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One week after sharing that its EV order book had grown to over $25 million in binding purchases, many of which coming in since August, REE Automotive is touting another purchase commitment, sending its ledger over $40 million in value.

REE Automotive ($REE) should be fresh on everyone’s minds, considering the EV startup shared a progress update just last week, detailing a 30% increase in binding orders since August 2023. It continues to expand its authorized dealership network in North America, which most recently added sales partners in Wisconsin, Illinois, and California.

With customers and dealer partners lining up, REE continues to make progress in reaching scaled EV production, which stems from its proprietary P7 chassis – the current platform powering the startup’s P7-B box truck, which made its public debut in August of 2022.

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. Today, REE is back with another large EV order announcement, doubling its book’s value since the summer.

REE EV Order
The P7-C EV / Credit: REE Automotive

REE’s EV order book grows to $40M in binding purchases

Last week’s report instilled optimism, as REE Automotive was touting approximately $25 million in EV orders. Not to be outdone, the startup has secured another large, binding order from Midwest Transit Equipment (MTE), the largest bus dealer in the US, who is now looking to enter the commercial electric truck segment.

MTE currently operates nine locations across Arkansas, Florida, Kansas, Illinois, Indiana, Michigan, Minnesota, Tennessee and Wisconsin – and will offer its customers “Powered By REE” EVs once the startup begins deliveries on said order. MTE CEO and president John McKinney spoke to the company’s decision to commit to REE vehicles:

Midwest Transit Equipment, a leading provider of school and commercial buses, is excited to enter the truck space with a strong partner like REE. The management team has vast experience in the truck market and is positioned well for strategic growth. MTE is always looking for growth opportunities within expanding markets. The medium duty truck space and electrification make all the sense in the world.

As we reported last week, REE Automotive has yet to deliver an EV, but says it is continuing to make progress with the P7 platform, following EPA certification and confirmed FMVSS certification-feasibility of its x-by-wire system. The startup says it remains on track to begin official deliveries before year’s end.

With MTE now onboard, REE’s $40 million order book offers some some lucrative potential and proof that plenty of commercial operators are chomping at the bit to try out its modular EV technology. REE chief business officer, Tali Miller, shared a similar sentiment:

As we are close to delivering our first vehicles in the US market, REE continues to see strong demand for our P7 electric trucks from dealers around North America, resulting in our order book value doubling in just under two months. We are excited to be chosen by Midwest Transit Equipment, a leading bus dealer in the US, as they enter the medium duty truck segment.

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China’s nationwide ‘cash for clunkers’ trade-in program causing huge e-bike boom

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China's nationwide 'cash for clunkers' trade-in program causing huge e-bike boom

While much of the Western world is still figuring out how to get more people on electric bikes, China just flipped a switch, and the results are staggering. Thanks to a generous nationwide trade-in program rolled out around six months ago, China has seen an explosive surge in electric bicycle sales, with over 8.47 million new e-bikes hitting the road in the first half of 2025 alone.

The program, which offers subsidies to riders who trade in their old, often outdated electric bikes for newer, safer, and more efficient models, has sparked a new e-bike sale boom in a country already dominated by e-bike travel. In major provinces like Jiangsu, Hebei, and Zhejiang, over one million new e-bikes were sold in each region in just six months. That’s a tidal wave of e-bike sales.

The incentives vary depending on location and the model being traded in, but for many consumers, the subsidies cover a substantial portion of a new e-bike’s price – enough to turn a “maybe next year” purchase into a “right now” upgrade. And these aren’t just budget bikes either. The program has driven demand for higher-quality models with better batteries, safer braking systems, and more reliable electronics, accelerating both adoption and innovation across the industry.

The move has proven successful in replacing the millions of older models with lower-quality lithium-ion batteries that had posed safety risks around the country. Instead, China has pushed for higher-quality lithium-ion batteries, a return to a newer generation of higher-performance AGM batteries, and even interesting new sodium-ion battery options.

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Most e-bikes in China look more like what we’d consider seated scooters

According to China’s Ministry of Commerce, more than 8.4 million consumers have participated in the e-bike trade-in program so far, contributing to a sales increase of 643.5% year-over-year and more than doubling sales month-over-month. Meanwhile, production of new electric bicycles rose by nearly 28%, as manufacturers scrambled to meet demand. The sales boosts have already been seen in the financial reports of major industry players like NIU.

And it’s not just the big players benefiting – over 82,000 small independent e-bike dealers reported average sales increases of ¥302,000 (around US $42,000), giving a serious boost to local economies.

What’s particularly striking here is how fast this happened. The program was officially launched late last year as part of a broader effort to stimulate domestic consumption and phase out outdated vehicles and appliances. But while most analysts expected gradual growth, the e-bike sector responded much more quickly. In less than a year, the trade-in subsidies have reshaped the electric bicycle market, creating a consumer-driven boom that shows no signs of slowing.

For those of us watching from outside China, it’s hard not to wonder what might happen if other countries tried something similar. While most families in Chinese cities already own an electric bike and thus see this as an opportunity to trade it in for a newer model, Western countries like the US are still figuring out how to stimulate commuters into buying their first e-bike.

It’s too soon to know exactly how long the boom will last or whether the momentum will carry into 2026 and beyond. We’ve seen bicycle industry bubbles grow and burst before. But one thing’s clear: with the right incentives, even modest ones, it’s possible to ignite real, large-scale change. China just proved it with nearly 8.5 million new e-bikes to show for it.

And if you’re wondering what it looks like when a country takes electric micromobility seriously, this is it.

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Day 1 of the Electrek Formula Sun Grand Prix 2025 [Gallery]

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Day 1 of the Electrek Formula Sun Grand Prix 2025 [Gallery]

Today was the official start of racing at the Electrek Formula Sun Grand Prix 2025! There was a tremendous energy (and heat) on the ground at NCM Motorsports Park as nearly a dozen teams took to the track. Currently, as of writing, Stanford is ranked #1 in the SOV (Single-Occupant Vehicle) class with 68 registered laps. However, the fastest lap so far belongs to UC Berkeley, which clocked a 4:45 on the 3.15-mile track. That’s an average speed of just under 40 mph on nothing but solar energy. Not bad!

In the MOV (Multi-Occupant Vehicle) class, Polytechnique Montréal is narrowly ahead of Appalachian State by just 4 laps. At last year’s formula sun race, Polytechnique Montréal took first place overall in this class, and the team hopes to repeat that success. It’s still too early for prediction though, and anything can happen between now and the final day of racing on Saturday.

Congrats to the teams that made it on track today. We look forward to seeing even more out there tomorrow. In the meantime, here are some shots from today via the event’s wonderful photographer Cora Kennedy.

Stay tuned for more!

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Tesla sold 5,000 Cybertrucks Q2, Optimus is in chaos, plus: the Infinity Train!

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Tesla sold 5,000 Cybertrucks Q2, Optimus is in chaos, plus: the Infinity Train!

The numbers are in and they are all bad for Tesla fans – the company sold just 5,000 Cybertruck models in Q4 of 2025, and built some 30% more “other” vehicles than it delivered. It just gets worse and worse, on today’s tension-building episode of Quick Charge!

We’ve also got day 1 coverage of the 2025 Electrek Formula Sun Grand Prix, reports that the Tesla Optimus program is in chaos after its chief engineer jumps ship, and a look ahead at the fresh new Hyundai IONIQ 2 set to bow early next year, thanks to some battery specs from the Kia EV2.

Prefer listening to your podcasts? Audio-only versions of Quick Charge are now available on Apple PodcastsSpotifyTuneIn, and our RSS feed for Overcast and other podcast players.

New episodes of Quick Charge are recorded, usually, Monday through Thursday (and sometimes Sunday). 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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Drop us a line at tips@electrek.co. You can also rate us on Apple Podcasts and Spotify, or recommend us in Overcast to help more people discover the show.


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