Commercial EV technology developer REE Automotive has added some clout to its growing order book as global transportation provider Penske has signed on to help demonstrate the former’s PC-7 electric truck to its customers and help facilitate sales.
2024 is proving to be a fruitful year for REE Automotive ($REE) as the modular EV startup continues to take massive orders for its vehicles as it scales production. The company’s flagship model, the PC-7 chassis cab, began initial deliveries this past January after receiving certification from the Federal Motor Vehicle Safety Standards (FMVSS) – the first “x-by-wire” vehicle to do so.
In March, REE closed a public offering of ordinary shares totaling nearly $15 million while announcing a new collaboration with Airbus. Weeks later, the PC-7 became eligible for CARB credits, qualifying the EV for up to $100,000…