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REE Automotive agrees strategic collaboration deal with Magna

Posted on 18 Apr 2021 and read 429 times
REE Automotive agrees strategic collaboration deal with MagnaIsrael-based REE Automotive Ltd (REE), an electric mobility (e-mobility) innovator which recently announced its merger with 10X Capital Venture Acquisition Corp, has unveiled a new strategic collaboration agreement with Magna International Inc, a mobility technology company, with the goal of bringing to market innovative, fully fledged modular electric vehicles (MEVs) for tech companies and new electric mobility players under the ‘Powered by REE’ brand.

The collaboration will explore the combination of REE’s ground-breaking REEcorner technology with Magna’s vehicle systems integration expertise and world-class manufacturing capabilities, to develop MEVs that enable commercial customers to customise EVs based on their specifications and branding, while also accelerating time to market.

Daniel Barel, REE co-founder and CEO, said: “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.”

Eric Wilds, Magna chief sales and marketing officer, said: “The evolving mobility landscape is opening new business model opportunities for Magna with our systems capability and unique ability to design, engineer and assemble vehicles.

“We are excited about our collaboration with REE and our ability to offer another capability to support potential new customers and Mobility-as-a-Service.”

REE and Magna will also explore potential collaboration in global mobility through the creation of a “Mobility-as-a- Service” (MaaS) venture in the light commercial vehicle (LCV) sector that leverages REE’s proprietary X-by-Wire REEcorner and EV platform technology as well as Magna’s industrial footprint and capabilities.

The cornerstone of the collaboration is REE’s proprietary REEcorner™ technology which integrates critical 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 proprietary X-by-Wire control technology.

This results in the only fully-flat “skateboard” EV platform offering unprecedented space and interior room for passengers, cargo, and batteries.

REE’s technologies are designed to support the creation of MEVs with maximum payload capacity for transporting passengers and cargo as well as achieving the lowest total cost of ownership (TCO).

MEVs are designed with a lower centre of gravity than vehicles with the motor located between the wheels, and allow for taller cabins and lower step-in height, yielding more cargo capacity than conventional EV platforms.

For example, in a delivery van application, this means MEVs ‘Powered by REE’ could deliver more packages per kWh, further improving operational benefits for customers like tech companies and new e-mobility players.