Ree automotive provides corporate and business updates and reports second quarter 2024 financial results

Completed $45.35 million registered direct offering led by m&g and motherson securing production capital needs signed strategic agreement with motherson, a global automotive supplier, to strengthen ree's supply chain management and cost structure, improve working capital efficiencies and expand outreach to global oems kicked-off u.s. production in michigan with roush as contract manufacturer for full vehicle assembly, with start of production planned for q4 2024 and deliveries in 2025 narrowed q2 2024 net loss by 57% qoq while concurrently reducing free cash flow burn by 19% qoq increased order book by 15% qoq, and by 289% yoy, which is valued at approximately $60 million to date as demand for powered by ree vehicles continues to grow; ree's dealership network expands to 78 sales and service location in the u.s. observed significant growth of oem interest in ree's software-defined ev technology company will hold a conference call at 8:30 a.m. et today, september 26, 2024, which can be accessed via webcast at investors.ree.auto or web registration; and via conference call dial-in tel aviv, israel, sept.
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