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REE Automotive to build customized electric vehicles with Magna

CM 13/04/2021

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Tel Aviv-based REE Automotive said Tuesday it signed a strategic collaboration agreement with Magna International Inc., a mobility technology company, with the goal of bringing to market innovative, full-fledged Modular Electric Vehicles (MEVs) for tech companies and new electric mobility players under the “Powered by REE” brand.Magna manufactures cars for Mercedes-Benz, BMW, Jaguar and other automotive brands. The collaboration will explore the combination of REE’s REEcorner technology with Magna’s vehicle systems integration expertise and manufacturing capabilities, to develop MEVs that enable commercial customers to customize vehicles based on their specifications and branding while accelerating time to market.REE's electric vehicle design platform. (Courtesy)REE’s electric vehicle design platform. (Courtesy)REEcorner integrates vehicle components into an area between the chassis and the wheel – the “corners” – creating a compact, single module where each corner is controlled by REE’s system. This results in a fully flat “skateboard” EV platform offering unprecedented space and interior room for passengers, cargo and batteries, the company said.The deal “should help put us on the fast track to support a broad range of electric vehicles,” said Daniel Barel, REE co-founder and CEO. “We see a growing demand for highly modular EVs from leading tech companies and new electric mobility players who have set their sights on entering the EV realm and building a brand in automotive. REE and Magna working together under the ‘Powered by REE’ approach can help bring their vision to life.”REE recently announced it is planning to go public on the Nasdaq market at a $3.1 billion valuation through a SPAC merger with 10X Capital Venture Acquisition Corp.

Source: Jerusalem Post

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