INDIANAPOLIS (March 9, 2023) – GlobeNewswire – REE Automotive Ltd. (Nasdaq: REE), an automotive technology company and provider of electric vehicle (EV) platforms, today announced the names of the first US dealers that will be offering Powered by REE EVs to end customers looking to electrify their commercial fleets, as part of REE’s go-to-market approach of signing authorized dealers. Initial deliveries to these dealers are slated to begin in Q4 2023. REE will offer training to authorized dealers to certify technicians to provide service on Powered by REE vehicles. The dealers include the previously unnamed customers, Pritchard EV, a nationwide distributor and subsidiary of Pritchard Companies, and the Southern California-based dealer Tom’s Truck Center. The company today also announced that Industrial Power & Truck Equipment (IPT) and New England Truck Solutions (NETS) are new dealers for the US market.
REE has entered into an agreement with Mitsubishi HC Capital America to provide a customized finance solution for dealers within the REE network. This agreement is designed to streamline the process of obtaining financing for dealers looking to purchase REE Powered vehicles. Furthermore, Mitsubishi HC Capital America will leverage its existing relationships to help expand REE’s North American dealer network. “By helping companies reach their environmental, social, and governance (ESG) goals, we have a chance to make a positive impact on the world around us and it happens through partnerships like the one we have with REE”, Kirk Mann, Senior Vice President and General Manager of Transportation Finance at Mitsubishi HC Capital America.
“We’ve set 2023 as a year to strongly grow our market share in the US,” said Daniel Barel, Co-Founder and CEO of REE Automotive. “As part of our go-to-market strategy and getting REE-powered vehicles into the hands of fleet owners, we recognize the importance of a dealer-fleet relationship especially around maintenance and support and are on our way to building out a nationwide network of authorized dealers with partners such as Pritchard EV, Tom’s Truck Center, Industrial Power & Truck Equipment and New England Truck Solutions which are staunchly committed to electrification and to providing their customers with the ultimate EV experience. And together with leading companies such as Mitsubishi HC Capital America we can help companies secure the necessary funding and make the seamless transition to EVs and the required charging infrastructure.”
“As a leading fleet dealer, we’re seeing the demand for electric vans and work trucks skyrocket,” said Ryan Pritchard, chief revenue officer at Pritchard EV. “REE Automotive is successfully redefining purpose-built fleets and we are eager to incorporate their vehicles in our line-up of offerings. The REE-powered vehicles set a new standard in commercial EVs, offering greatest interior space on a given footprint, optimized driver ergonomics and ease-of-maneuverability. Together, we can provide superior solutions for last and mid-mile delivery with low total cost of ownership.”
“California’s large and small fleet operators are making the transition to electric vehicles, and we’re setting out to make that transition a smooth one,” said KC Heidler, CEO and president of Tom’s Truck Center. “We’re partnering with REE because of its outstanding EV technology providing flexibility and maneuverability to meet the needs of our customers in California. When winding through city roads, the all-wheel steer technology in REEcorners™ will allow for tight turns and to get in and out of small spaces easily. With the productivity and maintenance benefits of REEcornerTM technology, coupled with the fact that we’re providing Level 3 DC fast charging along customers’ frequently traveled routes, we’re looking to provide a new level of experience for our customers.”
Industrial Power Truck & Equipment (IPT) has been serving the Dallas Fort Worth metroplex for over 40 years, specializing in commercial truck sales. “We’re excited to partner with REE and join its growing dealer network,” said Brian O’Neil at Industrial Power Truck & Equipment. “Our end-customers are seeking electric vehicles because they’re looking to cut costs and repair times, and in REE we found a partner uniquely capable of fulfilling their needs.”
“We placed our initial order at Work Truck Week in direct response to hearing from our fleet customers and their requirement across the board to quickly transition to an all-electric fleet,” said Jason Jarvis, president at New England Truck Solutions. “New England customers unilaterally need reliable all-weather electric trucks, and we believe that REE’s technology will provide the best-in-class solutions to meet their needs.”
Electric vehicles Powered by REE built on the modular P7 platform enable a wide range of capabilities for class 3 to 5 vehicles including payload capacities of up to 8,000 pounds, up to 200 miles of range and industry-leading low step-in height. The vehicles integrate four REEcorners™ featuring REE’s x-by-wire technology, supporting all-wheel steer, all-wheel drive, adaptive regenerative braking, creep control, hill start assist, and torque vectoring.
