NEWS
REE Automotive Provides Corporate and Business Updates and Reports Second Quarter 2024 Financial Results
REE Automotive reported Q2 2024 financial results and provided business updates. Key highlights include:
- Secured $45.35 million fundingthrough a registered direct offering
- Signed strategic agreement with Motherson to improve supply chain and cost structure
- Kicked off U.S. production in Michigan with Roush as contract manufacturer
- Narrowed Q2 net loss by 57% QoQ to $10.8 million
- Increased order book by 15% QoQ to $60 million
- Expanded dealership network to 78 locations in the U.S.
The company updated its production plan to start deliveries in 2025 to address strong customer demand and capitalize on efficiencies from the Motherson partnership. REE ended Q2 with $60.5 million in liquidity.
REE Automotive reported Q2 2024 financial results and provided business updates. Key highlights include:
- Secured $45.35 million fundingthrough a registered direct offering
- Signed strategic agreement with Motherson to improve supply chain and cost structure
- Kicked off U.S. production in Michigan with Roush as contract manufacturer
- Narrowed Q2 net loss by 57% QoQ to $10.8 million
- Increased order book by 15% QoQ to $60 million
- Expanded dealership network to 78 locations in the U.S.
The company updated its production plan to start deliveries in 2025 to address strong customer demand and capitalize on efficiencies from the Motherson partnership. REE ended Q2 with $60.5 million in liquidity.
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