Due to the financial difficulties where it changes, the auto-tech company company Vehicles in Ree (NASDAQ: Ree) is set to fire in half its workers. At the end of 2024, the company had 211 employees, including 92 in Israel, down from 300 employees at the end of 2022. 75% of the company’s employees work in R & D, while 20% are in administration, and the remainder in sales and marketing.
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Ree, led by Cofounder and CEO Daniel Harel, developing software specified electrics platforms. The company released the fourth quarter and 2024 financial results last month, and the market was amazed by reporting the abilities in the next 12 months, issued the issue of tariffs.
As a result, the company decided to temporarily loses production and more reduces costs including stopping employees. Batel said the decisions that make the commitement commitement commitement in its long success.
The company plans to reduce the operating costs of 60%, worth $ 75.6 million in 2024), and in these about 50%, and at these 50% of the end of the year, and streamlining the contracting structure. The company also believes that the new plan will allow this to continue to operate a decreased and efficient structure of the organization, and estimates that the plan will continue to implement the plan of these shareholders.
Ree became a public company during the tech boom in 2021 by a spac merger and began to sell a violence of $ 3.1 billion. Since then, the company has lost much of its value and now sells a cap in the market of $ 23 million. The company ends with 2024 with income at $ 183,000, a gross loss of $ 3.5 million and net loss of $ 112 million, and at the end of the year, has $ 72.3 million cash. In March, the ree raised $ 27 million from existing investors.
Published in Globes, Israel News in News – en.globes.co.il – On June 4, 2025.
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