REE Automotive, Magna in strategic deal

REE Automotive, Magna in strategic deal

Business news |
By Nick Flaherty

Israeli tech startup REE Automotive has signed a strategic deal with supplier Magna to develop modular electric vehicles that they could rent out.

REE developed a ‘skateboard’ platform that puts all the car electronics in the wheel-arch, and batteries in the floor. This gives flexibility to build a wide range of different platforms on top.

REE recently announced its reverse merger with 10X Capital Venture Acquisition to go public, and plans to open its first integration and technology centre in the UK.

The strategic deal will explore the combination of the proprietary X-by-Wire REEcorner technology with Magna’s vehicle systems integration expertise and manufacturing capabilities. The two are also looking at a potential collaboration in global mobility through the creation of a “Mobility-as-a-Service” (MaaS) venture in the Light Commercial Vehicle (LCV) sector using the REEcorner and EV platform technology as well as Magna’s industrial footprint and capabilities.

“We are thrilled to reach a collaboration agreement with Magna, which should help put us on the fast track to support a broad range of electric vehicles (EVs). 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,” saod Daniel Barel, REE Co-Founder and CEO.

“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,” said Eric Wilds, Chief Sales & Marketing Officer of Magna. “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’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.

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