REE Automotive partnering with Magna to build customized electric vehicles

REE Automotive, which develops modular platforms for electric vehicles, has announced a strategic collaboration agreement with Magna International Inc., a Canadian-headquartered 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.

REE announced two months ago that it is going public on Nasdaq through a merger with 10X Capital Venture Acquisition Corp, a blank check SPAC, at a valuation of about $3.1 billion.

The strategic collaboration will explore the combination of the REEcornerTM 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.

“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)," 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 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 REEcornerTM and EV platform technology as well as Magna’s industrial footprint and capabilities.

“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, founded in 2013 by CEO Daniel Barel and Ahishay Sardes, has over 60 patents in the auto sector. It has developed an industry-unique technology which offers a choice of REEcorner modules, each sized differently based on platform weight, dimensions and targeted applications. The REEcorner integrates all traditional vehicle components (steering, braking, suspension, e-motor) into the wheel’s arch and the REEboard which is a completely flat and modular chassis platform. That clears more room for passengers or cargo, with the unique structure also making maintenance and repairs easier to conduct.