Commercial electric vehicle (EV) technology developer REE Automotive has secured a significant addition to its order book with the support of global transportation provider Penske. Penske has committed to demonstrating REE’s PC-7 electric truck to its customers and assisting in sales efforts.
REE Automotive, known for its modular EV platform, has been experiencing a successful year in 2024, with increasing orders and production scaling. The company’s flagship model, the PC-7 chassis cab, started deliveries in January following certification from the Federal Motor Vehicle Safety Standards (FMVSS), making it the first “x-by-wire” vehicle to achieve this milestone.
In March, REE concluded a public offering of ordinary shares, raising nearly $15 million, and announced a collaboration with Airbus. Shortly after, the PC-7 became eligible for CARB credits, potentially offering fleet customers up to $100,000 in incentives, further boosting sales potential. As of October 2023, REE’s order book exceeded $40 million.
The new partnership with Penske marks another milestone for REE. Penske Truck Leasing will promote and sell REE’s electric trucks to its customers across North America, offering vehicles “Powered by REE.” This collaboration is expected to enhance REE’s order book, which currently stands at approximately $50 million.
The PC-7 electric trucks featured in Penske’s promotion are equipped with a 16-foot DuraPlate body with a ramp from Wabash, a company that helped optimize the EVs to meet Penske customers’ needs. REE’s co-founder and CEO, Daniel Barel, commented on the partnership:
“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. 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.”
