REE Automotive Ltd (NASDAQ:REE) announced Wednesday that  Penske Truck Leasing will begin offering 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. 

REE Auto said 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 a 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

Daniel Barel, CEO and co-founder of REE Automotive, said, “We are currently working on additional P7-C configurations to maximize utilization within Penske’s large product offering,”

REE collaborated with Wabash National Corp (NYSE:WNC) to upfit the P7-C with a custom DuraPlate truck body utilizing the unique low floor, all-wheel steer, all-wheel drive full-by-wire P7-C characteristics. 

Wabash’s DuraPlate technology’s lightweight properties enhance the feasibility of electric chassis for fleets while maintaining durability. 

Vehicles Powered by REE are upfit-ready and designed to offer considerable benefits for body installations, including:

• No Drill: Integrated mounting weld nuts so that bodies can be secured directly to frame rails
• Battery Maintenance: Accessible from under the chassis
• Flat Floor with integrated ramp: Structural advantages and weight savings by reducing the need for additional body mounting kits, and independent suspension to reduce body stresses. The ramp takes advantage of the low-floor box configuration.
• Electrical Integration: Plug-and-play chassis harnesses for aftermarket electrical and ADAS systems
• Driver Assistance Systems: Seamless integration of third-party systems; camera images can be viewed directly on the infotainment screen.

Price Action: REE shares closed higher by 4.26% at $4.65 on Tuesday.

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