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| Statement |
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| I'm particularly encouraged by the continued confidence and support from our shareholders, which have resulted in a capital raise of $8 million, with favorable terms, led by a long-standing institutional investor in a very challenging environment, as we shared a couple of pages ago |
| I'm very proud of you guys, all team REE, for doing that, and excited to bring the hard work and dedication to fruition in the coming days |
| We continue to see strong market demand for the P7, which was converted into the expansion of our authorized dealer network and North American footprint, which now stands at 20 partners and more than doubling our initial order book value to $43 million in the last 3 months |
| As evidenced by our achievements this quarter, we continue to receive strong positive market feedback on our unique P7 vehicle, with the robust feature set, value proposition and low total cost of ownership |
| It's a good opportunity to share with you that we definitely see very strong demand for the Powered by REE vehicles |
| As we grow our order book, we continue to strengthen our balance sheet with additional selective financing |
| I'm pleased to share that we have had a strong third quarter |
| We see very strong demand across the U.S., but of course, also in California |
| We see very strong demand |
| And I think being able to demonstrate that we more than doubled our order book value in just 3 months speaks for itself |
| I think that being the, I would say, to our best knowledge, the most mature by-wire commercial player out there gives us the ability to support autonomy very well through our by-wire system |
| We're very excited by that |
| Operationally, we continue to demonstrate strong financial discipline by remaining on track while decreasing our year-on-year GAAP net loss by 28%, partly because of the efficiencies we implemented around R&D and SG&A as well as government grants received |
| Therefore, we have built a strong customer experience team who will work together with and support our customers as they put our vehicles to the test in their fleet |
| And as we are increasing the production going to year 2025 onwards, we'll go also to be in a -- we are aiming to be in also a positive EBITDA in the last quarter of the year 2025 |
| But today, more than ever, we are strong, focused and committed to deliver no matter what |
| We see our customers, so the dealers as well as the fleets, are asking for -- are anxious to receive our demo vehicles because they see the advantages of the technology, the Powered by REE, x-by-wire technology with the different advantages of the operational efficiency, safety and others |
| So it's great that you have all the dealers |
| So the idea is that we want to go and start a demo program and make sure that we've reached and touched the right points with the voice of the customers and the customers have the ability to try it and like it, right? And we feel confident that they will from the relationship that we have |
| But the fact that it is very strong demand actually make it -- we believe it makes it even more important to scale up responsibly and do it in a very deliberate manner |
| As ever, I thank you all for your continued good wishes |
| And that's on the heels of the previously announced x-by-wire feasibility, FMVSS feasibility that was a very big milestone that we had in I think last quarter |
| It is so inspiring to see our teams around the world working together as one to continue delivering, especially with the recent war in Israel, which affects us all in different ways, but is not expected to have a material impact on our operations |
| We believe we will be able to scale production up to a rate of 4 to 6 trucks a day by the end of 2024, with a max capacity of up to 5,000 trucks per year |
| I want to end today's call with a final word of thanks, really heartened thanks to our teams around the world, continue to deliver even in the most challenging situation |
| I can say that we have seen -- I can say it's an autonomous program, and we've seen an uptake in autonomous program that we're looking into recently |
| And I think we are in a situation that we can elaborate and choose whatever we think is the best for our existing shareholders |
| So good opportunity to answer that as well |
| And again, my best wishes to everyone staying safe |
| Some use our capabilities to connect them to our partners in charging, which we also said publicly a while ago, and we're helping them get the right charges in place |
| Statement |
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| In the past 3 years, we've seen a pandemic, challenging market conditions, and now war |
| Jeff Osborne My last question is just as Carlton on the Board and Tali and the team are out speaking to fleets, what readiness do they have on charging? You're hearing stories of 12, 18-month delays and put again charging infrastructure |
| Please note that the company's actual results may be different from anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control, such as the ongoing military conflict in Israel |
| Please refer to the company's Form 20-F filed on March 28, 2023 with the Securities and Exchange Commission, which identifies principal risks and uncertainties that could affect our business, prospects and future results |
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