Commercial EV technology developer REE Automotive has added some clout to its growing order book as global transportation provider Penske has signed on to help demonstrate the former’s PC-7 electric truck to its customers and help facilitate sales.
2024 is proving to be a fruitful year for REE Automotive ($REE) as the modular EV startup continues to take massive orders for its vehicles as it scales production. The company’s flagship model, the PC-7 chassis cab, began initial deliveries this past January after receiving certification from the Federal Motor Vehicle Safety Standards (FMVSS) – the first “x-by-wire” vehicle to do so.
In March, REE closed a public offering of ordinary shares totaling nearly $15 million while announcing a new collaboration with Airbus. Weeks later, the PC-7 became eligible for CARB credits, qualifying the EV for up to $100,000 in incentives for fleet customers while adding more sales potential to its order book, which sat at over $40 million as of October 2023.
Today, REE has announced a new partnership with Penske, which will help promote and sell REE’s electric trucks to its customers.
Penske, REE to share more electric truck plans at ACT Expo
Per REE, Penske Truck Leasing has signed on as a new partner to offer electric trucks “Powered by REE” to fleet customers across North America who are interested in going electric. The move adds potential to REE’s EV order book, which currently sits at around $50 million.
The PC-7 electric trucks Penske will promote have been fitted with a 16-foot DuraPlate body with a ramp from Wabash, who helped optimize the EVs to suit the needs of Penske customers. REE co-founder and CEO Daniel Barel elaborated:
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.
The “Powered by REE” Penske electric truck will be displayed at the REE booth at the ACT Expo in Las Vegas later this month. Furthermore, REE and Penske said they will hold a joint press conference during the expo to “expand on the collaboration.” We will learn more during that event, scheduled for May 22 at 12:45 PM PT.
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