REE - Earnings call transcript Q2 2022

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Operator

Greetings, and welcome to the REE Automotive Second Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Limor Gruber, Vice President of Investor Relations. Thank you.

You may begin.

Limor Gruber

thank call. for and quarter our operator, conference XXXX you, you joining all second Thank that have investors.ree.auto. hope issued We you earlier investor release this presentation and morning at seen our press

during may statements. We referring and expectations, results like remind company's our different statements. that will you projections, beliefs, Please assumptions other the anticipated forward-looking today. call actual include statements to presentation forecasts to may be today's note Any from I that the be such variety beyond obligation the and a the required to goals, would prospects law. could statements, forward-looking statements affect forward-looking webcast are describing strategies, to on refer plans, of by no identifies and of and reasons, XX-F except forward-looking as XX, uncertainties that future March many which which risks Securities our control. filed principal business, Form assume company's are update our Exchange Please We with by any results. XXXX, publicly Commission, the the for

In EPS. most measures non-GAAP today, measures of their addition, EBITDA, non-GAAP certain GAAP non-GAAP comparable earnings and adjusted loss discussing financial be these non-GAAP net see for we a including our to release reconciliation providing measures. directly Please or will

our we After is Co-Founder David our over today this continue open update; our our point, will outlook. call please. turn results the business; with Goldberg, CEO, that, COO, will you the Daniel, to will who Daniel on call with a Q&A. I discussion Josh up will Barel, and CFO, provide me Daniel. Joining our operations for an At financial Tech, an and will overview of then provide

Daniel Barel

our will on the of X morning, providing with on call begin Call. XXXX we update separate pipeline are Good Earnings focus Quarter backlog. converting Limor. commercialization Second you, an as into towards products PX and our we by you welcome progress making the to Thank I

quarter strong during X. goals X execute to main which we a saying our would for had to in we business had second by like quarter. that Moving REE to begin plan continue the I Slide a manner. disciplined

The PX has from operators leading on the very first North and Europe line. positive. we was fleet to receive and The customer owners have America feedback been input in received commercial product

are to vehicle only uptime, operational a to fleet having firm And a delivering As evaluation next vehicles. REE adaptation in our vehicle we test Commercial durability and is and REE, owners the to must scale interest in and to from way to we to highly follow-on test make current progress, orders efficiency. well operate the months powered critical test seeing fleet sensitive receive electric the better are or Introducing this significant on fleet fleet a quantities. strong and customer by fleet as adoption and of path milestones This perspective. vehicle firm than the new start to and new few scale customers. vehicles path by operators options. customers Powered expect in introducing is reach to the Delivering business test of into by sense orders is

will firm announce only forward. going We orders

fleet REE, major of In the addition fleets as by Inflation deploying electric regulatory to commercial recent and to such supporting shift Act pounding test vehicles. the the are Reduction ground Powered tailwinds

benefit potential We are business. actively our assessing IRA the of the to

our second the production capacity. development of The was to goal continue

our initial integration We have strides great made center. in out building

budget. track centers will this vehicle progress capacity are both Development the of progressing. center towards integration on and initial this shortly, of to Josh XX,XXX double second sets XX,XXX of complete, sets launch facility capacity is When will vehicle production our as As annually. we describe also year, integration on our

Slide to Moving X.

to to accommodate X. our beginning Since this modular our Class X of the which year, we powered platform. both X platform at vehicles you by is PX a reveal, platform, PX full As that revealed have designed debuted recall, from may vehicles, we commercial

hosted X aware, commercial our classified As Powered are investor walking segments. customers leading first an of vehicle. by the by Proxima followed event prospective today across series retail REE, industry's weeks fully band ago, we listeners fleet delivery, and This by wire many a of and positions a we event showcased during the with evaluations which logistics

a and showcasing engineering months have we for addition, several center at In box X been our Class testing the U.K. PX-B, now. truck,

by state-of-the-art manufacturer provides technical domain vehicles. with and body what benefits looking durable customers event, are electrified Powered advanced Olson, recent announcement The The economies. specific subsidiaries Morgan X of vehicle. many can both owners. by those those take multi-decade some designed our have a the and might built benefits Slide in to to a coupled optimized use that X, REE, who benefits. backbone market fleet company the and is For investor of Proxima Proxima, their efficient the track be share has record REE attractive technical I'll body moment a van for by and you it, and REE Powered of resulting EVs most missed the the commercial describe that attributes commercial of vehicle is upfitting record, cases in significant of by JB drivers and Poindexter, Olson, EAVX in by working existence. the for chassis deliver provide Morgan On expertise real-world of with

advantage on heard other drive, efficient not done cycle the all-wheel times REE watch of driver if amazing for efficiencies we to the fleet from potential with safety investor include mobility replay high agronomics evaluations, customers you of that have low and distraction, they features, our so. I and steer that and delivery appreciate During providing and Proxima by website that event and many enhancement stepping all-wheel wins. reduce this driver Powered you encourage has game-changing

Moving X. to Slide

you REE, with soon. of by more customers evaluation fleets test back These firm and to forward customer our test to from be expect real-world customers. On fleet Proxima for of for by the receive look evaluation orders will the Powered we sharing multiple we used

PX relationships, will have not multiple customers We without prospective that fleet and will beginning of our fleets test orders mark testing. and orders and the REE best-in-class, both a and to not the year, development vehicle design company teams neutrality. go-to-market of for X Proxima electrified up large started. Proxima we proud by is larger am very only industry short product data at for carbon collect accomplishments product in partnership positive our and from that very obviously just ground be area. and for validating believe driver very by advantage. competing REE our the receive all But once to for joint the the commitment of that body electrification Some and after believe from the feedback. in real long-term powered is concept our their this will We're time significant I customers competitive a our went chassis

Moving to Slide X.

Feedback and important PX-B, that PX-B step believe suit flexibility positive crucial The same at vehicle and evaluation same appreciate drives the they have encouraging has in evaluation, prospective platform duty we commercialization. customer underlying engineering the X the mid- Class an is Proxima on needs. lower looking Powered PX customer REE. extensive like on-track on fleet PX-B is a road potential on last-mile cycle. we is been at customers that is the the be cost growing the undergone and of to TCO, customer has second of targeted one delivers total also best delivery the commercial a that is truck The benefits, the chassis, harshest this by which to is unveiled, of They ownership. month The the the driver center from XXXX testing it segment. deliver That as and our and for sedan, can PX will built production. means built of for, a PX many U.K. of The it deliver track to under configured been the

customers to We year. expect trials next real-world commence with

Moving X. Slide to

As upfitters. customers because distinct allows for fleet technology the to us of and own access the are of modularity, of in we a with our through deploy building including variety sales designing applications. for direct we partnerships to channels, to go-to-market have as This able PX-B our vehicles demonstrated, quickly and case its

and we certification the progressing homologation on responsible system of us level. for track REE are As activities of component at both making certification before, manufacturer Proxima The and shared the and is homologation record platform. and electric for the PX-B, the

software are control REEcorners systems, of development key Additionally, functionality, progressing according safety by and elements the core plan. of variation enabled development, to mission-specific

of main progress. of like focus our development, and other in we commercialization With Josh? it as about share for I our would an stages appropriate. update various will this Josh we to on on to updates have While pass this, projects operational PX, is

Josh Tech

morning. Thank you, Daniel, and good

some at call IR first REE. very and you here updates of many operational this met my with share I progress. at recent to on happy today earnings is you our event, our I'm While be

both with functions now to Moving Operationally, is now key in out. Slide commercialization All in-house our core engineering operationally built place. is schedule U.K. process engineering We and substantially team and are infrastructure and XX. remain management on financially.

quarter. U.K. and production validation builds preparation test fourth miles, verification engineering for later the activities fleet the in through Our durability accumulating is in in of progressing intent design

on we production capacity have communicated. the track targets hit are to We previously

accelerate to in this for vehicle is first by that nearly which Our have integration needed, integration XX,XXX is center. ability second integration we the The year. centers. Austin, U.K. all launch to also center soon end I the blueprint first sets assembly of of our stood add of capacity will development center future factory have by installed integration first up Coventry, if expected being replicating and is be underway and line with center, integration complete, the and our integration a Texas It complete. would our template of the shell of the center, our is the

Moving to Slide XX.

auto An in which cell alternate you an like our underline electrical robotic provide line. for can stations. that to Now and much production to would a integration than automated as production flexibility our the is well centers, more process to will work assembly this up assembly approach. tests REEcorners manufacturing strategy advantages use vehicles several lines. used give There move are boxing both and will automated stations where greater product cells double on scalability and the color in cells, traditional manual I will These lines assemblies as guided make between assembly

then others, implementing X by across develop and best First, ability to cells additional will those and practices and it to time all design provides validate optimizing reduce assembly which all the the quickly cell assembly lines. testing

scale is production can module line future also demand. highly on flexible, meaning that and the automated we for dam depending Second, and variance

and assembly well and format. as cells at integration we installed officially the lifted one using future global apply production can Finally, plug-and-play standard be centers lines as

centers and operations line with giving scale and These production financial where integration are discuss us overarching control along will achieve us centers. of sight Goldberg, full assembly locally controls. solutions. all results. with enabling be cloud-based We and REE globally CFO, David visibility our REE's manufacturing, to use we across our can I'll to line over of This traceability With hand that, our build us solutions, on and center, to David? linked working perspective both the allows to into top integration complete view supply partners to an all

David Goldberg

Thank morning. and Josh, good you,

to operating loss from first to quarter compared of We range due at production to million, expense our the first the to million XXXX net net the expenses. recognition XXXX lower $XXX call both to be throughout in reiterate for results primarily lower business Accordingly, costs. like Q&A, remain a and on million spending the loss the on of $XX.X not related timing decreased The to GAAP a of mainly certain presented operating compared This linear for income opening to Before I'd capacity to for quarter $XXX quarter then to offset a million The expenses. in track guidance related second inclusive the cash to and quarter. of increase by of meet non-GAAP of part development The to warrants of in million plan. expenses of timing million is company's $XX.X the the are the execution $XX.X our the XXXX, year. company in XXXX. range second in and and $XX.X capital company's our reported expectations dependent may the quarter, and milestones commercial of in second of and projects programs net cash loss is XXXX achievement of on remeasurement, basis is discuss partially related the tied a

to Our expenses engineering operating tied note according is comprised required mostly this of spend lines we've are engineering expect the to to execute peak expenses technical that we year. PX to communicated. time important and It to

$XX of approximately of committed of investments be budget million is establishing to note not includes related in our will to and budget XXXX. centers. expenses. the and mainly that portion Our the are second be to XXXX. of production expenses operating initial continue the capacity may effectively as These integration through the related half This investments some incurred I of recorded capitalized establishment will be

of of cash As million $XXX liquidity June we comprised XX, debt. investments had and and approximately short-term no of

We programs commercial to activities. that execute continue the to advance sufficient to described, other have funding and Daniel

have until may a currently and filed you We We ordinary no it not REE's once an allocate the be the has shelf earlier effective. in sales declared or A of may plan registration under shares you As under registration seen The the shares effective. company to up program. becomes sale the sold program is registration statement registration of registration to statement to shelf Class today, yet statement. offered million declared issue do intend been to $XX shelf the the not effective at-the-market

we reminder, large significantly required billions of of integration of a a of model, centers than OEMs. We CapEx-light typical remain dollars millions the of factory our executing our of other less model. plan. focused millions business a hundreds build tens business this have Because dollars, of capital As or on and each to require

While vast of With our allocated that, continue indicative to expectations has towards shareholders budget would Europe. and the U.S. of opportunity for spending a majority cadence our questions. the we our the unfolds. we open beyond of to progress, call commercialization The significant of and been this as like execution the be year PX, we in platform and believe will Operator? budget on our update will exists

Operator

from Michael first & Company. And Davidson Shlisky [Operator Instructions] the question from of comes line the D.A.

Michael Shlisky

what an touch I method we'll seems couple have past the because PX-B. sales to sell internal or you than force the vehicle? in the there to as was create your to sense intention the basically as point somewhat like sale to dealerships to going the to of to quickly this customer? Just at different questions go communicated be wanted EAVX of And first this to actually the Do this vehicle? I a be on get how approaching is to you're someone far guess market of truly instead an market. kind which a of use with

Daniel Barel

And questions. the first approach are important one. direct absolutely. that go We've the said we've we always we said ourselves. always It's market Yes, to to have Thanks an for that to money. by

market However, dependent the different approach is on the structure classes. the in of

this is a EAVX Morgan sorry, partners it vehicle is to a great So not but is is you course, when the with and you works -- And from to track builders Class the and full with when and for van, the purchased great be -- look the a at about Olson, together the look upfitters which this body the work are traditionally. at and But that for walk-in we customary work to which chassis record. separately to fleet. X it great, way supply of chassis how

when Morgan will Class chassis manufacturer that sell will box, look and and at However, example, as cab on Xs such, the to of example and on which they for directly as cab look the example, box in is box chassis that at, it truck, for to a any and later from you manufacture customary manufacturer record put fleets on it entire the purchase which they others. you

not categories. been strategy, different change there's our any So just in vehicle

Michael Shlisky

Proxima you cadence Can cash these PX-B each discuss margin between a anticipate Class maybe X? and you the Do of from differences X? the the Okay. profile different

David Goldberg

at say both economics across the to least going margin similar the on . think I you be I margin, when are mean, Sorry, or vehicles. profile --

Michael Shlisky

that a there A mostly was got do there gotten were question positive but drawing a event that presented needs? weeks You've All to going the there, the meet recently you dealer thoughts Okay. Proxima fleet some redo to right. have back from vehicle was people parts I've to feedback testing Or board from the think going to who or their of those you had generally the few perspective, that to as just as were industry? learnings a most went the are going from vehicle? any mentioned you how ago

Daniel Barel

we've had event Proxima, of was period we inputs from. and feedback really the design. significant have cycle leading fleets voice to development a strong that that to of The the we've because And and course, we've really that long not of very Yes. many part listening it of and it of them they them. implemented time. part new with of attended, customer that exciting were But were the for from And those been entirely for they was customers

But So been love many looking for. their Naturally, to there interior the others, that I'm from by of got and on for seen general, I are very by the those the feedback they've feedback encouraged we've to fronts happy we've today think there's that that acceptance and level that that always alignment this feedback very hear truck we been also very, things to would fleets. screens in was right? of improve they from

Michael Shlisky

percentage us would maybe give to going Maybe the know pinpoint who hearing you Proxima. increase The be as where And sell the above me about to what's this appreciated. some vehicle one cost if for going number one a sense feedback drove but great you a having is pricing the least some think I last vehicle, people the Okay. what vehicle Or for? that can comparable at for don't is from for me? PX truck to

Daniel Barel

Sure.

everything not would significant we go have that, – naturally, a to are able on are the But fleets. a into us of us we’re allows current good that pricing And PX-B able actually. on negotiating see very and attractive to it side Remember – of path reasons that in the very And other as that we’ve is traditional received midst vehicles, market. I both to because reduce one we we very costs to very the little the of economics. that are on offering cost are price a moving to of And the quite think to model competitive both said us, think of I having OEM feedback economics in since here. the few helps pricing of So attractive be I able CapEx to appealing course. initial market Proxima. positioning we costs we’re inherent strong than with and and long-term positive also that

Operator

question from the Andres And from the next of Sheppard Fitzgerald. comes line Cantor

Andres Sheppard

Congrats guess, on intention the I'm David, details was no more wondering on just little some filed? registration under give a so shares a the and give for then additional maybe do to details, just this? to you on shelf obviously, facility. just ATM timing you. that see any quarter. around Can that you the how issue us maybe one there's us raise that environment I that? And I is could you . this tough capital, plan using provide

David Goldberg

happy Yes, to.

the the is really, housekeeping. public a company just year. and been We've ATM over good shelf So a for now

in I'll you funded. we're ATM intention PX fully said the to today. no remind And we that from As or the . a script, in the release use perspective,

Andres Sheppard

it. Got

just maybe the any to are given continued the if follow-up, U.S. and in with That's any one there? year disruptions? the XX,XXX I'm Okay. then in And the there a chain next U.K. centers year, see potential supply the platforms capacity integration becoming per operational, hiccups risks you as wondering first the helpful.

Daniel Barel

actually. No,

any production. double to the and by we vehicle with of we reaffirm on next online, We everything XX,XXX year We hiccups end on year. track that to sets and get the -- are everything said expect don't coming the

Andres Sheppard

Wonderful.

again quarter. on Congrats Okay. the

Operator

the And from line We will take of the question. Tyler it BTIG. now next DiMatteo of comes

Tyler DiMatteo

just I picture have here. So macro question bigger a of a

of Olson, integrated just So of we approach, we're and really like? see our vehicle. PX, evolving next contrast get have where chassis the you compare is together right, really what two-pronged which sense going that look those have kind this years? And we own strategies? Can to Morgan them then supplying the of how to the a Trying is couple you and and working to over

Daniel Barel

Sure.

major needs. vehicles, me Class In bill that. Let Class largest to X X is X. those answer differently, they segments we're in try general, serve the quite vehicles The only because they're in and difference right, not commercial different targeting

the they're to of product but a customers in might some look them, way to it think a bring the the And at differently. our market. looking it at a that have sense to path a it and is is way there macro right more of mix in I And a holistic using way

event done we've And on So the Detroit a customers have been those money leading of we've positive, time very and are testing with talked ago about weeks that fleet where in couple demos customers and our spending vehicles. right?

them, of been actually you and for them some think they the as those what saw, with about working trials we've some publicly And relationships. shared of And while. a

when Now we've event. from earlier, part owners their development mentioned this I vehicle, companies the and stages, important positive is of been key that And create that needs to and the think the you some get as those brand-new of factors very and is design taking customer. voice have I fleets of a managed one reactions and of which other the

fleets North the the in we're working America testing phase market, of demos products to is dependent. with the largest timing and deploying in next is that most literally And phase after test Europe, cases, the the bringing since Now fleets. in customer

approved supplier participate fleet in and phase is from of an PX. electrification revenue. However, both this will benefit relevant become Proxima for recurring complete, is the significant and once their we And testing and

for relevant there lot Class this to speaking we're space. look race, white although need in and you a X ones is X And we that to X, XXX,XXX and Now commercial electrify. X not the at Class see all around they only of PX, Class customers, and from trucks are if in

REE that straightforward. and really, detailed Powered path the PX-B, think I to I customers laying and is Proxima to and So towards by mean, both we're getting market those,

Tyler DiMatteo

. X When say Daniel, America, and follow-up. the Class North Great. for XXX,XXX you correct? that's Europe And X, Okay. one and just

Daniel Barel

correct. Yes,

Tyler DiMatteo

Okay. here. I Perfect. get one just And more if could in

be So -- Josh. a this for question and may

the about we you out But of these I and running kind past, integration think I'm one of up the kinks. one is development template kind a in know quickly work of it's of trying and running the As you said capacity model it centers of once online, coming to of just we facilities get online? get up a how sense the can more in accelerate bringing terms and and

Josh Tech

Yes, it’s question. good a

say scale to because So XX and XX we months, off-the-shelf updated can product have like like accordingly. because realistically, we only CapEx-light and do because learned to in the equipment months, not we it. robots basically, like But do itself just done it’s and are and large XX lessons sub more that, of almost validated for the constantly we equipment order more all things The its it, have custom that model, things becomes industrialized changed have and equipment, real the is part it presses we but important advantage safety of cells robotic the an us where infrastructure. we that course, from not guarding those terms is and we being the

don’t on the do floor. or example, we that like For pits things to have

distribution-type So buildings. we can standard use

it’s quickly, it’s done doing even if building space greenfield no as be you very we’re like the even can brownfield see, building complete. is Austin, in a – So tilt there’s So already right? if up available, can

bring CapEx we to only the the with with ability supply up also keeping it to. need infrastructure light, helps it extremely of but advantage the helps So quickly, chain, not if that whole entire

Operator

question, Jeff now the will it Osborne & and We comes take line from Company. from of the next Cowen

Jeff Osborne

for you end. Daniel, be you'll year and if of many how be the perspective the people half in on give a roads second producing X late was units having and Class this out a that my next early of couple of wondering X year? questions us the I on test could year will

Daniel Barel

Yes.

customer fleet of We for next and we -- a customers. test to think in I months intend The our is multiple fleet, are naturally fleet each customer few deploy PX-Bs, test currently running the dependent.

vehicles advantages idea is the are others. this the of feedback itself, infrastructure. vehicle than What's -- actually into that from is them cetera, on goal is the fleets larger to is those the the and fleets, and capabilities to how Some adaptation reason at REE the those for which by each test of the drivers but those fit is is the and for into of routines, vehicles mainly fleet fit size day-to-day the only order not same, in et dependent. the allow of itself, customer And scale The however, all. Powered proving

Jeff Osborne

sense. makes That

perspective, Is any we talking in a total, in aggregate, vehicles per maybe are basis? single Or that's Just would you you fleet XX, say not XX total? on digits? there in put perspective can in just

Daniel Barel

than a of acceptance We of have matter the level that. capacity to the the manufacture more fleet. It's

we So more. in terms of capacity, can do and XXX

it's the matters, not maintain which, not The providing substractor et and put reason I'm use, the is idle without so. in needs vehicle the that seat is important to of right, vehicles having doing then more cetera. charge just the of sense it, part it, is it's just just how It's the to that than many course, a fleet can saying mind absorb. Keep to -- somebody in

see those deliver with how can and actually revenue they leads more it's them test there put can they can and up drivers fast how So the they and it in of set and work behave. that do then generate we well go and for customers actually out

Jeff Osborne

wanted Got for cash. David, the just to question it. And I -- on maybe multipart a then

of just was already I'm capital spending you're vehicles this see have year. the to OpEx of what going getting in sort bunch to is specifics the half I rate, and gets if year. revenue. the to we tested get reached peak XX, a sense of trying CapEx development I be funded burn Daniel without the question give PX of on the the It a monthly developing trying Without to expenses you a XX, XXX second cadence get a ask of of the and fully for can quarter that is PX? it that sense So or us for back peaks to of which

David Goldberg

Got it.

right, we a, So disciplined. remain

gave and And the year, so the guidance activities that on earlier track quarterly we're the testing in market giving guidance. much we think we're I this regard, don't you that very still mentioned. about includes think Daniel that when to that

I I end for think for really this -- that I total mean, track of the number think just again, year. on the we're

the answer that's the question. think best . to way I

Operator

The comes from the Wells next of Colin line Fargo. question Langan from

Colin Langan

question. following Just the last up on

the So million $XX you're million I think below I million. like I it's $XXX think, to full guidance, year-to-date. that, trending $XXX year it's believe

a be are Is though, that? step that would expected? imply, driving that So . what would the in half? up And more the second prototypes

David Goldberg

Yes.

Okay.

there a it math I be -- think on would the that we're track. But step So I again, does much a I stress of to mean, up. bit -- imply want very yes, does

hasn't actually remember engaging those the P&L, as gone test the hit again, like going be started already with it, some generate test giving I some we're it's but say, some of And the midpoint. but customers, cash to then door. would we're that to guidance And the we've closer range, then, the revenue the of if people think also . out not yes, as fleets will the of specific to So spending within that -- has already build you about well.

Colin Langan

X of be just cadence about Would And should months You get come this should for then like so Okay. prototypes we months, would orders sort it? firm X And that be demoed test the of vehicles, should in how the . next how orders. so in? expecting terms the in get would you in we we fleets. or think for

Daniel Barel

that Yes. -- is -- I been this, mean roughly, reactions. there's reasonable very it's positive right, the it sounds idea

been customers been fleet. have positive there some. for and There's Some very reaction of you and seen

commercial only deploy test And it's and on because expect the we that, important right? We said, forward those PR, is we this test I it need revenue part reiterate Investor on said to looking orders. what's commercial do vehicle, done Day that as what We've we I before emphasize, to we for generate said negotiate from I and think announce and think intend also and the well. firm the it and to like of Having to David adaptation rates Now agreements of do free. don't fleets.

basically, general plans be to in that intend general might immediate concrete -- orders short we and foreseen the manufacture that firm. future future, not or not So or

the I test deploy are. vehicles we depends those very on test different durations of fleets, who is fleets negotiate those for straightforward. they We So time think cadence terms,

them few And purchase them few test supplier then test months. holders. approved revenue adaptation, some and a we Some an recurring on for from move right, weeks, to a general recurring for and become

Colin Langan

you said that fleet, for order Or... when a test right? And like include prototypes and firm announced would you orders,

Daniel Barel

mean and Orders produce. we've that for go and paid Yes. we Not. things been

Colin Langan

vans, need you the need not And you infrastructure. set actually also it's up buying to only mentioned you the -- it's

operation? in who once actually the would in take announced care partners you putting So stations? are do vehicles these to . charging the servicing of have And then the

Daniel Barel

good that's a really Yes, question.

So thanks it for it. Unfortunately, customer. on the depends

and locations and can charging a we of turnkey charging. for the some full so forth. on course, service that we of and And so nationwide Also, for for So have provide forth. on provide solution. customers, infrastructure from We so everything vehicles and financing so partners

do or in-house other like fleets themselves. to other customers, For they everything

So spare their for course, we training give have own the of do suppliers but will and, at part, them infrastructure corners for charging the maintenance they maintenance, where themselves. they will

So mix a to a healthy provide -- down and one seen mix that able and way we of one this. some both, we've at some are

Colin Langan

partner to for that are care stations? And a build Or take the have of partner, that strategic you? servicing would you going you

Daniel Barel

a We locations Europe have the U.S. names that partnered few of across thousands access have given us service with household and to

Operator

back to would like more There management I for are to no time. remarks. questions this over final at hand

Daniel Barel

Great.

thank for all joining us So you today.

We’re posted you of can might answer you yourselves. experience vehicles events any always And you game-changing when our we’ll keep questions have. to for available

our for electric which take REE and keep us current world, to you and and focused allows a even sustainable environment future. Thank macro advance team like so this to the would dedication execution, including vehicle thank opportunity meeting forward I targets we much. carbon-neutral all Lastly, as volatile more fully in

Operator

That does conclude for our conference you participating. for today. Thank

disconnect. all may You

REE Automotive (REE) 16 Aug 222022 Q2 Earnings call transcript