REE Automotive to Host Ride & Drive of P7-C Software Defined Electric Truck at NTEA Work Truck Week 2025

• Work Truck Week attendees can get behind the wheel of the first U.S.-certified full-by-wire vehicle
• P7-C with a Wabash high floor box and lift gate will be on display at REE's booth #1843; P7-C with the Knapheide stakebed body will be available for outdoor ride & drives at the Indiana Convention Center
• REE recently received California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) approval, unlocking up to $60,000 in incentives for California Fleets under the state's current tax incentive program
• REE's collaboration with Geotab network aims to bring advanced data analytics to fleets using REE's software defined vehicles (SDVs)

INDIANAPOLIS, Feb. 25, 2025 (GLOBE NEWSWIRE) -- REE Automotive Ltd. (NASDAQ:REE), an automotive technology company and provider of full by-wire electric trucks and platforms, will exhibit at the National Truck and Equipment Association's (NTEA) Work Truck Week from March 4-7, 2025, at the Indiana Convention Center. During the event, attendees will have the opportunity to demo drive REE's software-defined P7-C electric truck, the first U.S.-certified, fully by-wire vehicle.

REE's x-by-wire system provides full digital control of all vehicle functions, eliminating mechanical connections between the REEcorners^® and the steering wheel and pedals in the passenger compartment and the wheels and braking systems. and offering a more responsive and smoother driving experience. Built-in redundancies facilitate the fail-operational functionof each REEcorner^® (hardware and software). Through the independent control of each REEcorner^® and our all-wheel drive and all-wheel steer, we aim to facilitate vehicle maneuverability, better handling, and safety in adverse conditions. Unlike traditional automotive architectures, REE's fully x-by-wire platform is designed from the ground up to be compatible with autonomous driving systems.

The P7-C, featuring fully integrated REEcorner^® technology, provides a next-generation driving experience focused on industry-leading data for fleet managers and enhanced maneuverability for drivers, with a tight turn radius and a low step height. The ride & drive event will give drivers the chance to experience firsthand the SDV's handling and operational efficiencies, which is optimized for urban and commercial applications.

REE's P7 recently received California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) approval, unlocking up to $60,000 in incentives for California Fleets, under current state tax incentives (assuming no impact by recent federal government actions). With this approval, fleet operators in California can seek to qualify for up to $60,000 in point-of-sale incentives per vehicle, which may significantly reduce the cost of transitioning to zero-emission transportation. Administered by CALSTART and funded by the California Air Resources Board (CARB), HVIP lowers the cost of clean commercial vehicles to accelerate their adoption across the state.

As part of REE's collaboration with Geotab, REE is aiming to bring data analytics to fleets using REEai Cloud. REE's SDVs now offer an end-to-end solution that combines leading customer-centric platform technology with advanced telematics in an effort to provide a future-proofed vehicle ecosystem. Fleet operators may benefit from deep data insights that drive predictive maintenance, improve uptime and reduce total cost of ownership. With software-defined control at the core, REE's vehicles offer greater flexibility and readiness for emerging mobility solutions.

NTEA attendees can experience the REE P7-C via both ride and drives and vehicle walk-throughs. A REE P7-C with a Wabash high floor box and lift gate available for walk-throughs with Penske will be available at booth #1843. Meanwhile, a P7-C with the Knapheide stakebed body will be available for NTEA ride & drives outside of the Indiana Convention Center.

Additional events during NTEA Work Truck Week include:

Happy Hour and SDV Panel Discussion

Date: Wednesday, March 5

Time: 4-5:30 p.m. EST

Location: Indiana Convention Center in REE Automotive's Booth #1843

Join REE for networking, drinks and conversation on the future of software-defined vehicles. The panel will explore the evolution of commercial transportation technologies and their impact, with insights from REE's leadership including Peter Dow, VP Engineering & UK Managing Director; David Black, Director of Product; and Troy Kenion, head of Concepts, Package & Integration.

REE P7-C Chassis Presentation

Date: Thursday, March 6

Time: 11 a.m. EST

Location: Indiana Convention Center in Room #133

Peter Dow, REE's VP Engineering and UK Managing Director, will present the latest advancements in the P7-C chassis, focusing on innovations that optimize upfitting flexibility and improve operational efficiency.

To schedule a meeting with REE's sales team during the show, visit https://track.ree.auto/l/1062552/2024-04-21/m68cqb.

Media interested in scheduling a ride & drive of the P7-C can contact [email protected].

To learn more about REE Automotive's patented technology and unique value proposition that position the company to break new ground in e-mobility, visit www.ree.auto.

About REE Automotive

REE Automotive (NASDAQ:REE) is an automotive technology company that allows companies to build electric vehicles of various shapes and sizes on their modular platforms. With complete design freedom, vehicles Powered by REE^® are equipped with the revolutionary REEcorner^®, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel. As the first company to FMVSS certify a full by-wire vehicle in the U.S., REE's proprietary by-wire technology for drive, steer and brake control eliminates the need for mechanical connection. Using four identical REEcorners^® enables REE to make the industry's flattest EV platforms with more room for passengers, cargo and batteries. REE platforms are future proofed, autonomous capable, offer a low total cost of ownership (TCO), and drastically reduce the time to market for fleets looking to electrify. To learn more visit www.ree.auto.

Media Contact

Malory Van Guilder

Skyya PR for REE Automotive

+1 651-335-0585

[email protected]

Investor Contact

Dana Rubinstein

Chief Strategy Officer for REE Automotive

[email protected]

Caution About Forward-Looking Statements

This communication includes certain forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, but are not limited to, statements regarding REE or its management team's expectations, hopes, beliefs, intentions or strategies regarding the future. For example, REE is using forward-looking statements when it discusses the availability for test-drives and walk-throughs to experience the REE P7-C, the ability to obtain tax incentives under the California's Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP), the benefits of its collaboration with Geotab, and the potential benefits of Geotab's telematics with data generated from REE products. In addition, any statements that refer to plans, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "aim" "anticipate," "appear," "approximate," "believe," "continue," "could," "estimate," "expect," "foresee," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "would", "designed," "target" and similar expressions (or the negative version of such words or expressions) may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements, other than statements of historical facts, may be forward-looking statements. Forward-looking statements in this communication may include, among other things, statements about REE's strategic and business plans, technology, relationships and objectives, including its ability to meet certification requirements, the impact of trends on and interest in our business, or product, intellectual property, REE's expectation for growth, and its future results, operations and financial performance and condition.

These forward-looking statements are based on REE's current expectations and assumptions about future events and are based on currently available information as of the date of this communication and current expectations, forecasts, and assumptions. Although REE believes that the expectations reflected in forward-looking statements are reasonable, such statements involve an unknown number of risks, uncertainties, judgments, and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. These factors are difficult to predict accurately and may be beyond REE's control. Forward-looking statements in this communication speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur.

Uncertainties and risk factors that could affect REE's future performance and could cause actual results to differ include, but are not limited to: REE's ability to commercialize its strategic plan, including its plan to successfully evaluate, obtain regulatory approval, produce and market its P7 lineup; REE's ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE's advanced prototypes into marketable products; REE's ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE's estimates of unit sales, expenses and profitability and underlying assumptions; REE's reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE's limited operating history; risks associated with building out of REE's supply chain; risks associated with plans for REE's initial commercial production; REE's dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; risks associated with data security breach, failure of information security systems and privacy concerns; risks related to lack of compliance with Nasdaq's minimum bid price requirement; future sales of our securities by existing material shareholders or by us could cause the market price for the Class A Ordinary Shares to decline; potential disruption of shipping routes due to accidents, political events, international hostilities and instability, piracy or acts by terrorists; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that REE is incorporated in Israel and governed by Israeli law; REE's ability to make continued investments in its platform; the impact of the COVID-19 pandemic, the ongoing conflict between Ukraine and Russia and any other worldwide health epidemics or outbreaks that may arise and adverse global conditions, including macroeconomic and geopolitical uncertainty; the global economic environment, the general market, political and economic conditions in the countries in which we operate; the ongoing military conflict in Israel; fluctuations in interest rates and foreign exchange rates; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE's ability to enforce, protect and maintain intellectual property rights; REE's ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in REE's annual report filed with the U.S. Securities and Exchange Commission (the "SEC") on March 27, 2024 and in subsequent filings with the SEC.

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