Why REE Automotive Stock Surged Today
Portfolio Pulse from Ryan Gustafson
Shares of REE Automotive Ltd. (NASDAQ: REE) surged after the company announced the commencement of deliveries for its P7-C electric chassis cab, following the receipt of U.S. FMVSS and EPA certification. The deliveries are facilitated through REE's Authorized Dealer Network, with Pritchard EV being the first dealer to receive the truck for a roadshow. The P7-C is noted as the first fully by-wire truck to achieve such certifications in the U.S. REE's CEO, Daniel Barel, expressed pride in the team and highlighted the strong demand for their electric work trucks.
January 11, 2024 | 8:51 pm
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POSITIVE IMPACT
REE Automotive's stock price experienced a significant increase following the announcement of the delivery of its P7-C electric chassis cab, which has received U.S. FMVSS and EPA certification.
The positive stock movement for REE Automotive is directly tied to the announcement of the delivery of its P7-C electric chassis cab, which is a significant milestone for the company. The certification by U.S. FMVSS and EPA is likely to bolster investor confidence in the company's ability to deliver on its promises and potentially capture a larger share of the electric vehicle market. The involvement of a top U.S. dealer, Pritchard EV, and the anticipation of more deliveries to authorized dealers and leading fleets could further support the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100