REE Automotive Ltd. announced the continued expansion of its Authorized Dealer Network with three new dealers covering Wisconsin, Illinois and California, all placing binding orders for REE's P7-C electric truck. REE's initial order book value grew by 30% since the end of August showing a strong growth representing a total combined order value of approximately $25 million. As the Company gets closer to its targeted first customer deliveries this year, REE's North American presence continues to grow with strong demand for P7 electric trucks including boxes, service bodies, step-in vans and platform bodies.

On top of its competitive total cost of ownership (TCO), technological advantages, and delivery times, REE's P7 lineup aims to help fleets meet the requirements at both the state and federal level for tax incentives. REE continues to make steady progress on certifying its P7 electric truck lineup as supported by its recent EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system. To further support customer needs, REE is collaborating with market leading work-truck body manufacturers, Knapheide and Morgan Truck Body.

These partnerships offer dealers and their fleet customers a complete Powered by REE vehicle, with new design applications, including boxes, service bodies, and platform bodies. As previously shared, approved dealers are also supported by REE's agreement with Mitsubishi HC Capital America to provide a customized finance solution for REE's network. This agreement is designed to streamline the process of obtaining financing for dealers looking to purchase Powered by REE vehicles and accelerate the path to electrification for fleets looking to make the transition to EV.