REE Automotive, a leading commercial EV technology developer, has recently announced a new partnership with global transportation provider Penske, further bolstering its order book and expanding sales opportunities. Penske will help demonstrate REE’s PC-7 electric truck to customers and facilitate sales, adding to the success REE has seen in 2024.
In January, REE began deliveries of its flagship model, the PC-7 chassis cab, following certification from the Federal Motor Vehicle Safety Standards (FMVSS). This marked a significant milestone as the first “x-by-wire” vehicle to receive such certification. The company has since seen substantial growth, closing a public offering of ordinary shares valued at nearly $15 million and securing a collaboration with Airbus.
Most recently, REE’s PC-7 electric truck became eligible for CARB credits, offering fleet customers up to $100,000 in incentives. With an order book exceeding $40 million as of October 2023, REE has continued to attract new partners and customers, including the latest collaboration with Penske.
Under the new partnership, Penske will promote and sell REE’s electric trucks to its customers across North America. The move adds further potential to REE’s order book, which currently stands at around $50 million. The PC-7 electric trucks offered by Penske have been optimized with a 16-foot DuraPlate body and a ramp from Wabash, tailored to meet the needs of Penske’s customers.
REE’s co-founder and CEO, Daniel Barel, highlighted the successful collaboration between REE and Penske, emphasizing their shared commitment to innovation in the transportation industry. The partnership aims to enhance the product offerings for Penske’s customers and explore additional configurations for the P7-C model.
The “Powered by REE” Penske electric truck will be showcased at the REE booth during the upcoming ACT Expo in Las Vegas. REE and Penske are set to hold a joint press conference during the expo to provide further details on their collaboration. The event is scheduled for May 22 at 12:45 PM PT, offering insights into the future plans of both companies in the electric truck market.
