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

-  The Powered by REE Penske truck will be on display at the REE booth at ACT Expo in Las Vegas
-  The P7-C is the world’s first FMVSS certified full by-wire EV featuring all-wheel steer and all-wheel drive with a range of up to 169 miles and a driver-centric cab upfitted with a 16 foot Wabash (NYSE: WNC) DuraPlate body with ramp
-  REE and Penske will hold a joint press conference to expand on the collaboration during ACT Expo in Las Vegas

LAS VEGAS, May 15, 2024 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of full by-wire electric trucks and platforms, today announced that Penske Truck Leasing, a leading global transportation services provider, will begin to offer Powered by REE EVs to its customers interested in electrifying their fleets for demos and orders, adding further momentum to REE’s current $50 million order book value.

“We are looking forward to adding REE’s by-wire vehicle to our electric truck lineup and giving our fleet customers the opportunity to demo the vehicle and experience the technology firsthand,” said Paul Rosa, Senior Vice President of Procurement & Fleet Planning at Penske.

Paul Rosa and Daniel Barel, co-founder and CEO of REE, will hold a joint press conference to expand on the collaboration on May 22, 2024, at ACT Expo in REE’s booth #3723 at 12:45 p.m. PT.

Penske’s customers will have the opportunity to experience the intended benefits of the world’s first U.S. Federal Motor Vehicle Safety Standards (FMVSS) certified, software-driven, electric vehicle powered by REEcorner full by-wire technology including:

• Superior maneuverability and all-wheel drive functionality
• Enhanced safety with fail operational design via redundancies in hardware and software
• Driver-centric cabin with excellent ergonomics and low chassis height
• REEcorners designed for serviceability for low total cost of ownership (TCO)
• Strong residual values
• Future-proofed, autonomous-ready and over-the-air (OTA) upgrade capable
• Modular design and quick time to market
• Optimal energy efficiency

“Today’s announcement is a testament to the synergy between REE's revolutionary technology and Penske's commitment to leading in the transportation and logistics industry,” said Daniel Barel, CEO and co-founder of REE Automotive. “This is the fruit of a long collaboration and incorporation of Penske’s voice of the customer. We are currently working on additional P7-C configurations to maximize utilization within Penske’s large product offering. By partnering with Wabash for this upfit, we believe that we were able to provide a superior product to Penske, meeting their requirements as well as expanding our roster of upfitters that can seamlessly integrate with REE’s platforms.”