REE Automotive Holding Inc. (REE) is a leading e-mobility developer. It allows different firms to build any size or shape of electric or autonomous for any application and any target market. the REEcorner technology integrates important vehicle machineries such as steering, braking, and control to a single compact module positioned in the arch of the wheel. So, this setup enables more room for passengers and cargo.
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The price of REE stock during the regular trading on December 28, 2021, with a 7.14% incline was $5.55. At last check in the pre-Market, the stock plunged by 3.06%.
REE: Events and Happenings
On December 28, 2021, REE reported about the exhibition at CES on January 5-8, 2022. It will exhibit functional ultra-modular electric vehicles, electric prototypes, and demonstrations of its groundbreaking REEcorner technology with the whole x-by-wire.
On December 14, 2021, REE informed about collaboration to improve the pace of adoption of EVs across the complete value chain. It includes enabling at scale production of EV, carrying charge setup of commercial vehicles, and providing complete digital management of fleet for complete visibility across EV fleets. On December 09, 2021, REE and Hino Motors reported about the expansion of a futuristic approach on electric mobility to data-as-a-service and development of charging setup solutions.
REE: Key Financials
On November 16, 2021, REE reported financial results for the third quarter ended September 30, 2021. Some of the main highlights are as follows
Net Loss per Share
For the period of third-quarter 2021, the basic and diluted net loss per share for the company was reported to be $414 million or $1.57 per share. For the same period of 2020, the net loss was $18 million or $0.12 per share.
Total Current Assets
Total current assets of the company for the third quarter of 2021 were $306 million.
On November 15, 2021, REE announced its automated concept-based vehicle on an innovative ultra-modular EV program. The concept was modeled for consumers including last-mile automated and EV firms, delivery service operators, and tech companies looking to build fully automated solutions.
On November 05, 2021, REE reported that it nominated American Axle & Manufacturing Holdings to meet the company’s demand of its high-performance electric drive units.
On October 19, 2021, REE reported about the company’s management participation in a series of investor conferences. The conferences include UBS Emerging SMID Cap Mini-Conference on November 3, MKM Partners: Gearing Up for the New Normal on November 17, Barclays Global Automotive and Mobility Tech Conference on November 18 and Credit Suisse Industrials Conference on December 2, 2021.
On September 9, 2021, REE was recognized as 2021 Global EV Platform Company of the Year Award by Frost & Sullivan. The company received the award based on an analysis of the global automotive EV platform market.
Conclusion
The stock of REE surged 30% in comparison to the past month which depicts the strong investor base of the company. The recent stock price decline in the pre-market is the outcome of uncertainty in the market. The analysts are optimistic that the company will outperform in the coming days.
