REE Automotive Ltd.

Thank you, operator, and thank you all for joining our fourth quarter 2022 conference call. We hope that you have seen our press release and shareholder letter issued earlier this morning at investors.ree.auto. I would like to remind you that today's call may contain forward-looking statements. Any statements describing our beliefs, goals, plans, strategies, expectations, projections, forecasts, and assumptions are forward-looking statements. Please note that the company's actual results may be different from other anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control. Please refer to the company's Form 20F filed on March 28, 2022 with the Securities Exchange Commission, which identifies principal risks and uncertainties that could affect our business, prospects, and future results. We assume no obligation to publicly update any forward-looking statements except as required by law. In addition, we will be discussing or providing certain non-GAAP financial measures today, including non-GAAP net loss and non-GAAP operating expenses. Please see our shareholder letter for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. Joining me today is our co-founder and CEO, Daniel Burrell, Tally Miller, our Chief Business Officer, Josh Tett, our Chief Operating Officer, and Yaron Zaltzman, our incoming CFO, who will join the Q&A session. At this point, I would like to turn the call over to Daniel.

Hi, everybody. Thank you for joining us today. We're excited about the opportunities ahead of us. As we look to 2023 and beyond, we have further important milestones to achieve, including the completion of certification activities. the deliveries of initial vehicles, and the successful completion of the test fleet phase, which we expect will lead to receipt of additional orders. We continue to see a growing demand for our P7 product line from fleet, dealers, and OEMs as we are selectively growing our customer base. We are prioritizing customers who have significant market share in the U.S. and that are pioneering the transition to electric vehicles. Since November 2022, we quadrupled our customer base from two to eight, in different industries such as vehicle rental and leasing, shipping and logistics, and dealers. In addition to their initial orders, we believe those customers have the potential to order significant volumes of vehicles. We are working closely with those customers who require a testing phase in order to optimize this important process and advance to fleet orders. Let me share some highlights with you. We achieved key development milestones in 2022, with total gap operating expenses of 127 million and non-gap operating expenses of 101 million on time and in line with budget. In addition, we delivered two different prototypes to a leading OEM for testing and validation. One of those vehicles is our P7B, which is undergoing testing and customer evaluation, and the other is related to a long-term project. These efforts are being supported by our talented and dedicated tech team led by Achishai Sardes, our co-founder and CTO. As you have seen, we are expanding our go-to-market strategy. We now have direct sales to fleet and have begun building out a dealer network. We already have five authorized dealers in the U.S. who are accepting orders. I would like to thank Tali, our Chief Business Officer, and her team for the tireless efforts to build our order book and expand our go-to-market channel. With that, I would like to hand over the call to Tali. Tali.

Thank you, Daniel. Interest in our EV solutions continues to be robust as fleets, both large and small, seek to lower their carbon footprint and increase efficiency. We continue to conduct additional customer evaluations with prospective fleets delivery, logistics, and e-commerce companies, as well as dealers in North America and other major markets around the world. Subsequent to the end of the fourth quarter of 2022, we started establishing a dealership network across the U.S. We have initially entered into an agreement with five authorized dealers, Preacher TV, Thumbs Truck Center, Industrial Power and Trap Equipment, New England Truck Solutions, and FMI Truck Sales and Services. Each of these dealers has placed initial orders, which are included in our current order book. We will offer training to authorized dealers to certify technicians to provide service on REE vehicles facilitating the adoption by fleet. Existing orders include both the Class 3-4 P7B and Class 5 Proxima powered by REE. Orders for the P7B are for cab chassis configurations, while orders for Proxima powered by REE are for strip chassis and a full vehicle via our partnership with Body App Feature, JB Point Dexter & Co. Both the P7B and Proxima powered by REE leverage our P7 platform, which features full X-by-wire architecture, supporting all-wheel steer and drive, adaptive regenerative braking, and torque vectoring as standard, as well as over-the-air updates. Our vehicle sets a new standard in commercial EVs, offering the greatest interior space on a given footprint, optimized driver ergonomics, and ease of maneuverability. As we seek to further expand our dealer network in the U.S., we can now offer financing solutions to our dealers through an agreement with Mitsubishi Hitachi Capital America, to provide financing solutions to dealers in the RE network. The agreement is designed to streamline the process of obtaining the financing required for the purchase of RE vehicles. We expect to continue to deliver TIS test fleets in 2024, as well as to start converting these test fleets into scale orders in 2024 onwards, subject to successful testing and certifications. By bolstering direct sales activities to large fleet owners while also growing our network of dealers, REE now covers the channels through which medium-duty commercial vehicles are acquired. With that, let me turn the call over to Josh. Josh.