REE Automotive releases Q4 2021 results
By Bradley Osborne - 18th April 2022
Israel – REE Automotive Ltd, a designer of zero-emission commercial vehicle concepts based in Herzliya, Israel, has released financial results for the fourth quarter of 2021, revealing a net loss of USD46.7m compared to a USD10.7m loss in the same period of 2020.
The year-on-year increase in losses is attributed to higher operating expenses incurred by the ramp up of development of vehicle prototypes and the company’s manufacturing capabilities, in preparedness for the beginning of serial production in 2023. REE Automotive anticipates that its expenses in the coming year will total up to USD120m, but it states that it has sufficient liquidity to achieve initial production of the ‘P7’ Class 3-5 modular vehicle platform.
