REE Automotive (REE) 17 May 222022 Q1 Earnings call transcript

Greetings, and welcome to the REE Automotive First 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.

Operator. you, Thank all call. you our quarter first And for conference XXXX thank joining We're X investor to that now going move to Slide this at seen press earlier you our and release issued and presentation morning investors.ree.auto. have hope we

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

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

will financial of call Co-Founder our is results our -- this today Goldberg, update; over please. our with will be CEO, Daniel. a an David and give the I business our Daniel, At outlook. and discussion who to Daniel will an overview will me point, who Joining CFO, who and turn and Barel, provide on continue operations

our and call. Thank welcome XXXX first Limor. update you, morning, quarter Good to

as production to on Let's go XXXX will are fulfill establishing commercial the our backlog making an to towards X. the significant capacity production update begin in focus pipeline I into we on and progress with strong the we converting call Slide orders.

by start our delivering me we saying are on commitments. Let

demonstrated disciplined vehicle are time been funded execution assembly preparing full advanced towards milestones the We the orders have This the capability. communicating for for achieve have we've a excited we market to customer this is as and and REE continue we as of our firm summer our commercialization PX production. robotic and we commercial evaluation very

U.K. continue XXXX Moving to to and deliver. establishing is progress integration center robotic year. become for expected our validating towards demonstrating of Slide validating We built. the the capabilities at electrification, readiness automated our X. and year, products. significant we've advance to record operational has me on manufacturing our made on spent briefly strong foundation PX highly for execution our commercial enable supply we platform on on focused XXXX our let building capability and include been needed technology. center This core show and our track us facilities, homologation our already Last our for comprehensive chain broke significant ground of capacity and year, plan path established vehicle commercialization X-By-Wire out a commercialization. securing strong We we've and a This funding our This establishing production year assembly and engineering to a touch this pace that engineering PX ecosystem building

customer's first this validation are for We a vehicle for also the presenting full summer. time

receive purchase of and our to end on validate obtain towards by on customers firm expect the the roads, we Following roads completion the of to advanced public year. orders. expect After that, orders private prototypes we prototype validation

plan. our readiness commercial recent will forward XXXX I detail forward, Moving production step to bring and manufacturing to PX our progress product our a market to achieve in

benefits, models. walk-in-vans, PX times X to is Class as and delivery, It efficiencies, from of buses, commercial development product and and go with range end-to-end, flat many all-wheel system. passenger, school Let's X,XXX unique allows customers across and continues of X-By-Wire vehicles is and recreational independent by vehicles. commercial power Fully segments platform retail, up Slide is significantly Commercialization intended to to application control designed suited PX track. for the on enabled The It they're our including flexibility trucks, to the such miles X pounds to electric drive. of REEcorners X. and also fully also to XXX payloads up platform logistic, reduce steering

the activities our registration on of are is and of track the As we platform. both responsible and Their programs, the on PX the shared component level. system progressing homologation MOR, records, manufacturer before, in homologation some REE of for electric

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have important part of We our fleets, programs market a addition full PX several of to in ongoing an company. with counterparties vehicle including logistic number a bringing of strategy. OEMs leading for remain go-to-market

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website. We center on at verification has PX our build, clip also The this activities. customers advancements from our and the short engineering the in evaluate U.K. to experience the available the validation is and on on our platform testing several track presentation hosted platform our and in

customers' confident timeline. feel are in U.K. encouraged the and our in own in demonstration We our our and by Israel feedback track previously communicated very from

major of powered to milestones today, of roads by announced commencing X. vehicle this the we Earlier validation Slide private move REE. a on customer electric Let's full summer

Class in EAVX, This design with walk-in EV from opportunity very are the developed JB drive-by-wire with the is on the electric to platform. ways. X the unit new business EAVX's new our to the prototype, one ground in many the first market, first our new fully up to developed We commercial is two bring was showcased the Poindexter. customers industry's It first van by excited the van that our commercial vehicle new pipeline first PX of U.S. be to use in body partnership

the I'm addition, full both proud In announcing EV XX by is REE most less we track is months so is REE's industry's vehicle our electric production Customer a on customers a of in summer REE deliver this the many of game-changer are that REEcorner this commercial It powered to very allow and than The with EAVX. our first electrification novel take new in unique importantly, for and technology. powered the our partnership place to across ways, after and evaluations by pipeline capacity true in Michigan. secure on the XXXX pre-booked van neutrality. logistics delivery, will requirements and and our joint EAVX to vehicles, experience their commitment over course retail, will segments weeks carbon deliveries. discuss event and several teams

partnership vehicle Olson. their with JB by a fleet leverages of EAVX commercial strategic excellent subsidiaries Poindexter's business of truck and large network distribution proven and unit through operators work creating bodies Morgan Our go-to-market history and backed

retail, legacy van bodies decades reminder, of wide is deliveries Morgan and of of service experience a parcels of in North enabling Internet, companies. producer Olson a and range America, goods last-mile largest As walk-in the for its and

and these X-By-Wire deliver full build side and to experience are and their on such of customer to our well-positioned Agreements the existing us Olson Morgan platforms. by on tap business leaders. the body EAVX, for firsthand benefits vehicle focused remaining unique vehicles allows of and demand corners the excited is the business are manufacturers as of base our with We we REE. to customers, with best-in-class OEMs horizontally powered through partners while automotive with our customers REE to collaboration into core integrated first body leading

advance Now production building onto our integration anticipated and announced demand. we our Europe. centers recently North of X. We in the are out commissioning robotic customer America of highly Slide Accordingly, for capabilities

very other vehicles first provide the next to can assembly assembly to year. REE to will the sites. on As center our you manufacturing an this modular U.K., XX that line at robotic savings, on process operational cells update manufacturing heart use efficiency, deploy production automated implemented will continuously robotic and important The core in integration in our of robotic happy our we that the them This scalability of are we assembly approach is see be on and enable cloud-based X. significant our path production shared as as us autonomous year. to highly will guided into procedures milestone is to Slide and schedule rapidly commercial The be yesterday, novel they fine-tune

leading machinery, a commercial of support REE and including We Technologies special-purpose single automated multi-robotics manufacturing year. have Group, strategic Expert assembly. agreements systems, of ahead established to has assembly, our key production next robotic industrial automation nominated supplier readiness cells, and manufacturer

and automated technologies. For the integration manufacturing its of robotic

Execution Rockwell for adopted as digitized support Not REE's Automation's only line. operation or will REE's highly digital provide to also capabilities serve manufacturing backbone integration global future a us system The centers. We does manage globally. share assembly best us but to cloud MES across and Manufacturing assembly Plex to MES deploy which to System allow will allows scale to of procedures it flexibility and scale customer-specific quickly lines also MES to assembly us The practices enable local interconnectedness globally. rapidly our operation our operation, changes manufacturing

center for which it global You will as can managed. of command our think be a operation

on clip our core assembly website. on short a robotic watch can You our

tremendous initial Our integration half doing to I'm come that of the production with and the the schedule capacity online update is XX,XXX towards to European in center are this vehicles in year second set. teams work of on readiness happy U.K.

Josh recently next I additional and XX,XXX Austin, infrastructure market, integration manufacturing chain control. REE's American launch, component design joined testing Operating excited With Tesla's years capacity Tech on and come only within to team and its development, XX our in supply integration Josh lead on Josh development the X over capacity have centers. is chain, experience network track the integration management. REE and North to utmost highly of in complex product that Our global secure entire quality REE, to I'm Tier CapEx-light quality, set. and not online leveraging operations is of the as means take industrialization, to operations and production vehicles time partners' brings in also REE's on of Texas, approach served confidence supply center engineering, but place based capacity. of in Chief operations and also build-out faster our leadership Officer This team. year automated to centers. assembly

automated Our integration future the point manufacturing capacity. highly first center REE's and of global starting the backbone both is

a for modular through vehicles and electrification. advanced customers We are service. data them highly maintenance and battery full engaged importance vehicles infrastructure with electric From paramount since global and of of the as pipeline solution offering and financing a to

of set global from ecosystem solution based full comprehensive that a such our turnkey scalable and EV offer to capabilities on enable able for fleets. a smooth to are and We will transition of customers partners our a expedite ICE for

primarily As focused opportunities. I've efforts the before, on nearest-term said our are commercial

EV Although Motors, progress with easily FlatFormer, year. the global which in next and our make be a on a to EAVX, as be mission. unit prototype carrying we to in I that passengers, have deliver mobility evaluation its my and the showcased carry the and detached can mobility deliver and the jointly from to platform with FlatFormer time leaving majority today operated goods, the The January of and services. platform devoted standalone can customized this global trucks of capable we collaboration as PX The with CES medium-duty module develop -- separately independent an platform goal to testing with module the and continue a heavy of the Hino functional continue once by for detached service serve end a can platform leader service is we at

for market. very the the potential this demand of and are We the with program confident in it

core. are exploring future-looking such relevant multiple a business novel actively REECorner for solution technology cases at with the and We its

As I've level is our shape, autonomy. mentioned, platform of and side, power source, indifferent vehicle to

future and be fleets can So deployed potential broad proof vehicle across varying classes. application of is the and

With work vehicle fully over making a David for stages various we when able this autonomous of their we to updates We the including about vehicles concepts across teams have for will commend REE share other I would development, in programs world exciting and and to the sustainable CFO, like to to. hand David? towards to Goldberg, future. call carbon-neutral will REE's dedication our financial I we discuss faster as more this phenomenal electric the move that, world results. are

Thank Daniel, you, morning. and good

sales in quarter million X, from quarter the loss the previous net the related I'll start non-cash net income and remeasurement the due decrease to of first The XXXX loss quarter. attributed loss share-based higher warrants to $XX.X to to Moving plan. the marketing compared valuation. to our $XX.X loss compared of fourth company review of first business in primarily Non-GAAP fourth first in Non-GAAP million a $XX a with expenses mainly of increased of Slide recorded GAAP million R&D net loss quarter a reported as of the $XX of GAAP of million compared to million its quarter results. results XXXX in the of a in XXXX net this warrant in and of compensation $X.X executed quarter XXXX. company $XX.X to The expenses income is impact of million the exclude quarter XXXX,

the programs million. and XX, We Daniel March remain to disciplined sufficient execute funding have described. was of balance cash to that continue As XXXX, $XXX our

capacity presented range is on current and which we million XXXX. effectively related operating inclusive to will both the Accordingly, range of are be half $XX earnings $XXX tied and initial portion achievement capital milestones year fiscal a capitalized. for to second execution our of committed some to related in be the note may the in expenses is will expenses million have basis track not related The the communicated and the call, linear establishment a company's that production This on establishment of throughout dependent cash budgeted program, during to mostly cash our of As timing spending, is incurred capacity. primarily commercial QX approximately XXXX. XXXX invest $XXX company XXXX. is of be not This and during programs. of of XXXX of to of production budget expenses the the to these initial I on million

communicated. is plan FlatFormer the to executing and according and OpEx have technical focused on programs our We PX timeline execute mostly programs. we our remain Our comprised to engineering of current spends required

executing opportunity While budget has we been believe a towards significant of our our current program, allocated beyond exists the majority programs. these

it's I mirror will homologation. that important costs remember conclude, to of product execution our our Before the

and opportunities be to require The For spending opportunities. to convert pipeline in deliver accelerate. of or our firm scope, move turn progress will the our for the line operator and as year Q&A. final company of The update to example, if our MOUs budget the call the open we our commitments that, may the shareholders other expectations to and cadence on to additional continue With slide, those Operator? spending let's unfolds. expand I'll will indicative back programs liquidity existing may plan to

from first the Shlisky from of Davidson. comes And ahead. Instructions] question [Operator the line go Mike Please D.A.

-- to I Yes, on comment, David, should the XXXX last at there? of this by thoughts Anything I'll morning. you should goalpost as budget. your give Good cash budget Can XXXX at about point? start off looking the we kind any cash guess be any following be up we

inclusive we're in -- come PX, think us 'XX enough to So the for brings money of is and expect where then the have this and production. spend, that engineering and -- to we PX, next really on 'XX. executing about focused Thus, way we and peak XXXX we year that should down think we year, XXXX both on including

Great. other just Is platform elsewhere? involving or PX that or expenses a comment the [indiscernible]

Yes.

the majority expenses tied So our PX. of to are

that how cash. to, majority about again, our we of So think the and really budget speaks

or got enough customers they batteries give agree Great. your enough products? your to to that the of for any launch either you secondly If direction have could and I turn you here, just any on-road batteries indication they've not partners, potential whenever or

understand the sure, Mike, not fully question. I'm I

-- been asking program? our communicated our on in batteries You're has shortage there if from

-- you appropriate for of asking number you launch, issues that and whether from with to battery there's upcoming your gotten to of product whether XX,XXX year here? commitments end sights or partners been need any the your -- Yes, a suppliers batteries end on have either cell example, any I pack any was or you meet suppliers obtaining to many or your from either partners demand your

shortage don't We forecast we the at look that for see programs. currently capabilities in with Yes. the battery

bring multiple in some batteries of sources batteries programs, in multiple the we our of have some types batteries. our use We of We of programs.

larger necessarily that. the mentioned, space. as commercial mind you kinds configuration -- not different would that's care in bring therefore, use space, more chemistry we the in and the density the our less to of the X batteries the in -- As important, but they Keep battery all that vehicle XX rate would need different adequate to highest what can of take power commercial be is we be that manner, far vehicle in than partners

of can that great and about I secondly, EV a a to the EV capabilities little some of if van, here, compared Any van you EAVX That's models? could about walk-in that one the the van And on been the today. radius models? question and compared Great. to is Okay. more this tell capacity just talking walk-in-van maybe -- of in thoughts existing the ICE throw van color. turning and you've ICE current us bit maybe walk-in And cargo

Yes, sure.

guys PX to have -- tight, stage Naturally, on But at it be due the of very, REE best I will a think the and to initially. I usage shortly. don't it's I powered to others. -- It's specifics the to So and honestly, expect the and utilize first with, mean, been we're designed the will to a very very, efficiency very it's begin for want we'd for -- the it's environment Technology, EVs I excited -- we it's the built radius about the company ground the up is revolutionary to that it, design design. it's very will than the from volumetric by very EAVX And EAVX's because revolutionary the that. And give that for REE turning think PX more thunder amazing. the be steal on is

you. Thank

go Next from line question Co. and from the of Jeff Osborne comes ahead. Cowen Please

you and Thank good afternoon.

other on a talked seeing just we wondering, that Can you there. of progress transferable Daniel. that you've engineering development of investment my platform the would application safety a use the technology made was detail the incredibly the is how lot I much Just REEcorner. EAVX on that and about around far so in for to relative questions particular is to end, helpful touch couple functional PX and and the the the platforms

we a anticipate at that platforms? expenses is basically, to should gained for level that's knowledge So what there is of level applicable getting I'm the same for Or subsequent is, PX others?

great a that's Yes, question.

So and The This our divided that wheel application where -- generation. engineering. technology all vehicle into within across the systems significantly that corner change is is chassis of corner parts. application characteristics the course, and engineering, et this And core componentry the platform off-the-shelf PX like variations lies. engineering, corner and this the size, two cetera, less suspension like adjust to outbound therefore mainly The reside is change different is which the side, where by-wire actually in done does and part side, is this technology is is requires part, of the inboard is investment. the in not ability console the and technology core on

already So to vast the technology by-wire question, investment of and the engineering the has the majority in answer your been made. core

X And anticipate that the and Just in market the more PX, or -- it. team see space sizes X? the of Got do X helpful. you EAVX on different demand for the as very you Class or highlighted Class X X sells there. then the through market That's

and on to recognizing market terms So tech configuration, somewhat crystal showing and there flexible agnostic understand is the trying you're I'm itself. ball of that demand the in end just what

Yes.

Class We X the more see see is we Class moving demand of we for in into So lot already a there that X. is course, on X quite Class X saw with. demand demand than Class of a And of lot we started the before.

I the different why serve have on Olson I to are if in of shapes. it platform the most much the very, say the bodies X a day X what's -- of going of think cover ability to coming in one is And level top Morgan product, building of and on market. and and that. And different sense. address to the exciting The and is you this course, both and and the X, take X, is but ability the day So designed, that about very predominantly this this Classes EAVX so this body partnership Classes key for and the partnership modular to level PX platform for and out fully you're things is on sizes I makes guys of and and to mean capable to mainly, majority

Mcity it. that on in will Will the held Got And with Detroit other the other PX private location? two be EAVX that done quick at the you for Whereabouts ones. the is referenced? some that testing or actually roads

variation, is one going going more in Mcity but American be in multiple is to cetera. It's for because that's North of et There's locations one I Yes, Mcity one, be to timing than mean, location. Michigan, the around of just course. them. slots, all And predominantly

Got anything and And EAVX which Hino well lot you seconds spend Navya developments Can you on you focused as is with program just then on update, can the few a as it. on share Magna? great. the a

Yes.

dialogue have with a of numbers So of parties. lot we active

mentioned, are communicated we've to that going one certain plan. on that mentioned they you milestones reached update when we've I them, you've progress specifically the as well continue when mentioned programs you those impactful. the in Currently, to the past we of specific Some and become guys according will and and

Thank you.

Next go question Please line ahead. Sheppard of from Andres the comes from Cantor Fitzgerald.

were there Quick changes curious, customer on had those give I'm just that? highlighted update any so us past, I'm agreements, the you that wondering Daniel. agreements can XX question, in the to an you if

Yes.

these vehicles, vehicles we've I in we're of now And So making quantities. allocation the from on all, future have lot or getting What advancing we the the recent and all see agreements experience, EVs before communicated once we readiness we EAVX, this is, the orders. are together quantities and test, in would them with the in announcement, demand that will of to very, short evaluate, in past, have expect summer apparent for product. significant And happen those to that's very a to those that minimum to progress what general. big -- which customers into either market we going doing expect we've very on commercial we're the the the to of drive way to think able in in U.S. those is -- signed to them communicated convert be the

and focused more and in production I and totally two conversion of and offering those we're scale it vehicles product doing integration to alongside think center orders. core ability in our a shows of capabilities robotic demonstrated days the couple So build order into major support continue of capability PX things Building ago the proven we've here, the pipeline right. core advanced to to that

Got I'm platforms? wondering, for are the any change there the it. ASP follow-up. the Thanks, maybe expectations quick inflationary Daniel. any with Maybe pressures, a XX,XXX or to changes

Yes.

past. think the I guidance was from that mean, I number So

the you If really [BOM] of supplier about have relationships we our -- relationships. think biggest the for components strategic really they're

good the cost, while the warranted. in of through so supply some to where a the we're place chain, in terms customer And feel increases we're to like it's BOM we ability pass but watching ultimately,

it. Got I one, if Maybe Okay. last one could.

industries. this theme, for disruptions, supply year on touched which a most a has chain bit again, You been of

platforms any maybe XX,XXX anticipate Now Thank capacity the the the you Or of the guys assembly do for But anything the through delays model assembling the in per affect manufacturing. year? to that you rather would any you. than process? unchanged? go that I'm have Or you do CapEx-light anticipate wondering,

No.

mean our unchanged as test the no to fleets timeline So short But I an it's we're vehicles change we're suppliers, building and something the example, prototype there. just is answer. with watching. as there's

appreciate far, answer. a volume much producing. that's the I smaller But so when be will good, So is than so short

you. Thank

go from line from of Next BTIG. question Please Greg Lewis ahead. comes the

good Thank you, I just did have the question follow-up a and budget. afternoon. on

about progression going of this towards year, year, think the move clearly, building production we out the team. next we're to As

about the quarters, SG&A the think that the R&D fade is around really, business we color it the Is trajectory balancing? the of that over R&D of how this accelerates. start about side the of As the next right few this quarters? couple kind should in And to we as think kind the should here of over way think next to of any about operations

say sort takes over you year. of end applies, it of through next or would that quarters, call logic I eight So the right, that seven next, but the

this through the start So come through in that see of disciplined you'll very guidance on that our the stays to not where keep on them But now think being spot we're of the you'll until earlier are sort remainder think rest down the the offset spend year. by year next see really in it's based we've and R&D to pretty ramp-up I a operation. we being this given, mean I with of communicated I year that and year obviously steady. what line R&D numbers the

that. was running. that's accomplishment next really and update about the that's for a an over bit be how you we a should few Okay. Obviously, of Great. then on big that up for just little and And hoping be Thank I when quarters? to going thinking Austin,

Yes.

on cloud-based. is technology schedule, the core robotic -- on demonstrated we're is What automated doing fully we've is Austin track. So is that

and us those to other allows basically to of that doing the duplicate processes the So centers that the and integration centers. integration QA in testing we're each

most is it, first adding and recent them vision beauty U.K., just it shortly going capable merely the almost is running. very of and XX,XXX be the different whole efficiency. capacity. with lines next about up fitting plant So it. times year, from Europe, integration configurations corner cloud-based a and And of corners identifying in smart. robots up flashing running impactful there in and and to half the that's in very, you and a AGVs setup the sets really XX,XXX and and think are Austin vehicle the on is different capacity. vehicle They configuration are version first in centers that will minimal another Those have And really after, and be that's of and detecting they're of in between the the And if sets will -- relevant

Great. on Austin then and about up ramp a following think there any basis Okay. is maybe? way in percentage on in guess, up just filters it, spend 'XX, 'XX I that, in, as to And the like

on the Yes, in and mean, we building I a really spend back-end lease is completed. Austin actually so is still being XXXX loaded. signed

for later cash actual don't really the much So year. us until outflows happen this

short big is not So hit, a big XXXX. not answer expense a or in

Thank you.

Wells of comes from question Please ahead. from Fargo. the Next go line Langan Colin

my questions. taking Thanks for

wanted just Just of that towards or to vehicle another relationship bringing the is that expansion clarify market? JB progress Poindexter your an point to announcement,

vehicles I'm not sure North if answer markets, those right, them please upfitters the in biggest do I way, America, the understand for have in Poindexter, built in power for Morgan they with that that of that to is key customers. that and van right body this world decades. Olson ability and capability to and understand try the have experience that, with I they it, wrong, walk-in world, I'll cetera. the wealth the platform value, the body And knowledge been they partner correct and vehicle the in et to EAVX, the the they've Morgan, doing group, commercial to but go best me. Poindexter the understand They think, brings, our I it's and best are followed.

drive-by-wire, than going So in that And think in vehicle something is vehicle I what year very, emphasize a year, about game maybe a you about is this a show vehicle. field. commercial announcing I but we're about very different And want ever that relationship and vehicle, this the we it's full electric a full a thing, together. we're to guys out to do didn't think ago, brake-by-wire, especially first going say, less that that a we we've to steer-by-wire are the I And there, changer. you to communicated

Got it.

So in sort it's that further step of relationship. forward

is supposed and left. Going years cash in actually, burn, rest That you back to the $XX year about year, increase million. original the have through because CapEx two rate, think guide of and think burned the maybe And $X the question half, you I only you a did is quarter. million I to $XX million the on

see is positive you need do might quickly? turn cash going And raise you not, that So capital? that if how to any to

you few Well, year right, I in for we've terms cash again, working expense our burn to be. the given going so of million things, in investment what The $XX or I is cash guess the when includes a -- right. mean, -- guidance capital,

-- as the spending that, Beyond comes the on I program said right. down, earlier, on the PX

the we need produce that next to So cash now we year. and execute have to

R&D there new they're as After and grow? wouldn't But expense going you to Okay. that, be require such programs?

When right. be mean Well, about guess we a right. I the program, program, kind a I platform, about talk let's it's of PX clear

those -- be Van, our autonomous are to obviously, of spending not existing tons think an not in cash And delivery different to would today for programs. market we how about we're And accelerate platform. PX X tied obviously right, to call sort that programs, what it's a vehicle whether point, so Leopard, there's addressable for is Those budget. you need Class of big In we when those. different say which my or

beyond we the is we're to on I'll add and laser-focused in what's those. market. the market, very PX to -- very, on I don't X say the PX I'll addressing and know plan to X that, vast getting Class significant for it and demand Because see majority of the demand and we're everything executing right, laser-focused

and is of commonality and the them classes So going core mentioned, they're engineering focus the its we the over earlier that you, those. application we're some focusing vehicle are with segments, different in on as main David programs, and just there we of as quarters, to But of REE's on market those. share said, mentioned we all time. across mature PX different the And coming different

So what the market. to bringing this is we're

highlighted partner. you vehicle commercial large a America North lastly, just And

that is the of on them delivered status color a you relationship? Have of when -- you go prototypes? Are there into any production? Just timeline those

You mean in America? North

undisclosed highlighted Yes, I think OEM you commercial vehicle yes, on. -- that the

undisclosed of kind you where, commercial Slide in X, vehicle Just it, leading highlighted OEM.

comments, your North in it think was I you America. said

spend Just into there? them? to point? some is wondering, production at delivered that go a prototypes model to -- as Is Any color a are production

Yes.

this And how the whom, one model guys, is have a So this quarters a it program that fleet with we start it we extremely on shine it's and game far can idea we are that you how where that on this is we superior see to kind better testing we're have by track. can there. very fleets to different made to progresses we is to as in you where approaches. are and next you of work you I and few do where as unveiled what the progress track and partnership, think vehicle and picture Then a traditional is we doing a that much building in is excited because you a the the believe and drive-by-wire

like are to back There you. time. more to final would no questions at remarks. REE this I Thank Automotive hand for over

webcast. and Thank we today Sandra. you on looking to call everyone joining the forward Thank us soon. Have And a you, for base good touch on day. were the

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

all may disconnect. You