[Industry News] REE automotive signs strategic cooperation agreement with Magna for modular EVs
The agreement aims to provide customized EV(electric vehicle) for EV brands which are lack of time and techniques while speeding the time to the market. This new modular electric vehicle can be powered by REE, also integrates Magna’s leading manufacturing capabilities and full-vehicles system.
The cooperation did not say the production sites and finances but they will split the future revenue. We believe that the powerful combination of modular EV concepts and world-class manufacturing will meet the growing demand for emerging EV techniques and startups.
The cooperation mainly uses the REE’s proprietary REEcornerTM technology which settles the key vehicle parts into the area between wheel and chassis. Such areas are called corners. After that, the whole area will be designed as a smooth platform, which creates a full flat and huge platform to load kinds of custom design.
REE Platform - Photo Credit: ree.auto
Ree Automotive provides a flat, modular, and scalable EV platform for maximum EV design freedom. REE is headquartered in Israel, affiliated with branches in the USA, Germany, and UK. REE has signed an MOA(memorandum of understanding) earlier with India’s M&M to develop commercial electric vehicles. In February, REE has merged with venture capital firm 10X Capital and go public.
Magna International is an automotive solution provider of vehicle systems and parts in Canada. Magna is the largest auto parts manufacturer in North America.
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