REE Automotive Ltd. Q4 FY2023 earnings call

• 2023 was a pivotal year with key milestones achieved, including a mature full by-wire technology and being the first to create a FMVSS certified full by-wire electric vehicle. • Order book value grew over 900% YOY to exceed $50 million, dealer network expanded to 66 sales/service points in US and Canada. • CARB and US EPA certifications provide over $100,000 in incentives per vehicle. First vehicle delivered, demo fleet deliveries underway. • Cash burn decreased 25% YOY, ended 2023 with $86 million in cash, etc. • Postponed remaining production tooling investment until raising working capital, targeting midyear completion. • Strong demand at trade shows, demo program with fleets like Franz Bakery, Canteen, City of San Jose.

• Cash burn expected to decrease ~25% in 2024, averaging ~$5-6 million per month, with H1 spending more on tooling and H2 decreasing. • Tooling investment targeted for midyear completion to scale US production. • Demo program aimed to lead to scale orders from fleets.

• Forward-looking statements may not materialize due to factors like geopolitical instability (e.g., ongoing military conflict in Israel) as per Form 20-F. • Dependence on raising sufficient working capital for production tooling.

Q: Michael Shlisky asked about tooling investments and trade show results.

A: Daniel Barel, Josh Tech, and Tali Miller responded, discussing tooling targeting midyear completion, strong demand at trade shows, and demo program with fleets like Franz Bakery, Canteen, City of San Jose.

Q: Jeff Osborne inquired about order book exposure to California, operating expenses, and charging/financing partners.

A: Daniel Barel, Yaron Zaltsman answered, with discussion on order book not primarily linked to California, operating expenses expected to decrease in 2024, and working with charging partners like Hitachi Power.

Q: Craig Irwin asked about the order book, early deliveries, and FMVSS certification.

A: Daniel Barel and Tali Miller responded, talking about order book growth, insights from early deliveries (positive feedback on design, spaciousness, performance), and significance of FMVSS certification as a critical gating factor for commercial deliveries.