leading software-defined EV product line-up promises to create a dominant new force in the electrified commercial vehicle market globally, allowing REE to provid ...

Core Viewpoint - Volt Carbon Technologies Inc. has initiated its 2024 exploration program at the Mount Copeland property, focusing on Rare Earth Elements (REE) and Molybdenum, with promising targets identified for sampling and analysis [1][2]. Exploration Program Overview - The exploration program will concentrate on sampling the tailings pond, which is believed to contain REE mineralization, and re-sampling the West extension, which previously showed good width and elevated REE levels [2] - The program aims to recover resources efficiently through targeted sampling and laboratory analyses, leveraging the geologically favorable conditions of the Mount Copeland property [2]. Historical Data and Potential - Historical geochemical analyses indicate significant REE and Niobium (Nb) potential across various zones, with notable findings from previous drilling and rock samples [3] - A 2010 geochemical analysis reported high-grade REE concentrations, including 13.1% Cerium (Ce), 10.2% Lanthanum (La), and 1.77% Neodymium (Nd) from a sample taken 400 meters east of the King Resources molybdenum mine site [3]. Qualified Persons Statement - The technical content of the news release has been reviewed by Andris Kikauka, P.Geo., a Qualified Person with over 30 years of experience in mineral exploration [8]. Update on Flow-Through Financing - The July 22, 2024, news release indicated adjustments to Finder Warrants, with the exercise price now set at $0.05 [9]. Company Overview - Volt Carbon is a publicly traded company focused on carbon science, energy storage, and green energy, with mining claims in Ontario, Quebec, and British Columbia [10].

REE's P7-C software-defined Class 4 electric vehicles are now available for purchase in all 50 states through a 4-year contract awarded to National Auto Fleet Group Sourcewell is a government agency dedicated to streamlining the procurement process by fulfilling the bidding requirements on behalf of their members REE is ready to take orders immediately from this new customer base TEL AVIV, Israel, July 30, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provi ...

Financial Data and Key Metrics Changes - The company ended Q1 2024 with liquidity of $77.5 million, which includes cash, cash equivalents, and short-term investments, along with a $15 million long-term credit facility [65] - GAAP net loss for Q1 narrowed to $25.2 million, a 29% decrease quarter-over-quarter and a 12% decrease year-over-year [66] - Non-GAAP net loss decreased by 33% quarter-over-quarter to $21.7 million and decreased by 10% year-over-year [66] - Free cash flow burn continued to decrease in Q1 2024 with a 6% reduction quarter-over-quarter, consistent with a 25% year-over-year decrease in full year 2023 [66] Business Line Data and Key Metrics Changes - The company commenced deliveries of the world's first full by-wire, software-driven, certified medium-duty demo trucks to customers across North America, including major fleets like U-Haul and Penske [52][53] - The order book is valued at approximately $50 million, representing orders from dealers and fleets [56][14] - The company has delivered five vehicles to date, with expectations for more deliveries as production scales [9] Market Data and Key Metrics Changes - The company is experiencing strong demand in the commercial vehicle segment, with a noted difference in adaptation rates compared to the passenger vehicle segment [16][17] - The market response to the Powered by REE and REEcorner technology has been very positive, indicating potential leadership in the commercial vehicle segment [55] Company Strategy and Development Direction - The company's go-to-market strategy focuses on "complete, not compete," working with large fleet operators and automotive manufacturers [53] - The company aims to ramp up production and deliveries to meet the growing demand for electrification in the commercial truck market [62] - The operational focus for the year includes managing a smooth transition into ramping manufacturing and deliveries [62] Management's Comments on Operating Environment and Future Outlook - Management believes that the majority of the heavy lifting is behind them, with expectations for achieving bill of material parity upon production in the low hundreds of vehicles and EBITDA breakeven in the low to mid-thousands [63] - The company is evaluating working capital financing options to scale production effectively [64] - Management expressed confidence in the potential for follow-on orders from early customers, which will be crucial for scaling production [36] Other Important Information - The company has been selected by Airbus to develop and validate a fully autonomous program based on its full by-wire technology, further solidifying its technological leadership [61] - The company expects to generate cash from the UK government as part of a grant plan, amounting to roughly $7 million between Q2 to Q3 [38] Q&A Session Summary Question: What are the priorities this year regarding unit deliveries? - The company aims to fulfill its order book and deliver as many vehicles as possible to large fleets like Penske and U-Haul, which have significant potential for future orders [71] Question: How are customers evaluating the product for follow-on orders? - Different fleets have varying criteria for evaluations, but positive feedback from demo rides indicates strong potential for follow-on orders as customers experience the technology [35] Question: What is the expected impact of the U-Haul and Penske agreements? - The partnerships with U-Haul and Penske are expected to significantly impact sales, with the company confident that these relationships will translate into orders over time [72]

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. REE Automotive shares have lost about 8.6% since the beginning of the year versus the S&P 500's gain of 10.4%. What's Next for REE Automotive? While REE Automotive has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers ...

Q1 2024 and Recent Highlights REE Automotive achieved significant Q1 2024 milestones, including U.S. certifications, initial truck deliveries, and improved financials [CEO Statement & Strategic Overview](index=1&type=section&id=CEO%20Statement%20%26%20Strategic%20Overview) REE's CEO highlighted strong Q1 2024 momentum, including U.S. certifications, initial deliveries, and an order book over $50 million - Order book value recently crossed **$50 million**[3](index=3&type=chunk) - Deliveries to customers have begun, including to Penske Truck Leasing, U-Haul International, Inc., and Airbus UpNext[1](index=1&type=chunk)[3](index=3&type=chunk)[4](index=4&type=chunk) - P7-C is the first full by-wire truck to achieve U.S. FMVSS certification, making it eligible for customer incentives of over **$100,000 per truck**[4](index=4&type=chunk) - Collaboration with Airbus UpNext on an autonomous program utilizing REE's P7-C full by-wire and autonomous-ready technology, opening REE to new autonomous driving markets[4](index=4&type=chunk) [Business & Technology Highlights](index=2&type=section&id=Business%20%26%20Technology%20Highlights) REE's P7-C achieved U.S. FMVSS and EPA certifications, enabling deliveries to key partners and autonomous program collaboration - P7-C is the first full by-wire truck to achieve U.S. FMVSS and EPA certifications, making vehicles eligible for a U.S. federal tax credit of up to **$40,000** and expected eligibility for over **$100,000** with additional state incentives[6](index=6&type=chunk) - Penske Truck Leasing began offering Powered by REE EVs to its customers, with a P7-C delivered for demos and orders across North America[7](index=7&type=chunk) - U-Haul received and is evaluating a Powered by REE class 5 electric platform as the first solution to support the electrification of its fleet[7](index=7&type=chunk) - Airbus selected the Powered by REE vehicle for a fully autonomous program based on REE's full by-wire capabilities[7](index=7&type=chunk) - Deliveries have commenced to REE's distribution network of 20 dealers with 66 points of sales and service, accessing a potential of over 200 fleets across the U.S and Canada[7](index=7&type=chunk) - Launched a demo program with over 120 demo rides performed with multiple prospects, aiming to generate follow-on orders[7](index=7&type=chunk) [Operations Highlights](index=3&type=section&id=Operations%20Highlights) REE advances CapEx-light manufacturing, with its Coventry facility producing 10,000 REEcorner sets annually, and evaluates financing for scaling - Progressing with CapEx-light manufacturing strategy to achieve bill of materials break-even in the low hundreds of vehicles[10](index=10&type=chunk) - The Coventry, UK facility for REEcorner production has an annual capacity of **10,000 vehicle sets**, utilizing 13 robotic stations run by seven human operators[10](index=10&type=chunk) - REEcorners are built upon customer order, not inventory, to optimize working capital[10](index=10&type=chunk) - Evaluating financing options to fund scale production of full vehicles by the end of 2024 and subsequent scaling in 2025 and beyond[10](index=10&type=chunk) [Financial Highlights](index=3&type=section&id=Financial%20Highlights) REE significantly narrowed its GAAP net loss by 29% QoQ to $25.2 million and Non-GAAP net loss by 33% QoQ to $21.7 million, ending Q1 2024 with $77.5 million in liquidity GAAP Net Loss Trends | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :----- | :------ | :------ | :------ | | Net Loss | $(25.2M)| $(35.2M)| $(28.6M)| - GAAP net loss narrowed by **29% quarter-over-quarter (QoQ)** and by **12% year-over-year (YoY)**[10](index=10&type=chunk) Non-GAAP Net Loss Trends | Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :----- | :------ | :------ | :------ | | Net Loss | $(21.7M)| $(32.2M)| $(24.0M)| - Non-GAAP net loss narrowed by **33% QoQ** and by **10% YoY**[10](index=10&type=chunk) - Liquidity as of March 31, 2024, was **$77.5 million**, comprising cash and cash equivalents and short-term investments, inclusive of a **$15 million** credit facility[10](index=10&type=chunk) - Free cash flow (FCF) burn continued to narrow in Q1 2024, with a **6% reduction** from Q4 2023[10](index=10&type=chunk) - Raised approximately **$15 million (gross)** in proceeds through a public offering of ordinary shares led by M&G Investment Management Limited[10](index=10&type=chunk) Non-GAAP Financial Measures Explanation REE Automotive provides non-GAAP financial measures to offer supplementary insights into operational performance and trends [Purpose and Use of Non-GAAP Measures](index=4&type=section&id=Purpose%20and%20Use%20of%20Non-GAAP%20Measures) REE Automotive provides non-GAAP financial measures as a supplement to GAAP, offering useful insights into ongoing operational performance and comparability - Non-GAAP financial measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies[11](index=11&type=chunk) - These measures are used internally for analyzing financial results and are considered useful to investors as a supplement to GAAP measures for evaluating ongoing operational performance[11](index=11&type=chunk) - Adjusted EBITDA, non-GAAP net loss, non-GAAP operating expenses, and non-GAAP basic and diluted net loss per share are used to evaluate REE's ongoing operating results and trends[13](index=13&type=chunk) - Free Cash Flow is considered a liquidity measure that provides useful information about the amount of cash used in operational activities and capital expenditures[14](index=14&type=chunk) Consolidated Financial Statements REE Automotive's Q1 2024 financial statements reflect a narrowed net loss, decreased total assets, and improved cash flow from operations [Condensed Consolidated Statements of Comprehensive Loss](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Loss) For Q1 2024, REE reported a gross loss of $0.644 million on revenues of $0.160 million, with net loss significantly narrowing to $25.183 million Condensed Consolidated Statements of Comprehensive Loss (Unaudited, U.S. dollars in thousands) | Metric | Three Months Ended Mar 31, 2024 | Three Months Ended Dec 31, 2023 | Three Months Ended Mar 31, 2023 | | :-------------------------------- | :------------------------------ | :------------------------------ | :------------------------------ | | Revenues | $160 | $455 | $— | | Cost of revenues | $804 | $913 | $— | | Gross loss | $(644) | $(458) | $— | | Research and development expenses, net | $15,358 | $28,587 | $18,874 | | Selling, general and administrative expenses | $7,170 | $8,125 | $10,843 | | Total operating expenses | $22,528 | $36,712 | $29,717 | | Operating loss | $(23,172) | $(37,170) | $(29,717) | | Net loss | $(25,183) | $(35,233) | $(28,622) | | Basic and diluted net loss per Class A ordinary share | $(2.28) | $(3.44) | $(2.87) | [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, REE's total assets decreased to $130.241 million, primarily due to reduced short-term investments, while total liabilities remained stable Condensed Consolidated Balance Sheets (Unaudited, U.S. dollars in thousands) | Asset/Liability/Equity | March 31, 2024 | December 31, 2023 | | :-------------------------------- | :--------------- | :---------------- | | Cash and cash equivalents | $53,612 | $41,232 | | Short-term investments | $23,880 | $44,395 | | Total current assets | $87,180 | $93,504 | | Total assets | $130,241 | $137,900 | | Total current liabilities | $33,837 | $35,179 | | Total liabilities | $59,904 | $59,825 | | Total shareholders' equity | $70,337 | $78,075 | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash used in operating activities improved to $(21.225) million, with investing activities providing $19.135 million and financing activities $14.471 million Condensed Consolidated Statements of Cash Flows (Unaudited, U.S. dollars in thousands) | Cash Flow Activity | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | | :-------------------------------- | :------------------------------ | :------------------------------ | | Net cash used in operating activities | $(21,225) | $(26,430) | | Net cash provided by investing activities | $19,135 | $31,467 | | Net cash provided by financing activities | $14,471 | $68 | | Increase in cash,

Penske Truck Leasing begins to offer Powered by REE® Electric Vehicles to its customers U-Haul received Powered by REE electric platform and is evaluating it as the first solution to support the electrification of its fleet Airbus and REE collaborate on an autonomous program utilizing REE's P7-C full by-wire and autonomous-ready technology, which opens REE to new autonomous driving markets Demo program underway, with a growing number of trucks already delivered and an increasing number of fleets that contin ...