Israeli startup REE Automotive, the electric mobility company that announced a merger with 10X Capital Venture Acquisition Corp. to go public in February, announced this week that it had signed a strategic collaboration agreement with Canadian mobility tech firm Magna International to bring innovative, full-fledged Modular Electric Vehicles (MEVs) to market for tech companies and new electric mobility players under the ‘Powered by REE’ brand.
Magna is a car manufacturer for Mercedes-Benz, BMW, Jaguar, and other automotive brands.
The strategic collaboration will “explore the combination of REE’s groundbreaking REEcorner technology with Magna’s vehicle systems integration expertise and world-class manufacturing capabilities” to develop MEVs that enable commercial customers to customize vehicles based on their specifications and branding while accelerating time to market.
REE emerged from stealth mode in July 2019 after six years in development to introduce its unprecedented approach to vehicles specifically for the electric vehicle (EV) market. The company developed an entirely flat and modular platform in which the motor, steering, suspension, drivetrain, sensing, brakes, thermal systems, and electronics are all integrated into the vehicle’s wheels.
All components previously found under the hood of the car would now be incorporated into the vehicle base and the inner wheel space would contain electric motors and a miniature gearbox.
The flat design offers customers the freedom to place any shape or size of body design on top,” the company has said.
The strategic collaboration will explore the combination of REE’s groundbreaking REEcorner technology with Magna’s vehicle systems integration expertise and world-class manufacturing capabilities, to develop MEVs that enable commercial customers to customize vehicles based on their specifications and branding, while accelerating time to market.
“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 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.
Daniel Barel, REE co-founder and CEO, says he is “thrilled” to reach a collaboration agreement with Magna, which should help put the compnay 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,” he added.