The company said it ended the year with liquidity of USD154m, which it believes will be enough to kickstart production of its ‘P7’ modular electric vehicle platform later this year.

REE has also entered into an agreement with Mitsubishi HC Capital America, which has committed to provide financing to its North American dealers and to help REE expand its distribution network further.

According to the terms of the supply and purchase agreement between the two companies, Microvast will provide ‘MV-C Gen 4’ battery packs to REE for its CV platform for weight classes 1 to 6.

The 'P7-B', built on REE Automotive's drive-by-wire modular electric platform at MIRA Technology Park, is targeted at the growing mid- and last-mile delivery market.

The 'Proxima' is a Class 5 walk-in step van powered by REE Automotive's 'P7' modular platform, with a body built by Poindexter subsidiaries EAVX and Morgan Olson.

The Israeli firm is currently preparing a 130,000-sq-ft facility for the production of 'P7' Class 3-5 commercial electric vehicle platforms in Coventry, UK, which will be followed by another site in Texas, USA.

The Israeli designer of zero-emission vehicle platforms has appointed Josh Tech as Chief Operations Officer, replacing Michael Charlton, who will now serve as strategic advisor on manufacturing.

The Israeli designer of zero-emission commercial vehicle concepts made a net loss of USD 46.7m, compared to a USD10.7m loss in the same period of 2020.

David Goldberg will take over from Hai Aviv, effective February 2022.

The P7 modular platform is designed to serve as a Class 3-5 commercial vehicle, with its fully-flat chassis providing a maximum payload of 8,800 lbs.

The two companies aim to support customers in manufacturing EVs, setting up charging infrastructure, and managing their fleets by providing 'Data as a Service' and 'Analysis as a Service'.

REE Automotive unveiled an autonomous concept vehicle in order to showcase one of the potential applications of its modular electric vehicle platform.