Fresh off of news of a global manufacturing agreement that includes a new investment of tens of millions of dollars, REE Automotive has kicked off plans for US production this year with the help of contract manufacturer Roush Industries.
REE Automotive ($REE) is one of the more exciting startups in the commercial EV segment thanks to its unique technology and modular vehicle platforms. The Israeli-based startup’s early success has been led by its flagship commercial product – the P7 electric truck.
That journey began with REE’s P7-C chassis cab, which started rolling out initial deliveries in January 2024 after receiving certification from the Federal Motor Vehicle Safety Standards (FMVSS) – the first “x-by-wire” vehicle to do so.
Since then, Penske has signed on to demo and sell the P7-C electric trucks. Those models are being built in at REE’s Integration Center at Coventry in the UK. However, the startup established a second, localized headquarters in Texas in 2021, and REE is now beginning US production in Michigan with the help of Roush Industries.
REE’s P7 truck production to begin in the US in Q4
According to an update from REE Automotive this morning, it has officially kicked off US production in Michigan with Roush Industries, a contract manufacturer with nearly 50 years of experience in several industries across advanced mobility, aerospace, defense, and theme parks.
REE states that Roush will begin US production of the P7 electric trucks at its Detroit-area factory in Q4 2024, with an annual capacity of 5,000 units. The startup will continue to manufacture its proprietary REEcorner technology in Coventry, while Roush will handle US assembly.
REE also has a strategic agreement with Motherson, which will handle the startup’s global supply chain and logistics to ” target cost reduction, improved unit economics, and higher margins.” REE Automotive’s chief operations officer, Josh Tech, spoke about the decision to choose Roush to handle its US production of the P7 electric trucks:
We chose to work with Roush because of their proven capabilities and expertise in the commercial EV market, their capacity to scale production, and their understanding of our unique business model, which is to build our vehicles to order, not for inventory. We want to get our trucks in the hands of our customers as soon as possible, while not sacrificing on quality, making sure our customers can count on us as they build their electric commercial fleets. By partnering with Roush, we can concentrate on our core technology and production of the REEcorners while optimizing production costs and reducing go to market times benefiting from their nearly 40-year track record of engineering and manufacturing spans from NASCAR, to lunar terrain vehicles, to the most innovative EVs.
REE shared that its P7 already has a network of 78 service and sales locations through 24 authorized dealers across North America, who combine for potential access to over 200 fleets throughout the US and Canada.
Today’s US production news follows a successful investment round last week, in which REE entered into definitive agreements with M&G Investments, Motherson, and Varana Capital to purchase Class A ordinary shares for gross proceeds of $45.35 million (before deducting applicable fees and expenses). At the time of that announcement, REE shared that it intends to use the proceeds to generate general working capital.
With US production now in place, REE looks poised to make an even more significant impact on the electrified commercial vehicle segment. As previously reported, the startup had already garnered over $40 million in binding orders. As of May 30, 2024, the company crossed the $50 million mark.
The company intends to share its Q2 2024 financial results later this week.
FTC: We use income earning auto affiliate links.More.
Enbridge, a Canadian energy company, just announced it’s moving forward with an 815-megawatt (MW) solar project called Sequoia in Texas. When it’s done, it’ll be one of the largest solar farms in North America. The project’s price tag is a hefty $1.1 billion.
Enbridge’s Sequoia, around 150 miles west of Dallas, has already landed long-term power purchase agreements (PPAs) with AT&T and Toyota, ensuring most of its output is sold for years to come. This deal was highlighted in Enbridge’s third-quarter report on Friday.
Sequoia will be built in two phases, with power expected to start flowing in 2025 and 2026. Enbridge says it’s taken steps to reduce risks by securing equipment and procurement contracts in advance. Permits and purchase orders are also locked down.
Toyota’s PPA with Enbridge’s Texas solar project is part of Toyota’s broader push toward sustainability, as the automaker aims to achieve net zero by 2035 and match 45% of its purchased power with renewable electricity by 2026 as it still clings to its “diverse powertrain strategy.”
If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*
FTC: We use income earning auto affiliate links.More.
With its new electric SUV rolling out, NIO’s (NIO) sales topped the 20,000 mark again in Oct, its sixth straight month hitting the milestone.
NIO sold 20,976 vehicles last month, up 30.5% from October 2023. The NIO brand sold 16,657 vehicles, while its new “family-oriented smart vehicle brand,” Onvo, contributed 4,319 in its first full sales month.
After launching its new mid-size Onvo L60 electric SUV in September, NIO said production and deliveries are steadily ramping up.
At the end of October, NIO’s Onvo had 166 Centers and Spaces throughout 60 cities. Onvo plans to continue expanding its network to drive future growth.
NIO’s new electric SUV starts at around $21,200 (149,900) and is a direct rival to Tesla’s Model Y. The base $21K model is if you rent the battery. Even with the battery included, Onvo L60 prices still start at under $30,000 (206,900 yuan), with a CLTC range of up to 341 miles (555 km). That’s still less than the Model Y.
Tesla’s Model Y RWD starts at around $35,000 (249,900 yuan) with 344 mi (554 km) CLTC range in China.
NIO’s new Onvo brand drives higher Oct sales
NIO has often compared its new electric SUV to the Model Y, claiming it’s superior in many ways. The L60 has better consumption at 12.1 kWh/100km compared to the Model Y at 12.5 kWh/100km).
With a longer wheelbase (2,950 mm vs 2,890 mm), NIO’s electric SUV also provides slightly more interior space.
Despite the L60’s success so far, NIO believes its second Onvo model will be an even bigger hit. It could be a potential game-changer.
“If you think the L60 is good, then this new model is a much more competitive product,” NIO’s CEO William Li told CnEVPost after launching the L60. Onvo will launch a new EV every year. Following the L60, Onvo will launch a new mid-to-large-size electric SUV next year.
NIO’s leader claims the new model will be revolutionary. According to Li, it will offer even more surprises than the L60. Deliveries are planned to begin in Q3 2025.
NIO Onvo L60 vs Tesla Model Y trims
Range (CLTC)
Starting Price
NIO Onvo L60 (Battery rental)
555 km (341 mi) 730 km (454 mi)
149,900 yuan ($21,200)
NIO Onvo L60 (60 kWh)
555 km (341 mi)
206,900 yuan ($29,300)
NIO Onvo L60 (85 kWh)
730 km (454 mi)
235,900 yuan ($33,400)
NIO Onvo L60 (150 kWh)
+1,000 km (+621 mi)
TBD
Tesla Model Y RWD
554 km (344 mi)
249,900 yuan ($34,600)
Tesla Model Y AWD Long Range
688 km (427 mi)
290,900 yuan ($40,300)
Tesla Model Y AWD Performance
615 km (382 mi)
354,900 yuan ($49,100)
NIO Onvo L60 compared to Tesla Model Y prices and range in China
Local reports suggest a six-or seven-seat electric SUV could hit the market even sooner. With rumors of a launch around Q1 2025, deliveries could happen as soon as May 2025.
According to sources close to the matter, the L60 is just a “stepping stone” with even more exciting EVs on the way. The source claimed the new six-seat option will start at around $42,100 (300,000 yuan).
FTC: We use income earning auto affiliate links.More.
Velotric Ebikes are designed by some of the most brilliant minds in the business. And now, you have the opportunity to own one (or two!) of these high-performance, elegant, reliable rides. You won’t want to miss these fantastic early-bird Black Friday deals running from November 1-14, and, also get a sneak peek at special offers that start on November 8.
Read on to find the right model for you and learn how you can donate $5 to get up to$550 off a superb Velotric electric bike.
Velotric Black Friday deals – give to get back
If you donate $5 to either the Clean Air Task Force or the Solutions Project at checkout, you’ll unlock some fantastic discounts off Velotric e-bikes:
Clean Air Task Force: Fighting air pollution for healthier communities
The Solutions Project: Advocating for 100% renewable energy in frontline communities
Plus, Velotric is giving Electrek readers an exclusive discount: Enter the code Electrek20 at checkout to get an additional $20 OFF!
Velotric Discover 2 Ebike
The Velotric Discover 2, Velotric’s most comfortable e-bike, now has even more power, with a 750W high-performance motor and 75 Nm of torque. The 48V 706 Wh battery, providing up to 75 miles per charge, maximizes your range.
You can ride in comfort, as the frame design supports an upright posture; plus, it’s got a 200mm wide saddle and ergonomic grips, reducing long-ride strain. Enjoy a premium, versatile ride that turns every journey into a joyride.
Discover 2 – Save up to $200
Velotric Summit 1 Ebike
If you want both an everyday bike and a trekking bike, then this is the one for you. The customizable Velotric Summit 1 Ebike is a hybrid e-bike featuring a 750W motor with 90 Nm of torque that delivers exceptional power for both city streets and offroad terrain, and the intuitive throttle means you can access that power effortlessly. When you’re off-road, the 120mm travel suspension absorbs the impacts, resulting in a smoother ride. The 48V, 705.6Wh battery provides up to 70 miles of charge.
Plus, it features a vibrant multifunctional screen with three configurations and use the Velotric app to monitor mileage and access real-time bike data.
Summit 1 – Save up to $200
Velotric Nomad 1 Plus Ebike
The Nomad 1 Plus Ebike‘s 750W motor and 75 Nm torque allow you to conquer just about any terrain. The 691Wh battery keeps you on the move for up to 55 miles, an 80mm suspension fork smooths your ride, and powerful waterproof hydraulic brakes give you full control.
The Nomad 1 Plus features an adjustable stem, a brighter front light, and max speed adjustable range is 12-28 mph.
Nomad 1 Plus – save up to $550
Velotric Fold 1 Ebike
The Velotric Fold 1 Ebike becomes compact in just three quick moves, but don’t mistake it for simple. The high-performance 750W motor and generates 70 Nm torque, beating most of the competition for acceleration and climbing ability. The 608Wh battery will give you up to 55 miles of range, its step-through design is 20% lower than the competition, and when you’re done zipping around town or commuting, you can pop it into a car trunk or even a closet.
Plus, the Fold 1 is compatible with a wide range of cool accessories so you can customize it to meet your needs.
Fold 1 – Save up to $350
Velotric T1 ST Plus Ebike
The Velotric T1 ST Plus Ebike is an ultra-compact, 39-pound city-and-gravel bike that’s designed for riders with an active lifestyle. But don’t be fooled by its sleek look because it’s very well-equipped: The five pedal-assist-level T1 ST has a 70-mile range and three riding modes, and the peak 600W motor generates 40Nm of torque. It also comes with Apple Find My integration.
T1 ST Plus – Save up to $400
Velotric Discover 1 Plus Ebike
The Velotric Discover 1 Plus Ebike is a fantastic commuter bike that’s designed for comfort. (Plus, it’s kinda fun that it comes in five color choices.) If your commuting route is a bit more challenging, then the Discover 1 Plus might be the right fit for you. It features a rear light with braking high-beam, a 60 Lux front light, and double hydraulic disc brakes for extra safety. Plus, Velotric rigorously tests its frames 150,000 times under tough conditions for quality assurance.
This commuter e-bike that rides like a cruiser has a pedal assist range of 65 miles and throttle range of 58 miles on a 900W peak motor that generates 65 Nm of torque.
Discover 1 Plus – Save up to $550
Velotric Go 1 Ebike
Velotric’s Go 1 Ebike is small but mighty – it can carry up to 440 pounds comfortably. This ride has hydraulic suspension and a plush saddle, and it can be kitted out with a wide range of accessories, making it a versatile form of transport for everything from a fun day out to carting groceries across town.
It’s powered by Velotric’s proprietary Velopower H50 Drive System, which provides a range of up to 55 miles on pedal assist up to 25 mph (unlocked) with a peak 900W motor.
Get 3 accessories & unlock 30% off on selected accessories
*Not included in the early-bird Black Friday deal, this deal runs from November 8-28 only
Velotric Packer 1 Ebike
From kids to cargo, the Velotric Packer 1 Ebike was designed to haul it all! The Packer 1 features Velotric’s proprietary Velopower H75 Drive System, which provides a range of up to 52 miles on pedal assist up to 25 mph (unlocked) with a 750W motor.
It can carry up to 440 pounds and has a 176-pound rear cargo carry capacity, plus hydraulic suspension with 80 mm of travel for a smooth ride. If you’re running a child to school every day, this would be a fantastic choice. Be sure to check out all the great accessories.