24/7 Market News Snapshot 16 September, 2024 – REE Automotive Ltd. Class A Ordinary Shares (NASDAQ:REE)

September 16, 2024

DENVER, Colo., 16 September, 2024 (247marketnews.com) – (NASDAQ:REE) are discussed in this article.
The bullish activity surrounding REE Automotive Ltd.’s Class A Ordinary Shares has captured significant attention in the financial markets, as the stock experienced a notable surge today. Opening at $3.155, REE’s shares rose to a peak of $3.395, marking a substantial gain of approximately 14.5%. This increase follows a close of $2.965 on the previous trading day, indicating robust investor interest. Currently, the trading volume has reached 621.24K shares, suggesting heightened market engagement and possible accumulation. Analysts observe a key support level at around $3.155, while the next resistance level is projected at $3.40, making ongoing monitoring of volume and price movements essential for investors as market sentiment remains positive.

In a strategic move to revolutionize the electrified commercial vehicle landscape, REE Automotive has announced a partnership with Motherson Group, a prominent automotive supplier. This collaboration will harness Motherson’s extensive manufacturing capabilities and supply chain management prowess, combined with REE’s cutting-edge software-defined electric vehicle technology. The partnership is underscored by Motherson’s investment of approximately $15 million as part of a broader $45.35 million registered direct offering, emphasizing their commitment to REE’s growth.

The introduction of REE’s innovative REEcorner® and the REE P7 electric trucks—claimed to be the first full by-wire, software-driven, certified medium-duty electric trucks—positions the company to address the evolving needs of global fleet operators focused on sustainability. Motherson’s gross revenue of $17.2 billion, supported by operations in 44 nations, will enable REE to enhance its production capabilities, improve scalability, and reduce unit costs. This partnership symbolizes a concerted effort towards a greener future in commercial transportation, with both firms committed to advancing innovation and sustainability within the automotive industry.

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