Penske Truck Leasing to Offer REE Automotive's P7-C EV Trucks to its Customers for Demos and Orders Across North America

Core Viewpoint - REE Automotive Ltd. has partnered with Penske Truck Leasing to offer Powered by REE electric vehicles (EVs) to customers, enhancing REE's order book value to $50 million [1][2][5]. Company Overview - REE Automotive is an automotive technology company specializing in full by-wire electric trucks and platforms, utilizing its patented REEcorner® technology [8]. - The P7-C model is the first FMVSS certified full by-wire EV, featuring all-wheel steer and drive, with a range of up to 169 miles [5][6]. Partnership Details - Penske Truck Leasing will provide its customers with the opportunity to demo REE's by-wire vehicles, showcasing the technology's benefits [2][3]. - A joint press conference is scheduled for May 22, 2024, to discuss the collaboration further [2][5]. Technological Features - The P7-C offers superior maneuverability, enhanced safety through redundancies, and a driver-centric cabin design [6]. - The vehicle's modular design allows for quick market entry and is future-proofed for autonomous capabilities [6][8]. Upfitting and Customization - REE collaborated with Wabash to customize the P7-C with a DuraPlate® truck body, enhancing the vehicle's lightweight and durable characteristics [3][6]. - The design includes integrated mounting systems for easy body installations and accessible battery maintenance [7]. Market Position - REE's technology positions the company to lead in the e-mobility sector, with a focus on reducing total cost of ownership and improving energy efficiency [8]. - Penske operates over 445,000 vehicles and serves a wide customer base, indicating a strong market presence for the partnership [9].