Why REE Automotive Stock Surged Today

REE Automotive Ltd. NASDAQ: REE) shares are trading higher on Thursday after the company announced that it began deliveries of its P7-C electric chassis cab after it received a Federal Motor Vehicle Safety Standards and EPA certification.

What To Know: The company will leverage its Authorized Dealer Network to facilitate the customer deliveries of the first batch of P7-C demonstration trucks for several fleets evaluations in North America. One of the top U.S. dealers, Pritchard EV, is the first to receive the truck for a roadshow with its sizeable fleet customers. In the coming weeks, more REE authorized dealers and leading fleets are anticipated to receive additional P7-C demonstration units.

The news is also significant as it gives the P7-C the distinction of being the first fully by-wire truck to achieve U.S. FMVSS and EPA certification.

"I believe our REEcorner is a true gamechanger, allowing us to build electric trucks that fleets will want to buy, and drivers will love to drive as we continue to see a strong demand for our work trucks," said Daniel Barel, CEO and co-founder of REE Automotive.

"I am incredibly proud of the team at REE for completing certification of the automotive industry's first ever fully x-by-wire vehicle. Our customers have been eagerly waiting for our vehicles to be ready to deliver and now our first demo trucks are on their way to dealerships for customer evaluations."

Related Link: What's Up With Bit Brother (BETS) Stock?

REE Price Action: Shares of REE Automotive were up 23.9% at $5.81 at the time of publication, according to Benzinga Pro.

Image by Paul Brennan from Pixabay