REE Automotive snags another huge EV order, books are now valued at over $40 million

One week after sharing that its EV order book had grown to over $25 million in binding purchases, many of which coming in since August, REE Automotive is touting another purchase commitment, sending its ledger over $40 million in value.

REE Automotive ($REE) should be fresh on everyone’s minds, considering the EV startup shared a progress update just last week, detailing a 30% increase in binding orders since August 2023. It continues to expand its authorized dealership network in North America, which most recently added sales partners in Wisconsin, Illinois, and California.

With customers and dealer partners lining up, REE continues to make progress in reaching scaled EV production, which stems from its proprietary P7 chassis – the current platform powering the startup’s P7-B box truck, which made its public debut in August of 2022.

REE has also introduced a stripped chassis version of its platform called the P7-S, supporting Class 3-5 markets, as well as the P7-C chassis cab (seen below) which debuted this past May. Today, REE is back with another large EV order announcement, doubling its book’s value since the summer.

REE’s EV order book grows to $40M in binding purchases

Last week’s report instilled optimism, as REE Automotive was touting approximately $25 million in EV orders. Not to be outdone, the startup has secured another large, binding order from Midwest Transit Equipment (MTE), the largest bus dealer in the US, who is now looking to enter the commercial electric truck segment.

MTE currently operates nine locations across Arkansas, Florida, Kansas, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin – and will offer its customers “Powered By REE” EVs once the startup begins deliveries on said order. MTE CEO and president John McKinney spoke to the company’s decision to commit to REE vehicles:

Midwest Transit Equipment, a leading provider of school and commercial buses, is excited to enter the truck space with a strong partner like REE. The management team has vast experience in the truck market and is positioned well for strategic growth. MTE is always looking for growth opportunities within expanding markets. The medium duty truck space and electrification make all the sense in the world.

As we reported last week, REE Automotive has yet to deliver an EV, but says it is continuing to make progress with the P7 platform, following EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system. The startup says it remains on track to begin official deliveries before year’s end.

With MTE now onboard, REE’s $40 million order book offers some some lucrative potential and proof that plenty of commercial operators are chomping at the bit to try out its modular EV technology. REE chief business officer, Tali Miller, shared a similar sentiment:

As we are close to delivering our first vehicles in the US market, REE continues to see strong demand for our P7 electric trucks from dealers around North America, resulting in our order book value doubling in just under two months. We are excited to be chosen by Midwest Transit Equipment, a leading bus dealer in the US, as they enter the medium duty truck segment.