Hardware prototypes of the solution are expected by 2022

REE Automotive LTD (NASDAQ: “REE”), a leader in e-mobility, today announced that REE, together with its partner Hino Motors, are the top winners in the European Product Design Award in the “Design for Society” category. Amos Boaz, lead designer for REE, and Yamaguchi Seiichi, lead designer for HINO, will share the award.

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The next-generation commercial mobility solution to be jointly developed by Hino, Toyota’s truck arm, and REE will be comprised of a modular EV platform ‘Powered by REE’ that will carry a customized Mobility Service Module on top that can carry passengers, goods, and deliver services – all enhanced with data. The Mobility Service Module can be easily detached from the EV platform and once detached can serve as an independent, stand-alone unit, making services and goods easily accessible to society. This will not only be applied toward Mobility-as-a-Service (MaaS) and delivery segments but this modular design could also offer solutions for completely new applications.

Hino and REE next-generation electric commercial mobility solutions will be geared to improve quality of life on a global scale by lowering carbon emissions, minimizing strain on infrastructure, reducing congestion, and allowing companies to allocate resources better. The specialized EV chassis that will be jointly developed by Hino and REE will leverage proprietary REEcorner technology, which packs critical vehicle components into a single system positioned between the wheel and the chassis. The solution will have a low-floor, full-flat design that flexibly meets customer needs and supports autonomous driving. Hardware prototypes of the solution are expected by FY 2022.

“Hino is delighted to have won this prestigious award together with our valued partner REE Automotive,” said Hino lead designer Seiichi Yamaguchi. “Together we are going to provide new value to society through next-generation commercial mobility. With the flat chassis and the detachable Mobility Service Module, services and contents themselves become mobile. By sparking metabolism of old and new in our lives and communities, we aim to realize prosperous and sustainable societies where people can connect with communities to create a cycle of happiness.

“Hino is one of the world’s largest leading truck manufacturers and, together, we’re committed to bringing new value to society and reducing the carbon footprint,” said Ahishay Sardes, Co-Founder and Chief Technology Officer of REE. “We are honored that our design collaboration has been recognized with this award, as our corner and control technology and fully-flat platform enable multiple new applications for modular commercial electric vehicles – helping us work toward a zero-emissions future.”

About Hino Motors

Hino Motors, Ltd. is a Toyota Group company selling trucks and buses in more than 80 countries in 2020. Number of employees totals 35,000 globally, and produces vehicles in over 20 countries including the 4 major plants in Japan. Hino slogan is “Trucks and buses that do more”. To put “Trucks and buses that do more” into practice, Hino will provide “appropriate products with safety and environment technologies”, “ultimately customized total support for customers”, and “challenge new fields”.

About REE Automotive

REE is an automotive technology leader creating the cornerstone for tomorrow’s zero-emission vehicles. REE’s mission is to empower global mobility companies to build any size or shape of electric or autonomous vehicle – from class 1 through class 6 – for any application and any target market. Our revolutionary, award-winning REEcorner technology packs traditional vehicle drive components (steering, braking, suspension, powertrain and control) into the arch of the wheel, allowing for the industry’s flattest EV platform. Unrestricted by legacy thinking, REE is a truly horizontal player, with technology applicable to the widest range of target markets and applications. Fully scalable and completely modular, REE offers multiple customer benefits including complete vehicle design freedom, more space and volume with the smallest footprint, lower TCO, faster development times, ADAS compatibility, reduced maintenance and global safety standard compliance.

Headquartered in Tel Aviv, Israel, with subsidiaries in the USA, the UK and Germany, REE has a CapEx-light manufacturing model that leverages its Tier 1 partners’ existing production lines. REE’s technology, together with its unique value proposition and commitment to excellence, positions REE to break new ground in e-Mobility.

For more information visit: www.ree.auto.

Caution About Forward-Looking Statements

This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking statements. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plan,” “projects,” “believes,” “views,” “estimates”, “future”, “allow”, “aims”, “strives” “endeavors” and similar expressions are used to identify these forward-looking statements. These statements include, among other things, the Company’s statements about the Company’s strategic and business plans, relationships or outlook, the impact of trends on and interest in its business, intellectual property or product and its future results. These forward-looking statements are based on REE’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond REE’s control. Forward-looking statements in this communication or elsewhere speak only as of the date made and REE undertakes no obligation to update its forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this communication may not occur. Uncertainties and risk factors that could affect REE’s future performance and cause results to differ from the forward-looking statements in this release include, but are not limited to: REE’s ability to commercialize its strategic plan; REE’s ability to maintain and advance relationships with current Tier 1 suppliers and strategic partners; development of REE’s advanced prototypes into marketable products; REE’s ability to grow and scale manufacturing capacity through relationships with Tier 1 suppliers; REE’s estimates of unit sales, expenses and profitability and underlying assumptions; REE’s reliance on its UK Engineering Center of Excellence for the design, validation, verification, testing and homologation of its products; REE’s limited operating history; risks associated with plans for REE’s initial commercial production; REE’s dependence on potential suppliers, some of which will be single or limited source; development of the market for commercial EVs; intense competition in the e-mobility space, including with competitors who have significantly more resources; risks related to the fact that the Company is incorporated in Israel and governed by Israeli law; REE’s ability to make continued investments in its platform; the impact of the ongoing COVID-19 pandemic and any other worldwide health epidemics or outbreaks that may arise; the need to attract, train and retain highly-skilled technical workforce; changes in laws and regulations that impact REE; REE’s ability to enforce, protect and maintain intellectual property rights; REE’s ability to retain engineers and other highly qualified employees to further its goals; and other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in REE’s final prospectus relating to its business combination filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 1, 2021 and in subsequent filings with the SEC. While the list of factors discussed above and the list of factors presented in the final prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements.

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