REE Automotive features approval for Massachusetts EV incentive

May 16, 2024 | blog

TEL AVIV – REE Automotive Ltd. (NASDAQ: REE), a pacesetter in electrical automobile (EV) expertise, has introduced its approval for the Massachusetts MOR-EV truck incentive program. This approval might allow important price financial savings for fleet operators within the state, doubtlessly lowering the value of REE’s class 4 P7-C chassis cab by as much as $70,000 when mixed with federal incentives.

The MOR-EV program gives a $30,000 rebate per truck, aimed toward accelerating the adoption of electrical industrial autos. With the extra federal industrial clear automobile tax credit score, Massachusetts fleets might see a discount in prices by 37% per automobile. The P7-C chassis cab, recognized for its software-driven, full by-wire management system, is now out there for order by way of approved REE sellers in Massachusetts and all through the United States.

According to Richard Colley, VP of Government & Regulatory Affairs at REE Automotive, these incentives assist the corporate’s mission to assist fleets transition to electrical mobility extra quickly. He additionally talked about that REE has utilized for eligibility in different incentive applications throughout varied states, together with California’s HVIP, and is awaiting additional updates.

REE’s expertise contains the REEcornerĀ® system, which integrates steering, braking, suspension, powertrain, and management right into a single compact module. This design permits for a flat EV platform that gives extra space for passengers, cargo, and batteries, and is adaptable for autonomous capabilities. The firm’s platforms are engineered to supply a low whole price of possession (TCO) and scale back the time to marketplace for new electrical fleets.

The incentives can be found to a broad vary of entities, together with non-public and nonprofit organizations, academic establishments, and authorities our bodies at varied ranges.

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InvestingPro Insights

As REE Automotive Ltd. (NASDAQ: REE) positions itself to make the most of state and federal incentives for EV expertise, a take a look at the corporate’s monetary well being is crucial for traders. With a market capitalization of $51.11 million, REE’s valuation displays a distinct segment participant within the burgeoning EV market. Notably, the corporate’s price-to-book ratio for the final twelve months as of This fall 2023 stands at 0.65, suggesting that its inventory is buying and selling at a reduction relative to the corporate’s guide worth. This might point out a possible undervaluation, making it a pretty goal for traders searching for to capitalize on the EV pattern.

While REE’s progress prospects are tied to its progressive EV expertise, the financials present a difficult image with a unfavourable gross revenue margin of -103.36% and an working earnings margin of -7455.97% for a similar interval. These figures spotlight the corporate’s present state of investing closely in its expertise and progress, which isn’t unusual for early-stage tech firms. However, the latest value efficiency reveals a optimistic pattern within the quick time period, with a 1-week value whole return of 17.38% and a 1-month value whole return of 28.61%, reflecting investor optimism following the latest announcement.

For these contemplating an funding in REE Automotive, the InvestingPro Tips counsel that the corporate’s inventory could have a good worth of $6.24, versus analyst targets of $15. This discrepancy may very well be as a result of differing views on the corporate’s future earnings potential and market enlargement. With further ideas out there on InvestingPro, traders can achieve deeper insights into REE’s valuation and efficiency metrics. To entry the following tips and make an knowledgeable funding resolution, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a complete of 5 further InvestingPro Tips.

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