As commercial EV startup REE Automotive chases full vehicle certification and first customer deliveries before year’s end, it’s touting some promising interest from fleet operators. Today, REE is reporting a significant increase in orders since August, with an order book now totaling $25 million.
REE Automotive ($REE) develops and manufactures modular battery EV platforms for the commercial segment under a B2B strategy. It’s unique vehicles are that are powered by its proprietary REEcorner technology, which integrates all the traditional drive components (steering, braking, suspension, powertrain, and control) into the arch of each wheel, enabling a by-wire configuration.
The company’s flagship EV platform is the P7 chassis, which was originally topped with a van body developed by EAVX and Morgan Olson, but was followed by REE’s own P7-B box truck, which made its public debut in August of 2022.
Since then, REE has also introduced a stripped chassis version of its platform called the P7-S, supporting Class 3-5 markets as well as the P7-C chassis cab (seen below) which debuted this past May.
While REE has yet to deliver its commercial EVs to customers, it appears poised to do so in order to feed a growing appetite amongst fleets that currently promises millions in binding revenue.
REE expands dealer network to support growing order book
Per news from REE Automotive today, it is expanding its authorized dealership network in North America to include sales partners in Wisconsin, Illinois, and California. REE’s sales network now totals 15 dealers across the US and Canada – all have which have placed binding orders for the P7-C electric truck.
Speaking of orders, REE is reporting its book value has grown my 30% since August, contributing to a total combined value around $25 million. Again, these orders are binding, so REE should be optimistic about its future in the commercial space which is going electric rather quickly compared to other mobility segments.
Like any startup, REE must meet the difficult task of reaching scaled EV production before it can pop any champagne, but relayed it remains on track to hit its target of initial deliveries this year. Another encouraging sign is that REE’s P7 electric truck lineup has already secured EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system.
Looking ahead, REE Automotive expect to produce up to 300 P7 trucks in 2024. A slow ramp-up sure, but with binding orders already in place and growing, the startup should have some runway to continue to try and scale.
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On today’s road-ready episode of Quick Charge, Tesla released data hinting that its Autopilot ADAS solution may be less safe to use than before. We’ve also got some news from inside the Tesla diner experience, plus a 250,000 mile Ford Mustang Mach-E that still has more than 90% of its battery capacity left!
We also cover Lucid’s plans to reinvigorate American EV manufacturing WITHOUT help from Washington by forging stronger bonds between automakers, mineral miners, and battery recyclers – plus: Optimus breaks down.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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Renewables continued to dominate fossil fuels on price in 2024, according to a new report from the International Renewable Energy Agency (IRENA). The big takeaway: Clean energy is the cheapest power around – by a wide margin. So it’s pretty bad business that the biggest grid upgrade project in US history just got kneecapped by Trump’s Department of Energy to stop the “green scam.”
On average, solar power was 41% cheaper than the lowest-cost fossil fuel in 2024, and onshore wind was 53% cheaper. Onshore wind held its spot as the most affordable new source of electricity at $0.034 per kilowatt-hour, with solar close behind at $0.043/kWh.
IRENA’s report says global renewables added 582 gigawatts (GW) of capacity last year, which avoided about $57 billion in fossil fuel costs. That’s not a small dent. Even more impressive: 91% of all new renewable power projects built in 2024 were cheaper than any new fossil fuel option.
Technological innovation, strong supply chains, and economies of scale are driving the cost advantage. Battery prices are helping too: IRENA says utility-scale battery energy storage systems (BESS) are now 93% cheaper than they were in 2010, with prices averaging $192/kWh in 2024.
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But it’s not all smooth sailing. The report flags short-term cost pressures from trade tensions, material bottlenecks, and rising costs in some regions. North America and Europe feel more squeezed than others due to permitting delays, limited grid capacity, and higher system costs.
Meanwhile, countries in Asia, Africa, and South America could see faster cost drops thanks to stronger learning rates and abundant solar and wind resources.
One big challenge is financing. In developing countries, high interest rates and perceived investor risk inflate the levelized cost of electricity of renewables. For example, wind power generation costs were about the same in Europe and Africa last year ($0.052/kWh), but financing made up a much larger share of project costs in Africa. IRENA estimates the cost of capital was just 3.8% in Europe but 12% in Africa.
And even if projects are affordable to build, many are getting stuck in grid connection queues or stalled by slow permitting. Those “integration costs” are now a major hurdle, especially in fast-growing G20 and emerging markets.
Tech is helping with some of that – hybrid solar-wind-storage setups and AI-powered tools are improving grid performance and project efficiency. But digital infrastructure and grid modernization still lag in many places, holding renewables back.
“Renewables are rising, the fossil fuel age is crumbling,” said UN Secretary-General António Guterres. “But leaders must unblock barriers, build confidence, and unleash finance and investment.”
IRENA’s bottom line is that the economics of renewables are stronger than ever, but to keep the momentum going, governments and markets need to reduce risks, streamline permitting, and invest in grids.
Electrek’s Take
Speaking of unblocking barriers and investment, the opposite just happened today in Trump World. The Department of Energy just canceled a $4.9 billion conditional loan commitment for the 800-mile Grain Belt Express Phase 1 transmission project, the biggest transmission line in US history.
It’s a high-voltage direct current (HVDC) transmission line connecting Kansas wind farms across four states. It will connect four grids, improving reliability. It will be able to power 50 data centers and create 5,500 jobs. Phase 1 is due to start next year.
The new grid will also connect all forms of energy, not just renewables, and it’s super pathetic that Invenergy had to stoop to put up a map on the project’s home page today showing how it will transmit fossil fuels, the “existing dispatchable generation source,” and felt it had to leave renewables off the map entirely. Sorry, Kansas wind farms, you get no mention because this administration doesn’t like you.
Chicago-based Invenergy plans to build the 5 GW Grain Belt Express in phases from Kansas to Illinois. The company says the project will save customers $52 billion in energy costs over 15 years. Senator Josh Hawley (R-MO) complained to Trump about the project, calling it a “green scam,” and got the government loan canceled based on a lie, claiming it would cost taxpayers “billions.” This was Invenergy’s response on X:
This is bizarre. Senator Hawley is attempting to kill the largest transmission infrastructure project in U.S. history, which is already approved by all four states and is aligned with the President’s energy dominance agenda. Senator Hawley is trying to deprive Americans of… pic.twitter.com/ZLwTNUGZxA
As usual, Trump was swayed by the last person in the room, and Hawley shot an entire region in the foot when an upgraded grid and more renewables are needed more than ever. Hopefully, this project can continue despite the ignorant shortsightedness coming from the Republicans (who ironically released an AI Action Plan today).
It beggars belief that this political party is this isolated from the rest of the world – well, besides our besties Iran, Libya, and Yemen, who aren’t part of the Paris Agreement either – and being that the US is the world’s No 2 polluter, the world will suffer for its arrogance.
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Earnings are down 23% on falling electric vehicle sales and lower margins, but Tesla’s stock is not crashing because CEO Elon Musk is promising a return to earnings growth through autonomous driving and humanoid robots.
We previously reported on how Tesla’s Robotaxi effort is a major shift in strategy for Tesla, which has been promising unsupervised self-driving in its customer vehicles for years.
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Instead, the Robotaxi service consists of an internal fleet operating within a geo-fenced area, currently only in Austin, Texas, and powered by teleoperation and in-car supervisors with a finger on a kill switch at all times.
“I believe half of the population of the US will be covered by Tesla’s Robotaxi by the end of the year.”
He added that he believes that regulatory approval will be the biggest hurdle, even though Tesla’s current service requires a Tesla employee in each car, which is a major hurdle to scaling.
Musk and Ashok Elluswamy, Tesla’s head of self-driving, both claimed that the Bay Area will be the first market where Tesla plans to expand its Robotaxi service. However, Elluswamy added that the program will initially have a driver in the driver’s seat.
This is laughable. Who believes that? How can Elon say that with a straight face when Tesla only has a joke of a system that requires supervision at all times?
For context, Tesla currently only operates in a little over half of Austin, Texas. Here’s the list of all the metro areas Tesla would need to launch Robotaxi by the end of the year to cover half of the US population:
Rank
Metro Area
Population
Cumulative Total
1
New York
19.15 M
19.15 M
2
Los Angeles
12.68 M
31.83 M
3
Chicago
9.04 M
40.87 M
4
Houston
6.89 M
47.76 M
5
Dallas–Fort Worth
6.73 M
54.49 M
6
Miami
6.37 M
60.86 M
7
Atlanta
6.27 M
67.13 M
8
Philadelphia
5.86 M
72.99 M
9
Washington, DC
5.60 M
78.59 M
10
Phoenix
4.83 M
83.42 M
11
Boston
4.40 M
87.82 M
12
Seattle
3.58 M
91.40 M
13
Detroit
3.54 M
94.94 M
14
San Diego
3.37 M
98.31 M
15
San Francisco
3.36 M
101.67 M
16
Tampa
3.04 M
104.71 M
17
Minneapolis–St. Paul
2.62 M
107.33 M
18
St. Louis
2.80 M
110.13 M
19
Denver
2.99 M
113.12 M
20
Baltimore
2.83 M
115.95 M
21
Orlando
2.76 M
118.71 M
22
Charlotte
2.75 M
121.46 M
23
San Antonio
2.60 M
124.06 M
24
Austin
2.42 M
126.48 M
25
Pittsburgh
2.43 M
128.91 M
26
Sacramento
2.42 M
131.33 M
27
Las Vegas
2.32 M
133.65 M
28
Cincinnati
2.26 M
135.91 M
29
Kansas City
2.19 M
138.10 M
30
Columbus
2.14 M
140.24 M
31
Cleveland
2.16 M
142.40 M
32
Indianapolis
2.12 M
144.52 M
33
San José
1.99 M
146.51 M
34
Virginia Beach–Norfolk
1.76 M
148.27 M
35
Providence
1.68 M
149.95 M
36
Milwaukee
1.57 M
151.52 M
37
Jacksonville
1.60 M
153.12 M
38
Raleigh–Durham
1.45 M
154.57 M
39
Nashville
1.43 M
156.00 M
40
Oklahoma City
1.42 M
157.42 M
41
Richmond
1.30 M
158.72 M
42
Louisville
1.28 M
160.00 M
43
Salt Lake City
1.26 M
161.26 M
44
New Orleans
1.23 M
162.49 M
45
Hartford
1.20 M
163.69 M
46
Buffalo
1.11 M
164.80 M
47
Birmingham
1.10 M
165.90 M
This is ridiculous. The lies are becoming increasingly larger and more brazen. We know what that means.
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