REE Automotive has gained US approval for the first-ever car that runs totally using steer-by-wire, brake-by-wire, and drive-by-wire technology, two years after initially revealing its P7 EV platform. Following this accomplishment, REE has began shipping its P7-C electric vehicle.
The most recent milestone for REE Automotive, Inc. ($REE) comes amid a hectic news week during CES 2024. The EV firm initially revealed its modular P7 platform at CES 2022 two years ago, intended with fleets in mind, notably delivery operators in the United States.
Since then, the business has unveiled a revolutionary Class 3 box truck called the P7-B, secured a battery source, and introduced a new REE EV dubbed the P7-C. REE had considerable customer interest in its forthcoming EVs in the last six months of 2023, and its books were valued at over $40 million in binding orders as of its Q3 2023 profits.
Around the same time, REE said that EPA certification and verified Federal Motor Vehicle Safety Standards (FMVSS) certification-feasibility of their x-by-wire system in the P7 platform were ongoing, and that the company remained on schedule to complete its first EV deliveries by the end of 2023.
Now, eleven days into 2024, REE has verified the first delivery of its P7-C chassis cab in the United States, after EPA and FMVSS certification - the first complete x-by-wire EV to accomplish so.
REE completes first deliveries of P7-C EV
The EV company said this morning that demonstration versions of its P7-C chassis cab, outfitted with REE's patented REEcorner and x-by-wire technology, had begun to arrive to its authorized dealer network, beginning with Pritchard EV in Iowa.
REE has become the first firm to certify a full steer-by-wire, brake-by-wire, and drive-by-wire car, with a modular architecture, fewer components and maintenance, and a quicker time to market.
REE is now looking to its dealership network to deliver its P7 platform in front of fleet clients in the United States, beginning with the P7-C.
I believe our REEcorner is a true gamechanger, allowing us to build electric trucks that fleets will want to buy, and drivers will love to drive as we continue to see a strong demand for our work trucks. I am incredibly proud of team REE for completing certification of the automotive industry’s first ever fully x-by-wire vehicle. Our customers have been eagerly waiting for our vehicles to be ready to deliver and now our first demo trucks are on their way to dealerships for customer evaluations.
REE announced that its P7-C EV is eligible for the IRS' Commercial Clean Vehicle Tax Credit in the United States, allowing for a tax credit of up to $40,000 per vehicle. In addition, the firm stated that it is in the process of acquiring authorized eligibility for numerous state incentives, which may boost total incentives of more than $100,000 per car, depending on where the buyer resides.
Following initial P7-C deliveries to Pritchard EV, REE says additional authorized dealers and leading fleet customers will receive demonstration vehicles in the coming weeks.
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