ANN ARBOR, Mich., May 17, 2022 — EAVX, a subsidiary of JB Poindexter & Co (JBPCO), and REE Automotive (NASDAQ: REE), an automotive technology leader and provider of electric vehicle platforms, today announced the companies’ new fully electric walk-in step van prototype will begin customer evaluation this summer. The class 5 vehicle debuts the EAVX body design powered by REE’s modular P7 platform, making it the first fully drive-by-wire walk-in van on the market.
Evaluations of the new electric walk-in step van will take place over several weeks in the Detroit metropolitan area. The pre-booked event will allow pipeline customers across retail, delivery, and logistics segments to experience the vehicle, its groundbreaking technology, and secure production capacity on the path for 2023 deliveries.
The walk-in step van body is a new, ground up development and will be showcased for the first time on the REE P7 platform, which was unveiled in January 2022. The platform is intended to power class 3-5 vehicles with payloads up to 8,800 pounds and range of 370 miles, along with all-wheel steering, all-wheel drive, and autonomous-ready capabilities. The vehicle is designed to provide unique user benefits, efficiencies, and flexibility that can be scaled across further applications and classes with the modularity and design freedom enabled by REEcorner™ technology.
The road testing demonstrates the maturity of the REE-EAVX next-generation modular walk-in step van program for the North American delivery market, first announced in July 2021. The prototype body, which will have more details unveiled soon, is a step forward in EAVX’s mission to develop next-generation EV and AV powered delivery and work truck bodies and accessories as a business unit of JB Poindexter & Co (JBPCO), which has a leading market share position in the North American delivery work truck body market.
“This is an excellent confirmation for EAVX’s unprecedented offering to accelerate commercial vehicle electrification for existing and new customers,” said John Poindexter, CEO and Chairman, JBPCO. “Our new body, designed to fit all chassis and to be the next-generation walk-in step van, leverages JBPCO’s proven history of building durable and dependable work truck and commercial vehicle bodies and accessories. We are thrilled with our partnership with REE and for this first prototype to be put on a REE modular chassis, creating the first electric vehicle with the company’s innovative REEcorner™ technology. Together we can help enable the design and manufacture the commercial electric fleets of all sizes and across markets.”
“EAVX and REE are delivering on our joint promise from last year and at record pace. The on-road testing of our class 5 walk-in van is a testament to the strength and progress of our EAVX partnership,” said Daniel Barel, Co-Founder and CEO of REE. “We are excited for customers to experience first-hand the unique benefits of the first x-by-wire vehicle built with a best-in-class Morgan Olson body and Powered by REE, a clear step toward firm orders.”
For fleets and customers interested in learning more about the REE P7 platform and vehicles and for more information on summer demonstrations, contact the companies at https://ree.auto/segments/p7-platform/.
Head of Global Communications I REE Automotive
Sr. Manager, Marketing & Communications I EAVX
EAVX, the newest business unit and subsidiary of JB Poindexter & Co, collaborates with the most advanced electric and alternative power chassis producers, allowing chassis partners to focus on their revolutionary and proprietary technologies. EAVX and the individual business units of JBPCO are the integration bodybuilders of choice for chassis producers serving present and future EV and alternative fuel markets and advanced vehicle technology markets. Visit jbpoindexter.com/eavx for more information.
ABOUT JB POINDEXTER & CO
JB Poindexter & Co is a portfolio of businesses that provide best-in-class commercial automotive and manufacturing goods and services. The company applies innovative operational and financial disciplines to truck and van bodies, pickup truck covers and accessories, industrial vehicle storage and shelving, funeral coaches, limousines, specialty industrial parts and expandable foam packaging. The portfolio of industry-leading business units includes Morgan Truck Body, Morgan Olson, Reading, Truck Accessories Group, EFP Corporation, Specialty Vehicle Group, MIC Group, Masterack and EAVX. For more information, visit JBPoindexter.com or LinkedIn.
ABOUT REE AUTOMOTIVE
REE (NASDAQ: REE) is an automotive technology leader whose mission is to empower companies to build any size or shape of electric or autonomous vehicle – from Class 1 through Class 6 – for any application and any target market. REE aims to serve as the underpinning on top of which electric vehicles (“EVs”) and autonomous vehicles (“AVs”) will be built and envisions a future where EVs and AVs will be “Powered by REE” TM.
REE’s revolutionary technology – the REEcorner™ – packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel, enabling REE to build fully-flat EV platforms with more room for passengers, cargo and batteries. REE plans to use its proprietary X-By-Wire control technology to control each REEcorner™ of the vehicles with full drive-by-wire, brake-by-wire and steer-by-wire capabilities.
REE’s EV platforms are designed to provide customers with complete freedom of design, enabling auto-manufacturers, OEMs, delivery & logistic fleets, Mobility-as-a-Service providers and new mobility players to design mission-specific EVs and AVs based on their exact business requirements and significantly reduce their time-to-market, lower total cost of ownership and comply with zero-carbon regulations.
Headquartered in Glil Yam, Israel, REE has an Engineering Center in the UK, as well as subsidiaries in Japan and Germany, and plans to open its U.S. headquarters and first Integration Center in Austin, Texas. REE’s unique CapEx-light manufacturing model leverages Tier-1 partners’ existing production lines; the company’s extensive partner ecosystem encompasses leading names including Hino Motors (truck arm of Toyota), Magna International, JB Poindexter, Navya and American Axle & Manufacturing to provide a full turnkey solution.
REE’s patented technology, together with its unique value proposition, position it to break new ground in e-Mobility. For more information visit https://www.ree.auto.
Caution About Forward-Looking Statements
This communication includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding REE or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “aim,” “anticipate,” “appear,” “approximate,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “would” and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE’s strategic and business plans, technology, relationships, objectives and expectations for our business, the impact of trends on and interest in our business, intellectual property or product and its future results, operations and financial performance and condition.
These forward-looking statements are based on information available as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.
Uncertainties and risk factors that could affect REE’s future performance and could cause actual results to differ include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; and adverse global conditions, including macroeconomic and geopolitical uncertainty; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s annual report filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 28, 2022 and in subsequent filings with the SEC.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/00011c26-3f91-4b11-a075-cce69e6037ba