Tel Aviv-based REE Automotive has signed a strategic collaboration agreement with Magna International Inc., a mobility technology company, to market innovative, full-fledged modular electric vehicles (MEVs) for tech companies and new electric mobility players under the Powered by REE brand, it said in a press release Tuesday.
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.
REEcorner integrates vehicle components into an area between the chassis and the wheel, or 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 that offers unprecedented space and interior room for passengers, cargo and batteries, the press release said.
The deal “should help put us on the fast track to support a broad range of electric vehicles,” REE co-founder and CEO Daniel Barel was quoted as saying. “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.