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REE Wins Mass. State Nod

REE Automotive Ltd. (NASDAQ: REE) were flat Thursday, as the Tel Aviv-based company, an automotive technology concern and provider of full by-wire electric trucks and platforms, today announced it was approved for the Massachusetts MOR-EV truck incentive, which is valued at $30,000 per truck. When combined with the federal commercial clean vehicle tax credit, fleets in Massachusetts could save up to $70,000 on REE’s class 4 P7-C chassis cab, bringing the cost down by 37%. Fleets in Massachusetts can order the software-driven, full by-wire P7-C through REE’s authorized dealers.

“EV truck incentives such as the MOR-EV rebate in Massachusetts promote the adoption of electric commercial vehicles and help fleets electrify at an accelerated pace,” said Richard Colley, VP of Government & Regulatory Affairs at REE Automotive. “In addition to MOR-EV incentives, we have submitted applications to become eligible for other incentives in various states, including California HVIP and we expect updates on other states soon.”

Both private and nonprofit entities as well as educational institutions and local, municipal and state governments are eligible to take advantage of the incentive.

“With complete design freedom,” reads this morning’s news release, “vehicles Powered by REE® are equipped with the revolutionary REEcorner®, which packs critical vehicle components (steering, braking, suspension, powertrain and control) into a single compact module positioned between the chassis and the wheel.”

REE shares docked 6.5 cents, or 1.4%, to $4.66.